16 Facts About Australian dollar

Australian dollar is the currency of Australia, including its external territories: Christmas Island, Cocos Islands, and Norfolk Island.

Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of two dollars to the pound.

In 2016, the Australian dollar was the fifth-most-traded currency in world foreign exchange markets, accounting for 6.

Australian dollar coins are now produced at the Royal Australian dollar Mint in Canberra.

The Australian dollar pound was introduced in 1910 at par with the pound sterling or A£1 = UK£1 until 1931, when it was devalued to A£1 = UK£0.

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Australian dollar is legal tender in its external territories: Christmas Island, Cocos Islands, and Norfolk Island; and is official currency in Kiribati, Nauru, and Tuvalu.

Aluminium bronze 1-Australian dollar coins were introduced in 1984, followed by aluminium bronze 2-Australian dollar coins in 1988, to replace the banknotes of that value.

Pre-decimal Australian dollar coins remain legal tender for 10 cents per shilling.

Royal Australian dollar Mint has an international reputation for producing quality numismatic coins.

The Australian dollar pound was initially at par from 1910 with the British pound or A£1 = UK£1; from 1931 it was devalued to A£1 = UK£0.

From 1946 to 1971, Australia maintained a peg under the Bretton Woods system, a fixed exchange rate system that pegged the US dollar to gold, but the Australian dollar was effectively pegged to sterling until 1967 at UK£1 = A£1.

On 15 October 2010, the Australian dollar reached parity with the US Australian dollar for the first time since becoming a freely traded currency, trading above US$1 for a few seconds.

In 2016, the Australian dollar was the fifth most traded currency in world foreign exchange markets, accounting for 6.

Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle.

Australian dollar is a reserve currency and one of the most traded currencies in the world.

Part IV of the Currency Act 1965 similarly provides that Australian dollar coins intended for general circulation are legal tender, but only for the following amounts:.