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
Halfpenny (British pre-decimal coin) Halfpenny (British pre-decimal coin) The British pre-decimal halfpenny (d) coin, usually simply known as a halfpenny (pronounced ), historically occasionally also as the obol, was a unit of currency that equalled half of a penny or of a pound sterling. Originally the halfpenny was minted in copper, but after 1860 it was minted in bronze. It ceased to be legal tender in 1969, in the run-up to decimalisation. The halfpenny featured two different designs on its reverse during its years in circulation. From 1672 until 1936 the image of Britannia appeared on the reverse, and from 1937 onwards the image