Information about Australian Coins
By Coins and coin collecting | Wednesday, 17 May 2006
A history of Australian money
Initially Australia combined the use of British sterling money and private bank money. It wasn't necessary for anyone in Australia to accept private bank notes, however they were widely taken as legal tender and used to trade regularly. In 1910 several acts were passed that essentially prohibited the creation and passing of private bank notes and a new currency was introduced called the Australian pound. The Australian pound was directly linked to the British pound meaning that as long as the British remained on the Gold Standard then so did Australia.
The Australian pound was broken down identically to the pre decimal British pound. One pound consisted of twelve shillings and each shilling was worth twenty pence. In essence this meant that one pound was worth 240 pence.
Decimal currency - The Australian dollar
1966 saw the introduction of a decimal currency that had been planned for many years although the structure of the monetary unit did not change noticeably, the value did. This saw the introduction of the Australian dollar fro the first time; the dollar became equal in value to two Australian pounds and the various other monetary units were changed accordingly.
Australian coins as a trading investment
The Australian dollar has always been considered a good monetary investment for a number of reasons. Primarily this is due to a lack of intervention from the Government concerning the foreign exchange market but it is also due to the government's and the economy's stability and the exposure to the Asian markets and commodities that any investment receives.
Currently, the Australian dollar is the 6th most highly traded currency in the world due to these factors, however, things haven't always been so good. During 2001 and 2002 the Australian dollar was badly placed in comparison to the US dollar. Its value dropped below 50 cents for the first time. Subsequently it has bounced back with a vengeance now being valued at approximately 76 US cents.
Australian coins - Kangaroo gold coins
Kangaroo gold coins are produced every year in Australia, made up of 99% pure gold. They feature a different kangaroo design on each newly produced coin while the obverse of the coin features a portrait of the Queen. These coins are legally tender and are unique because bullion coins rarely make it into circulation as legal tender. Of the Australian coins available, these are exceptional collector's coins ideal for collecting. They are also ideal for the investor because they are minted to the highest quality with an exceptional finish, perfect as an investment.
Australian coins - Kookaburra silver coins
Similarly Kookaburra silver coins are also in production and feature a new design every year. They are legal tender like any Australian coins and are finished to the highest possible standard. Australia is known for its vast wealth of natural resources and for its production of precious metals such as silver and gold. The Kangaroo gold coins and Kookaburra silver coins are an excellent way to begin or enhance any collection of Australian coins or world coins and a majority are still in the superb condition they were first created so are also invaluable as an investment opportunity.
Australian coins - The Lunar collection
As well as these coins, there is also a set of Australian coins called the Lunar collection. These are silver and gold coins that are based on the Chinese year. Every year since 1996 a new design of both silver and gold coin have been created making these another good way to enhance your Australian coins collection. These can be difficult to get hold of but if you find the right source then you will be able to get affordable silver and gold coins that are an excellent investment opportunity for anyone to take advantage of.
This article is part of the Coins and coin collecting articles.
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- Canadian coins
- Canadian banknotes
- Canadian tokens and medals
- International
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