Symbolising the greatest change in our monetary history, February the 14th 1966 saw the formal introduction of decimal currency in Australia. The remarkably complex system it replaced – inherited from Britain, and known as the Imperial or predecimal system – had underpinned the economy of the Great Southern Land since the time of European settlement in 1788.
Australia was a relative latecomer to the decimal system, with the US, South America, Europe and parts of Asia having converted by the late 19th century. There was some impetus for the incorporation of the more easily understood decimal system after Australia united as a nation at Federation in 1901, but interest in the project withered. More than five decades passed before a widespread desire for change began to emerge, forcing the Commonwealth Government to once again consider the efficacy of reform.
As soon as then Prime Minister Robert Menzies pledged to investigate moving away from pounds, shillings and pence during the 1958 election, the clock began to tick for the predecimal system. Ultimately, a Commonwealth Government committee was established in 1960 and, in April 1963, following the committee report, the Treasurer Harold Holt announced that Australia would change over to decimal currency. Australia’s traditional coin and banknote denominations would be consigned to history, to be replaced by the currency of the new decimal era.
When it was announced that decimalisation would occur, there was much debate on exactly what Australia’s new unit of currency should be called. In the lead-up to decimalisation, nearly 1,000 names were considered. Rejecting a range of rather exotic suggestions, including the ‘Oz’, the ‘Dinkum’, the ‘Digger’, the ‘Roo’ and the ‘Kwid’, as well as more serious titles such as the ‘Austral’ and the ‘Tasman’, arch-Royalist Prime Minister Sir Robert Menzies favoured the ‘Royal’. The public outcry was immediate and substantial. Just three months later, the ‘Royal’ was dumped, with the Government conceding that the name of Australia’s new currency unit would instead be the 'Dollar'.
With the name settled, there was, naturally enough, much debate as to what Australia’s new currency would look like. As far as the coinage was concerned – destined to comprise 1c, 2c, 5c, 10c, 20c & 50c coins – a competition was held in 1964 to determine the answer to exactly that question. Prevailing over some highly-decorated, more experienced opponents, the winner of that competition was a young goldsmith and silversmith from Geelong named Stuart Devlin.
Devlin’s whimsical designs of Australian animals – a feathertail glider, frilled-neck lizard, echidna, lyrebird and platypus, as well as the Coat of Arms kangaroo & emu motif – captured the hearts of the panel. It is testament to the quality of Devlin’s quintessentially Australian designs that they continue to be used today – and still look superb on coins that have circulated for decades! This triumph was a turning point in Devlin’s career, as he would go on to design coins for more than 30 countries.
As far as Australia’s new banknotes were concerned, the four predecimal notes were to be replaced with notes of similar colours and of the same exchange rate. Thus, a $1 would replace the Ten Shillings, a $2 would replace the One Pound, a $10 would replace the Five Pounds and a $20 would replace the Ten Pounds. The Reserve Bank of Australia (RBA) received proposals for the designs of Australia’s new banknotes from four prominent designers, with Gordon Andrews selected as the winning designer in April 1964.
Rejecting cliched Australian themes, Andrews’ designs celebrated First Nations peoples, women, the environment, architecture and the arts. While progressive in nature, and, as stated by the RBA, representing “a completely new conception in currency note design”, Andrews’ work captured Australia’s rugged energy and unique history. Australia’s first decimal notes are still loved and admired today. There could be no greater compliment to Andrews’ designs than the fact that the polymer notes that replaced those original paper notes were rendered in the same style.
With the name of the currency, and the designs of the coins & banknotes, now decided, the actual changeover could commence – and what an immense undertaking it was. First of all, the actual coins and banknotes had to be produced, and, secondly, the Australian public had to understand and have confidence in the new currency to make the system work!
Australia’s first decimal banknotes were printed by the RBA at its note printing branch in the Melbourne suburb of Fitzroy. Australian banknotes had been printed at this location since 1924, so it would seem that, although new printing machinery had to be secured from Britain, the task of printing millions of new decimal banknotes was accomplished without great difficulty. Creating Australia’s new decimal coinage was another matter, however.
Australia had two operating mints at the end of the predecimal era – in Perth and Melbourne. While serving with distinction since the 19th century, the Melbourne and Perth Mints simply did not have the capacity to produce the amount of currency required for the decimal changeover. Thus, an entirely new institution was established specifically to strike Australia’s new decimal coinage – the Royal Australian Mint in Canberra. Even then, the Royal Australian Mint would require the assistance of the Perth Mint, the Melbourne Mint and the Royal Mint, London, to produce the hundreds of millions of new Australian coins required.
The conversion to decimal currency such a radical, fundamental change to Australian society that the Commonwealth Government undertook the largest advertising and education campaign in the nation’s history. From the cartoon character Dollar Bill to the Dollar Girls, from posters & brochures to decimal ‘play money’, comics & crosswords for schools, the Government went to tremendous lengths to ensure the public was familiar with the new system before ‘C-Day’ (Currency Day) on the 14th of February 1966.
Although many were braced for confusion when the big day arrived – particularly shops and banks! – the program proved to be a spectacular success. Justifying the Government’s confidence in its planning, the anticipated chaos never emerged. Although millions of the old coins and banknotes had to be replaced with Australia’s sparkling new decimal currency, most of the old currency was converted within months. Australians have never looked back after embracing decimalisation, and the mind boggles at the complexity of the original predecimal system.
Giving everyone the chance to celebrate the 60th anniversary of the most important landmark in Australian currency history, we have a wide array of coins and commemoratives available. Click here to find out more!