Australian pound became $1 and 1s became 10c. The conversion rate was problematic for the pre-decimal penny since the shilling was divided into twelve pence. An exchange rate of $2.40:£1 would have allowed for accurate conversion down to the penny, with one penny becoming one cent; however, the Government thought it more important that the new currency unit be more valuable than the United States dollar which it would not have been under a 2.4:1 ratio. Amounts less than a shilling were converted as follows: In 1855, gold full and half sovereigns (worth respectively one pound sterling and ten shillings) were first
Gambian pound 1/2 penny coins were not issued, whilst a 4 Shillings piece went into circulation. An 8 Shillings coin was subsequently struck in 1970. The Central Bank of The Gambia took over assets and liabilities of The Gambia Currency Board in 1971 and a new decimal currency was introduced to replace the Gambian pound. The new currency was the Dalasi with 1 dalasi being subdivided into 100 bututs. Again, the coins were minted by the Royal Mint and the notes were printed by Bradbury Wilkinson & Co. Ltd. Coins were introduced by The Gambia Currency Board on 18 February 1966 and