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
Non-decimal currency of the sub-unit are no longer used. The official currency of the Sovereign Military Order of Malta, which retains its claims of sovereignty under international law and has been granted permanent observer status at the United Nations, is the scudo. The scudo is subdivided into 12 tarì, each of 20 grani with 6 piccioli to the grano. It is pegged to the euro (at a rate of 1:0.24). All other contemporary currencies are either decimal or have no sub-units at all. Historically, the use of decimal sub-units was the exception rather than the rule. Decimalised currencies show an advantage in