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
Penny (Irish decimal coin) Penny (Irish decimal coin) The decimal one penny (1p) () coin was the second smallest denomination of the Irish pound. It was first issued when the Irish currency was decimalised on Decimal Day, 15 February 1971. It was the second of three new designs introduced all in bronze, the others being a half-penny and a two pence coin. All featured ornamental birds designed by Irish artist Gabriel Hayes on the reverse. The coin originally had a diameter of 2.032 centimetres and mass of 3.564 grams consisting of copper, tin and zinc. This was identical to the British decimal penny as