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
Irish pound changeover not related with the issue of coins. Decimalisation was overseen by the "Irish Decimal Currency Board", created on 12 June 1968. It provided changeover information to the public including a pamphlet called "Everyone's Guide to Decimal Currency". The changeover occurred on Decimal Day, 15 February 1971. In the 1970s, the European Monetary System was introduced. Ireland decided to join it in 1978, while the United Kingdom stayed out. The European Exchange Rate Mechanism finally broke the one-for-one link that existed between the Irish pound and the pound sterling; by 30 March 1979 an exchange rate was introduced. This period