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
Exeter pound Interest Company and made a profit by setting an "expiry date" on each note, which was identified in very small print on the note itself, often overlooked at the point of exchange. This meant that many notes although paid for at the equivalent value in sterling could not actually be spent if not used by the specified deadline. Previous to the Exeter Pound, local currencies were launched in the UK in Bristol (2012), Totnes (2006), Lewes (2008), Brixton (2009) and Stroud (2010). Exeter pound The Exeter Pound (£E) was a form of local complementary currency, or community currency launched in