Decimal Day Board. Consideration was given to introducing a new major unit of currency worth ten shillings in the old currency: suggested names included the "new pound", the "royal" and the "noble". This would have resulted in the "decimal penny" being worth only slightly more than the old penny (this approach was adopted, for example, when South Africa, Australia and New Zealand decimalised in the 1960s, adopting respectively the South African rand, Australian dollar and New Zealand dollar equal in value to 10 shillings). But Halsbury decided, in view of the pound sterling's importance as a reserve currency, that the pound should
Non-decimal currency large number for some poorly educated people to deal with. For example, one-third of an Austrian Gulden (of 60 Kreuzer) was 20 Kreuzer while a third of a dollar is 33.333 cents. This divisibility is useful when trading and when sharing out sums of money. For these reasons, many states chose in the past to adopt non-decimal currencies based on divisions into sub-units such as 12 or 20, sometimes with more than one tier of sub-units. There is a second, more fortuitous, way in which non-decimal currencies emerged. Often multiple currencies would circulate concurrently in an economy, with non-decimal exchange