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
Penny (Irish pre-decimal coin) Penny (Irish pre-decimal coin) The penny (1d) () coin was the third smallest denomination of the pre-decimal Irish pound, worth of a pound or of a shilling. To express an amount, penny was abbreviated to "d", e.g. 1d, from the Roman "denarius". It was introduced in 1928 to replace its British counterpart, used when all of Ireland was a constituent country of the United Kingdom. The last year of minting was 1968 and it ceased to be legal tender on 31 December 1971. The coin measured in diameter and weighed 9.45 grams. The bronze coin was made up of 95.5%