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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.

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.

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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