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20 June - Australian $2 coin hits the streets.

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20 June - Australian $2 coin hits the streets.

Unread postby Max ADU » Thu Jun 20, 2013 10:59 am

Today in Australian History
Monday, June 20, 1988.

see why some did not like them - video below

The Australian $2 banknote is replaced by a $2 coin.

Decimal currency was first introduced in Australia on 14 February 1966.

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The Australian $2 coin is the highest-denomination coin of the Australian dollar. It was first issued on 20 June 1988, replacing the Australian two-dollar note due to having a longer circulatory life.

Interesting Facts
The changing from the Pound Sterling to decimal currency was in the planning since the mid-1970s.

The Prime Minister Robert Menzies was a devout monarchist wanted to name the currency “the Royal” other names suggested such as “the Austral”.

The name "Royal" proved very unpopular, and the "Dollar" became our unit of currency.

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The gold coin features an Aboriginal tribal elder set against a background of the Southern Cross and native grass trees.

Many people did not like the $2 coin because of the size. An interesting fact is the $2 coin is ½ the size of the $1 coin. May believed that because of inflation and high interest rates the $2 coin was made smaller because value of the $2 was ½ the value of the $1 coin.

Difference between $1 and $2 coins
Weight 9.00 g 6.60 g
Diameter 25 mm 20.50 mm
Thickness 3 mm 3.20 mm

In the first year 1988: 160,900,000 coins was struck and on average 22 million $2 coins are made each year.

Watch on youtube.com
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