Pennybright wrote some time back:
"I was thinking Australia because of the chains on the reverse - (the prison country...)"Very funny, Pennybright, very funny.

The only reason the British started to send convicts to New South Wales (Australia) in 1787 was because they could no longer send them to their North American colonies after the American Revolution. Australian colonies were not the only ones to receive convicts, many of England's African colonies also received convicts in their early days.
As has been pointed out, Australia, Canada, etc all have their country named on their coins.