Australian Dollar Currency

Overview

Australian dollar is one among the most important six currencies in the world. Australian dollar is the national currency of Norfolk Island, Commonwealth of Australia, Mc Donald Islands, and many more. This is also known as the ‘Pacific Peso’ as well as ‘Aussie battler’ and is denoted with $sign. The Australian dollar is denoted as A$, AU$, $A or $AU.

This is an impressive currency in the recent times and is also the heavily traded currency after the U.S. dollar, Euro, yen of Japanese, Pound of British and Swiss franc. It accounts for 5% of foreign exchange transactions accounting to 1.9 trillion dollars/day. This is arguably the most stable economies and intervention is negligible of the government regarding currency of the countries. The Australian dollar has a great influence on the fluctuations in the gold sales.

History

Australia has a long history using various currencies and the inception of Australian dollar was after 1966 February 14th. Earlier, barter was the main exchange, and then in 1910 Australian pound became the national currency. Attempts were made regarding issuing of banknotes, but was not completely prepared.

In the period of 1960 to 1966 the currency naming was suggested and eventually dollar was decided as the name of the currency.

Configuration

The Australian dollar inception in 1966 provided a new currency and also introduced the decimal system. The smaller denominations are 5, 10, 20 and 50 cents, 1 and 2 dollars as coins by the Royal Australian mint.

These coins depict Queen Elizabeth II image on the front side. Until1991-92, 1 and 2 cent coins were in circulation, but later it was rounded to 5 cents. In 1988, polymer notes were issued by the reserve bank and are still in use. They come in denominations such as $5, $10, $20, $50 and $100.

The colors of these notes and sizes vary such as bigger the note, higher is the value and $5 is in violet pink color, $10 in blue, $20 in orange, $50 in yellow and $100 in green color.

Current market trend

The foreign exchange depends on certain factors such as inflation rates, flow of capital and import as well as export, funds flow based on stock and bond purchases and many more. For instance, the Australian dollar currency conversion is 10.00, pound sterling is 6.25, Euro is 7.04 and US Dollar is 9.81.