The Australian dollar, $, AUD, is the official currency of the Commonwealth of Australia, as well as the independent Pacific island states of Nauru, Tuvalu, and Kiribati. The Australian dollar is also referred to as the Aussie dollar in foreign exchange markets. According to the Tricentennial Bank Survey in Basel, Switzerland in 2010, the Australian dollar is the 5th most traded currency in the world after the USD, EUR, GBP, and JPY, and its exchange with U.S. dollars is consistently in the top ten most traded pairs of foreign currencies. The Australian dollar is managed by the Reserve Bank of Australia.
The Australian dollar is divided into decimal units of 100 cents to each dollar, much like the U.S. dollar, (USD), decimal units.
The Australian Pound was put into circulation in 1910 by its sovereign nation of England, and was eventually renounced in favor of a new national currency, the Australian dollar. The Australian dollar was pegged to the U.S. dollar for its first two years of circulation, in 1966 and 1967, under the Bretton Woods System. The Australian dollar remained pegged to the dollar until allowing its value to float beginning in 1983. Australian coins were introduced in 1966 in values of 1, 2, 5, 10, 20 and 50¢ values, while banknotes were first issued later that year.
Name: Australian dollar
Decimal Unit: 100 cents, ¢
Nicknames: Aussie dollar
Coins: 5¢, 10¢, 20¢, 50¢; $1, $2
Notes: $5, $10, $20, $50, $100
Central Bank: Reserve Bank of Australia
Country(ies): Australia; Pacific island states of Nauru, Tuvalu, Kiribati
All AUD coins portray the Australian Sovereign, Queen Elizabeth the Second of England, and are made of cupronickel, aluminum, and bronze. Australian dollar coins are in circulation in values of 5¢, 10¢, 20¢, 50¢, and $1 and $2, while Australian dollar notes are in circulation in values of $5, $10, $20, $50, and $100. Australian banknotes denominations are highly distinguishable due to each value being printed in its own bright color. Australia was the world’s first country to have a complete system of bank notes made entirely from plastic, (polymer).