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
Palestine pound Yud after "Palestina", for "Eretz Yisrael" (Land of Israel). Unlike the pound sterling in the United Kingdom, and the sterling-equivalent Cypriot pound in British-run Cyprus, the Palestine pound was from its introduction a decimal currency, albeit with each pound divided into one thousand parts, called "mils." This system was derived from a proposal made in 1855, by William Brown, a member of the United Kingdom parliament, that the United Kingdom pound should be decimalised by being divided into one-thousand parts, each called a "mil." Although this system was never adopted in the United Kingdom, it was used by the British