Podcast Episode: Why did Australia switch currency in 1966?

Before 1966, Australia used a currency system that might seem to be puzzling for us today. Instead of the dollars and cents we’re familiar with now, they used pounds, shillings, and pence. This system had its roots in British traditions, but as times changed, it became clear that a switch to decimal currency was necessary for various practical reasons.

Imagine going to the store and trying to calculate the prices of things using pounds, shillings, and pence. It was like trying to solve a math puzzle every time you wanted to buy something! This made shopping and handling money confusing for everyone and I mean everyone, from everyday people on the streets to businesses and banks. This complex currency system had 12 pence in a shilling and 20 shillings in a pound, leading to lots of tricky calculations.

The world was evolving, and trade and finance were becoming more international.