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
Decimal Day Advancement of Science and the Association of British Chambers of Commerce, followed by the success of decimalisation in South Africa, prompted the Government to set up the "Committee of the Inquiry on Decimal Currency" (Halsbury Committee) in 1961, which reported in 1963. The adoption of the changes suggested in the report was announced on 1 March 1966. The Decimal Currency Board (DCB) was created to manage the transition, although the plans were not approved by Parliament until the Decimal Currency Act in May 1969. Former Greater London Council leader Bill Fiske was named as the Chairman of the Decimal Currency