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 Replies: 8 / Views: 1,555 |
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Pillar of the Community
United States
597 Posts |
How were the old halfpennies and pennies redeemed in 1966 during the decimalisation? Were they redeemed in bulk, ie lots of say 12 pennies for a new 10¢ coin? Edited by Scottishmoney
07/26/2007 09:46 am
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Pillar of the Community
Canada
965 Posts |
Good question. I never thought of that. How did it work?
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Formerly nancyc
Australia
5385 Posts |
The pre-decimal stuff remained legal tender for quite a while & we just continued spending it as per usual. As it went to the Banks, it was removed from circulation.
Any time we went to the Bank to withdraw, we only got Decimal, so it didn't take too long for the Pre-decimal to disappear. I can't remember how long it remained Legal Tender, but it was a number of years.
If we specifically wanted to get rid of all Pre-decimal coins etc, we could take any of it to the bank & exchange it for Decimal.
Edited by Nevol
07/26/2007 5:38 pm
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Pillar of the Community
Australia
1360 Posts |
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Pillar of the Community
Australia
2830 Posts |
G'day, I was a schoolboy in 1966. The basic unit of conversion was "sixpence = five cents".
The bronze coins and threepences disappeared very quickly, because they had no direct decimal equivalent.
The silver coinage was still very common in circulatiuon unpto 1971.
The notes went almost overnight.
A bus-driver friend of mine tells me that he gets a shilling or a florin tendered every week or so, even now.
Apparently every bank branch in Oz has a stack of old coins, as well as decimal bronzes, which are periodically sent off to the Reserve Bank.
As I understand it, old Oz coins are not "demonetized" as such. The Reserve Bank will always give face value for them, and the private banks accept them and hand them over consistent with the Government's policy on the matter.
Peter in Oz
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Pillar of the Community
 United States
597 Posts |
Growing up, I always thought it would be neat to have an £SD system of money, so when I printed notes for my younger siblings allowance, I printed them starting at 3d, 6d, 1/-, Crown and Pound notes. After awhile I figured out why they were so redundant, addition and subtraction was a huge hassle with the carrying etc. So I can just imagine having a business and having to do the same thing on every transaction.
BTW I saved a few of these notes for my collection, most are now unique, I think my sister might still have one otherwise they all disappeared. Now my children have their own paper money which I use to pay their allowances, but it is all in even dollar amounts - $1, $2, and $5 only. Much better notes too, with attractive designs.
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Pillar of the Community
United States
597 Posts |
I am thankful that many then saved them as they did, in their jars, tins etc. as that have been a wonderful source for me to acquisition a whole zoo of 600+ 'Roos.
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Pillar of the Community
Australia
853 Posts |
The only coins that have been demonetarized by the government is the the holy dollar and dump. All other coins are still legal tender including proclamtion coins. Proclamtions coin are still legal tender by virtue of the fact the originally royal proclamation was never revoked by the UK government and when we parted company from the UK (except of cause our monarch), we continued to use the adopted laws of the UK until such time as we made our own. This includes royal proclamations.
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Pillar of the Community
United States
597 Posts |
The old holey dollar and dump may have been demonetized, but the new one that they had as a commem several years ago hopefully hasn't been. This may have been a bad idea to venture forth here, now I am feeling bit a bit by the collect coins from Oz bug again  |
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Replies: 8 / Views: 1,555 |
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Posted 07/26/2007 5:35 pm
