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
Pound sterling English traders stipulated to be paid in pounds of the "Easterlings", which was contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver. The currency sign for the pound is £, which is usually written with a single cross-bar (as on sterling bank notes), though a version with a double cross-bar (₤) is also sometimes seen. This symbol derives from medieval Latin documents; the Roman words "libra", "solidus", and "denarius" (£sd) referred to pounds, shillings and pence in the British pre-decimal (duodecimal) currency system and the black-letter "L" was the abbreviation for "libra", the basic Roman