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 Replies: 10 / Views: 1,643 |
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Pillar of the Community
Australia
2180 Posts |
When the changeover to decimal happened, were halfpennies rounded up or down to the nearest cent?
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Bedrock of the Community
Australia
21786 Posts |
They were not rounded up or down. For all practical purposes, they were demonetised; that became official later on. During the changeover, the penny values were converted into the nearest cent (up or down). Most businesses rounded their prices up to the nearest Cent. Some controversy ensued. That is one reason why the Cent was originally issued.
"So be prepared when the money starts to click on the 14th of February 1966".
I received my first pay packet in Pounds Shillings and Pence, 8 years before that date. Numismatically I bought my first gold half sovereign for One Pound 17 shillings and sixpence, four years before that date.
I was also in the U.K. for two years around the time of their decimal changeover.
Edited by sel_69l
02/03/2012 11:28 pm
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Pillar of the Community
 Australia
2180 Posts |
Quote:
they were demonetised Really? So what would you get if you wanted to exchange/deposit a halfpenny at the bank? And if you had half a penny in your account would that have just disappeared? |
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Bedrock of the Community
Australia
21786 Posts |
The penny and half penny coins were legally demonetised some time after 14th February.
I don't remember how long that 'some time after', is now.
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Pillar of the Community
Australia
4411 Posts |
I remember reading they were demonetized in August. Whether that was August 1966 or 67 I'm not entirely sure but I'm fairly sure it was 67.
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Moderator
 Australia
16812 Posts |
I seem to remember reading that, during the changeover period, you needed to bank or spend six pennies (or 12 halfpennies) at a time or even multiples thereof, which was accepted at the proper exchange value of 5 cents. As far as I know, they were demonetized but never declared no longer legal tender; banks can still accept them at that rate (if you're prepared to sell six pennies worth of copper for five cents). But if you only had one or two coins, yeah, they wouldn't take them, no rounding or anything. You had a pretty souvenir of bygone days, but that's all.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
Australia
852 Posts |
Are you sure that they were demonetised?
IIRC the only Official Australian coins that were demonetised were the Holy Dollar and Dump (in 1828).
If you wanted to you could take them to branches of the Reserve Bank and exchange them for decimal currency (240 halfpennies will equal a dollar and the coins are worth about ten times that in metal content).
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Pillar of the Community
Australia
2180 Posts |
Quote:
IIRC the only Official Australian coins that were demonetised were the Holy Dollar and Dump (in 1828). That's what I thought (and it's what the mint's website says too: http://www.ramint.gov.au/faq/ (see About Australian Coins)). Quote:
240 halfpennies will equal a dollar Isn't it 120 pennies to the dollar and 240 pennies to the pound? |
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Pillar of the Community
Australia
4411 Posts |
Is there a difference between demonetised and no longer legal tender? I think Sap is saying tht there is and I agree. I have always assumed demonetized means they are unable to be used as everyday currency to pay for transaction but are still legal tender if you wish to swap them at the bank. No longer legal tender means the government will not swap it for current money.
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Pillar of the Community
Australia
2180 Posts |
I thought that there was a difference, but I thought demonetised meant that you couldn't do anything with it (including cashing it in at a bank) and not legal tender meant you just can't use it in everyday transactions. Not sure though.
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Pillar of the Community
Australia
560 Posts |
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Replies: 10 / Views: 1,643 |
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Posted 02/03/2012 10:11 pm
