In 1910 the first coinage was issued featuring the name of the Commonwealth of Australia. To commemorate a century since this important event in Australian numismatic history the Royal Australian
Following Australian Federation in 1901 discussions to establish a national currency began immediately. In 1910 the first Australian coins were struck and despite calls for a decimialised currency the coins followed the British system with pounds, shillings and pence. The currency was awkward, with each pound being subdivided into 20 shillings each of 12 pence. In the 1950s the economic importance of switching to a decimal currency became heavily argued. The key argument was that the pound made financial transactions unnecessarily difficult, it was calculated that this difficulty caused the loss of more than £11 million to the Australian economy every year. After much political debate the 14th of February 1966 was chosen as Changeover Day - when the new Australian decimal dollar took over.