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| The Australian Pound 1910 - 1964 Quentin Christensen, WINS #920, Australia |
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The Fall Newsletter contained an article on current Australian decimal coins. The previous currency, from 1910 to 1966, was the Australian Pound. In many ways like the British pound sterling it was based on, it also had Australian elements. DenominationsThe currency centred around three units: The Australian pound was initially tied at parity to the British pound. By 1931, both currencies had abandoned the gold standard. Banknotes:10 Shillings, (worth ½ pound), and 1, 5, 10, 20, 50, 100, 1000 pounds. CoinsThe half penny and penny were bronze. All other coins were .925 Silver up to 1944 and .500 silver after 1944. Half Penny
The lowest denomination. The reverse had “COMMONWEALTH OF AUSTRALIA” and the year around the outside. Inside was the text “ONE HALF PENNY”. From 1939, the reverse featured a kangaroo hopping to the right. The word “AUSTRALIA” was above, with the year and “HALF PENNY” below. Penny
 The design of the penny followed that of the half penny. The text “ONE PENNY” was in larger text on the pre-1939 design and “PENNY” on the kangaroo design. The kangaroo also faced left compared to the half penny kangaroo facing right. On both coins, the year was behind the kangaroo’s legs. There was a seven pointed “Commonwealth Star” under the kangaroo's head. This star has a point for each of the six states, and one for the territories. Three Pence
Before 1936, the reverse had the early 1908 Australian coat of arms. After that year, the coin had three wheat heads with a ribbon. Since Australia withdrew the 17.65mm 1 cent coin in the 1990’s, I find the three pence coin tiny. Six Pence
The Australian coin was round, where the British coin (from 1937) was dodecagonal. Unlike the other coins, the sixpence kept the 1908 coat of arms for its entire life. Shilling
Like other denominations, the Shilling had the 1908 coat of arms on the reverse. Following the redesign of 1936, the reverse changed to a merino ram’s head. Originally from Spain, the merino produces fine, soft wool. The ram on the coin has spiral horns. Florin
 The Florin was larger than the other regular silver coins. It was just smaller than the penny, though heavier. The florin started with the 1908 coat of arms, from 1937 the design changed to the 1912 version. The Australian coat of armsSince it was on most of the coins, it is worth covering the Australian coat of arms. It consists of an emu and a kangaroo supporting a shield above which is the 7 pointed Commonwealth Star. In the 1908 version, the shield had the cross of St George. The border was blue containing six inescutcheons, representing the six states. An inescutcheon, for those (like myself), not conversant with heraldry, is a small shield displayed within a coat of arms. Under the shield was green grass with a scroll reading “Advance Australia”. The 1912 redesign saw the shield contain the badge of each of the six states. The border changed to ermine, still representing the federation. The grass was removed and the scroll now reads “Australia”. This coat of arms is still in use. It is currently found circulating on our 50 cent piece. Back to the florin, which had four commemorative designs over the years: - 1927: An image of Parliament House in Canberra, commemorating its opening (KM31). - 1934/5: A naked horse rider holding a flaming torch. The design celebrated the 100th anniversary of the state of Victoria and its capital Melbourne (KM33). As a former resident of Melbourne, I deny that this depicts a common sight. It hardly ever happens. - 1951: a crossed sword and mace to celebrate the 50th anniversary of Federation (KM47). - 1954: A lion next to a kangaroo to mark the Australian visit of the new Queen, Elizabeth II. This was also the first visit to Australia by its reigning monarch (KM55). Crown
 The reverse has the words “COMMONWEALTH OF AUSTRALIA” and “ONE CROWN” around the outside. A representation of a crown (possibly St Edwards?) covers most of the coin. The crown was originally to commemorate the ascension of King Edward VIII. Following his abdication, it was instead struck for the coronation of King George VI. Just over 1 million of the coins were minted in 1937. Particularly due to its large size, it was a commemorative coin. The crown lost some of its commemorative appeal when a second batch (of only 100,000) was minted in 1938. Both are KM 34 although the 1938 coin is rarer and more valuable. Monarchs In the 50 years of decimal currency, Australia has only had the one monarch, Queen Elizabeth II. Decimal coins have featured four different portraits of her. In the 50 years of the Australian Pound, the commonwealth went through monarchs a bit quicker. There was mostly only one portrait of each used on our coins. The monarchs during the period of the Australian Pound (1910 to 1966) were:
Errors and rare coinsThere were a couple of notable errors or otherwise rare and valuable coins which may be of interest: The 1916 Mule HalfpennyFollowing the outbreak of WW1, the Royal Mint delegated production of Australian coins to the Calcutta Mint. Production in India reduced the possibility of the German navy intercepting Australian coin deliveries. Some coins were struck with the reverse die of an Australian 1916 halfpenny (KM22), and the obverse of a (British) Indian Quarter Anna (KM512). Five of these mule halfpennies are known to exist. The kangaroo penny patternAfter WW1, from 1919 to 1921 trial strikes were made for smaller and cheaper pennies and half pennies. The reverse featured a Kookaburra, an Australian Kingfisher. The coins were square to avoid confusion with the similar sized three and six pence coins of the era. The shape proved problematic. Vending machine manufacturers arguing that the coins would jam their machines. Another contentious issue was the obverse of the patterns. Although approved by King George V, all but one featured him without his crown. Following the resignation of the project's key sponsor, treasurer Mr Watt, the redesign was dropped. 1930 PennyOne of the most famous rare Australian coins is the 1930 penny. Only six proof pennies were produced in 1930, with only three making it into private hands. One of these, sold in 2012, holds the record price paid for a bronze coin at $1.05 million dollars. Three thousand 1930 pennies released into circulation which makes them valuable as well. ValueI was intrigued by the fact that the currency covers a much wider range of values than our current coins. The smallest coin, the half penny, was worth 1/480th of a pound. The notes ranged all the way up to 1,000 pounds. In contrast, the smallest decimal coin (1 cent) is worth 1/100th of a dollar. The largest current note is only 100 dollars. So, what can be bought at each end of the scale? Well, in 1911, a loaf of bread cost 4 pennies and a quart of milk 5 pennies. A factory worker in 1910, earned around £157 16s 8d a year, or around £3 a week. A Model T ford with a touring car body in 1913 for £210. Today, a loaf of bread costs $3 and a litre of milk $1.50. A basic Ford Festiva compact four-door hatch, $18,000. The average Australian wage is currently $75,000. ClosingThe coins of the Australian pound took the country through WW1 and 2, the great depression, and five monarchs in the space of 56 years. When the pound was introduced, Australia had only recently become an independent nation. This was evident in a coinage which reflected that of "the mother country". By the time the pound was retired, Australia had matured, ready to move to a new, modern currency. 2016 marked the 50th anniversary of decimalisation. The Royal Australian Mint released a series of commemorative coins for circulation. The coins feature the regular reverse, with a commemorative obverse. The portrait of Queen Elizabeth II is smaller, above a circle depicting one of the pre-decimal coin designs.
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