Getting the best exchange rates for Australian dollars: A history of the Australian dollar

March 19th, 2012

Best exchange rates for Australian dollars and the history of the “ozzy” currency is really quite interesting. The Australian dollar is the foreign currency of the Commonwealth of Australia, which includes the Coco Islands, Christmas Island and Norfolk Island, as well as the Pacific Island states which include Kiribati, Nauru and Tuvalu. It is often not realized how far reaching the Australian dollar is.  In Australia, the dollar is virtually always abbreviated with the dollar sign, as with the US dollar, with A$ sometimes inserted to distinguish it from other dollar denominations. The cent is its smaller change currency and there are 100 cents to a dollar.

The Australian dollar is now the worlds 5th most traded foreign currency, only beaten by the US dollar, the yen, the euro and the pound sterling. At the moment you will get the best exchange rates for Australian dollars as the Australian dollar exchange rate is very strong. This is also a reason why the AUD is a currency traders tend to use. Australia has comparatively high interest rates and enjoys relative freedom from the Australian government. Australia’s economy and political systems are seen as fairly stable and the currency also has diverse benefits because of its greater exposure to the economies ofAsia and their commodities cycle. The currency is often referred to by foreign exchange traders as the Aussie.

On the 14th February 1965, the former currency of pounds, shillings and pence was replaced by a decimal currency, many names for the new currency were suggested. Prime Minister, Sir Robert Menzies, in 1966 suggested the royal – he was a monarchist as you may have guessed!  Other ideas put forward were the roo, austral, the oz, the boomer, the emu, the dinkum – all a little more exotic if not a bit ridiculous. In the end the name ‘royal’ was settled on, and designs were prepared and printed by the Reserve Bank of Australia for trial. The ‘royal’ was later dropped in favour of the dollar as it proved very unpopular with the people ofAustralia and traders alike. Keep an eye for more on the best exchange rates for Australian dollars and news on the Australian dollar and its history with Best Exchange Rates Uk, there is a lot more too its history than this.