Lexi Webster
On 14 February 1966, Australia introduced a new currency, the Australian dollar, to replace the Australian pound. This was the culmination of a process that began in the late 1950s, when the Australian government began to consider replacing the imperial system of pounds, shillings and pence with a decimal currency. The introduction of the new currency was overseen by the Decimal Currency Board, which launched an extensive public education program to familiarise Australians with the new currency. The conversion rate was set at £1 to $2, and the new currency was well-received by the Australian public.
| Characteristics | Values |
|---|---|
| Date of currency change | 14 February 1966 |
| Old currency | Australian pound |
| New currency | Australian dollar |
| Conversion rate | £1 = $2 |
| Transition period | 2 years |
| Public education program | Television advertisements, lectures, newspaper columns, telephone services |
| Cartoon character | Dollar Bill |
| Currency Act | 1963 |
| Currency Committee | Appointed in 1959, reported in 1960 |
| Currency Board | Decimal Currency Board |
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What You'll Learn
The Australian dollar was introduced on 14 February 1966
The introduction of the Australian dollar was the culmination of a long process that began in the early 20th century. In the 1958 election campaign, Menzies promised to consider decimalisation, and in February 1959, he appointed a Decimal Currency Committee to examine the issue. The committee took three years to report, and in 1963, the government introduced the Currency Act, nominating 14 February 1966, as Changeover Day or 'C-Day'. A two-year transition period followed, during which both currencies were legal tender.
An extensive public education program was launched by the Decimal Currency Board to familiarise the public with the new currency. This included television advertisements featuring a cartoon character called Dollar Bill, who also appeared in newspaper comic strips and crosswords. The Retail Traders' Association held special lectures for members, and a regular column in The Courier-Mail advised the public on conversions and practical applications. Schools introduced the new currency to their students, and a telephone service, The Dollar Jills, answered questions.
The changeover went remarkably smoothly, with Prime Minister Harold Holt praising Australians for their good-natured acceptance of the new currency. The Sydney Morning Herald reported that the "smoothness of the change, the efficiency of business people and the good humour of the public delighted Decimal Currency Board officials". The introduction of the Australian dollar was a logistical and public relations triumph, reflecting Australia's developing identity and self-confidence in the post-war era.
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The Currency Act 1963 allowed a two-year transition period
The Currency Act 1963 was a pivotal piece of legislation that paved the way for Australia's transition to decimal currency. This Act provided a comprehensive roadmap for the country's monetary transformation, outlining the structure of the new decimal system and detailing how the nation's economic machinery would undergo conversion and adjustment. One of its key provisions was the establishment of the Decimal Currency Board (DCB) as the central organising entity for the transition.
The Act also designated 14 February 1966, as Changeover Day or 'C-Day', marking the official shift to the new currency. This date was strategically chosen, following the Decimal Currency Committee's recommendations, which suggested that February would be the most convenient month for banks, retail stores, and schools to adapt to the new system.
The Currency Act 1963 included a thoughtful provision for a two-year transition period, ensuring a smooth and gradual shift to the new currency. During this period, both the old and new currencies would be recognised as legal tender, providing banks, public institutions, business owners, and retailers ample time to prepare and adjust their operations. This timeframe allowed for the necessary upgrades to machines and staff training, ensuring a seamless transition to decimal currency.
The two-year transition was also accompanied by an extensive public awareness campaign, led by the Decimal Currency Board and its chairman, Sir Walter Scott. This campaign played a crucial role in educating the Australian public about the value of decimalisation, reassuring them of a smooth transition, and providing guidance on price conversions. The campaign's mascot, Dollar Bill, became a familiar face in media appearances, jingles, and comic strips, helping to familiarise Australians with the upcoming changes.
The transition to decimal currency was not just a practical shift but also held symbolic significance. It represented Australia's growing economic proficiency and provided an opportunity to assert its self-assurance and forward-thinking approach as a nation. The new currency, with its unique Australian design elements, reflected the country's desire to forge its own path and create a distinctive identity separate from the imperial system.
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The Decimal Currency Board oversaw the change
Australia changed its currency on 14 February 1966, when it switched from the Australian pound to the Australian dollar. This was a decimal currency, with the dollar comprising 100 cents.
The Decimal Currency Board was established to oversee the introduction of the new currency. Headed by Sir Walter Scott, the board ran a public awareness campaign to familiarise the Australian public with the new currency, explain the benefits of decimalisation, and reassure them that the transition would be smooth.
The board's most prominent publicity tool was Dollar Bill, a cartoon character that appeared in TV advertisements, comic strips, crosswords, booklets, and brochures. Scott himself also made regular appearances on national television to explain the technicalities of the change.
The board's campaign was a success, with the public eventually embracing the idea of decimalisation. The actual transition on C-Day (Conversion Day) was also seamless, with the Decimal Currency Board itself surprised by how smoothly things went.
The introduction of the new currency was also an opportunity for Australia to assert its identity. The coins and banknotes featured imagery that reflected the country's distinctive identity, such as depictions of Australia's unique fauna.
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The new currency was designed with Australian imagery
On 14 February 1966, Australia introduced a new currency—the Australian dollar—replacing the Australian pound, which had been in use since 1913. This change, from a non-decimal currency to a decimal one, was driven by the need to simplify calculations and increase financial efficiency.
The introduction of the Australian dollar was more than just a monetary change; it was an opportunity for the nation to assert its identity and reflect how it saw itself. As such, the new currency was designed with Australian imagery, showcasing the country's unique fauna and paying homage to its culture and history.
The coins, designed by Stuart Devlin, featured an image of Queen Elizabeth II on one side and depictions of Australia's fauna on the other. The 1, 2, 5, 10, 20, and 50-cent coins celebrated the country's natural heritage with images of native bird species like the Laughing Kookaburra and the wattle species Acacia humifusa. The $1 and $2 coins were later replaced by coins in 1984 and 1988, respectively.
The banknotes, designed by Gordon Andrews, also featured bold colours and uniquely Australian design elements. The $10 note, for example, included excerpts from The Man from Snowy River and an image of a horseman from the era of Paterson's writing. The $20 note featured a pedal-powered transceiver developed by Alfred Traeger, which improved communication in remote areas. The $50 note celebrated Indigenous Australian culture with images based on Ngarrindjeri shields from the 1850s and a portrait of David Unaipon, Australia's first published Aboriginal author.
The new currency was well-received by Australians, and the transition was considered seamless and one of the best-executed reforms in the country's history. The distinctive designs of the coins and banknotes played a role in fostering a sense of national pride and identity, with the imagery chosen to represent the country's natural beauty, cultural heritage, and technological innovations.
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The public was educated about the new system with an ad campaign
On 14 February 1966, Australia introduced a new currency, the Australian dollar, to replace the Australian pound. This change was made to simplify calculations and increase financial efficiency. The public was educated about the new system with an extensive ad campaign, which included a catchy jingle and a cartoon character, Dollar Bill.
The Decimal Currency Board was responsible for overseeing the introduction of the new currency and ensuring that the public was prepared for the change. The Board's publicity campaign featured Dollar Bill, a cartoon character who appeared in various media formats in the two years leading up to the introduction of the new currency. This included a TV advertisement, newspaper comic strips, crosswords, booklets, and brochures. The campaign also included a jingle, sung to the tune of "Click Go the Shears", which was featured in advertisements and became well-known among the public.
The ad campaign aimed to convince the Australian public of the benefits of decimalisation and reassure them that the transition would be smooth. Educational materials such as games and play money were distributed to schools to help children understand the new currency. The campaign also emphasised the sustained monetary value of the new currency and the dual currency system during the transition period.
The design of the new currency was also an important aspect of the ad campaign. The bold colours and uniquely Australian design elements of the new banknotes were highlighted, and the security features were explained to the public. The new coins featured an image of Queen Elizabeth II on one side and depictions of Australia's unique fauna on the other.
Overall, the public education campaign was a major success and played a crucial role in ensuring a seamless transition to the new currency system. The introduction of the Australian dollar remains one of the best-executed government reforms in Australia's history.
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Frequently asked questions
Australia changed its currency on 14 February 1966.
The Australian pound, which was made up of shillings and pence.
The conversion rate was set at £1 to $2.
The Australian dollar is subdivided into 100 cents.
The symbol for the Australian dollar is the dollar sign ($).
