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 decimal coin) Halfpenny (British decimal coin) The British decimal halfpenny (p) coin was introduced in February 1971, at the time of decimalisation, and was worth one two-hundredth of a pound sterling. It was ignored in banking transactions, which were carried out in units of 1p. The decimal halfpenny had the same value as 1.2 pre-decimal pence, and was introduced to enable the prices of some low-value items to be more accurately translated to the new decimal currency. The possibility of setting prices including an odd half penny also made it more practical to retain the pre-decimal sixpence in circulation (with a value