Currency In the 1900's in Sydney, Australia
In this Unit we will cover:
The history of the currency in Australia could begin in 1800, when Governer Philip Gidley King issued a proclamation setting the value of a variety of foregin coins in New South Wales. However, beacuse of the shortage of any sort of money the real currency during the first twenty-five years of settlement was rum, leading to terms such as the 'Rum Corpes' and the 'Rum rebellion.'
The pound was the currency of Australia from 1910 until the, 14th of Febuary 1966. It was replaced by the Austrlian dollor. It was subdivided into 20 shillings each of 20 pence.
Australia's first coinage was issed in 1813 by the colony of New South Wales by punching the middle out of Spainish dollars. This process created two parts: a small coin, which was called the dump in Australia and a ring, which was called a holey dollar. One holey dollar was worth one shilling and three pence. This was done in order to keep the coins in New South Wales, as they would be valueless elsewhere.
In 1825, an imperial order-in-council was issued with the purpose of introducing sterling coinage to all the British colonies, This was due to the intorduction of the gold standered in the UK in 1816, and a decline in the supply of Spanish dollars. Most of the dollars used had been minted in Lima, Mexico City and Potosi, which had become part of a new Latin American republics, independent from Spain.
In May 2015, The National Libary of Australia annonced that it had discovered the first pound banknote printed by the Commonwealth of Australia, among a collention of spiceman banknotes. This uncirculated Australian pound note, with the serial number P000001, was the first piece of currency to carry the coat of Arms of Australian.
By Mariah and Chelsea
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