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Federation in 1901 gave the Commonwealth a constitutional power to issue coins and removed this power from the States. However, British coins continued in use until 1910, when Australian silver coins were introduced. These included florins, shillings, sixpences and threepences. They had a portrait of King Edward VII on one side. Australian pennies and half-pennies were introduced into circulation the following year. In 1931 gold sovereigns stopped being minted in Australia. A crown or five-shilling coin was minted in 1937 and 1938.
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Australian £sd
In 1898 the British government allowed two colonies, New South Wales and Victoria, to mint silver and bronze coins at their mints in Sydney and Melbourne respectively.
Revaluation
In 1946, due to costs incurred during WW2, the silver content of the coins was reduced from 0.925 to 0.500 of the coin weight, which lasted until decimalisation on 14 February 1966. One coin highly sought after by collectors is the 1930 Penny. Its rarity is so well known amongst Australians, that demand for what is akin to a blue chip investment has pushed prices to approximately $26,000 Australian dollars for an average standard example. A proof example of the same coin recently changed hands for over $620,000 Australian dollars, making it the most expensive copper coin in the world.
Coins
See also: Half penny, Penny, threepence, sixpence, shilling, florin, crown.
Pre-decimal commemorative coins
Florin = 2 shillings