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
British currency in the Middle East Hashemite Kingdom of Transjordan, the Jordanian-ruled West Bank and the Egyptian-occupied Gaza Strip. With the creation of the State of Israel, there was a transitional period of four years between the end of the British Mandate and the adoption of a fully independent currency system. Between 1948 and 1952, the Palestine pound continued to be a legal tender. In August 1948, new banknotes were issued by the Anglo Palestine Company, owned by the Jewish Agency and based in London. In Jordan, the Palestine pound was replaced by the Jordanian dinar in 1949. In 1950, Jordan annexed the West Bank, and