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
Coins of the pound sterling exact decimal equivalent values continued in use after 1971 alongside the new coins, albeit with new names (the shilling became equivalent to the 5p coin, with the florin equating to 10p), and the others were withdrawn almost immediately. The use of florins and shillings as legal tender in this way ended in 1991 and 1993 when the 5p and 10p coins were replaced with smaller versions. Indeed, while pre-decimalisation shillings were used as 5p coins, for a while after decimalisation many people continued to call the new 5p coin a shilling, since it remained of a pound, but was now