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
Virginia pound Virginia pound The pound was the currency of Virginia until 1793. Initially, the British pound sterling circulated along with foreign currencies, supplemented from 1755 by local paper money. Although these notes were denominated in pounds, shillings and pence, they were worth less than sterling, usually discounted so 1 Virginia shilling was equal to 9 British pence, while 1 British shilling was equal to 12 British pence. In British pounds, shillings and pence (£sd), duodecimal coinage (12d (pence) = 1s (shilling), 20s = £1 (pound), 21s = 1 guinea), which was in use in the UK until the adoption of decimal