Australian Decimal Currency

Press, Volume CII, Issue 30156, 13 June 1963, Page 12

Australian Decimal Currency

The announcement of the names and denominations of the Australian decimal currency, to be introduced in 1966, should remind the New Zealand Government and its advisers of the need to make similar decisions well in advance of our conversion to decimals in 1967. New Zealand may be able to learn something from Australian mistakes, or from the criticism that the announcement has drawn. So far, the main point at issue is the name, “ royal ”, chosen for the

basic unit, to be worth half

the present Australian pound. Both those who support or object to the W name on the ground of its j connexion w’ith the monF archy are surely debating a relatively minor point. The Queen’s head on a coin is far more relevant to monarchist and republican arguments than the use of a word that has had a much wider meaning for 300 years or more. “ Royal ’’ is also open to the valid objection that it has the same initial as other important currency units, such as the rand and the rupee, though that may be hard to avoid when at least 16 letters of the alphabet are already in use. The most serious objection, perhaps, is that "royal” is not distinguished by any peculiarly Australian significance. In its favour are its euphony and its freedom from inappropriate associations. We should aim in New Zealand to do no worse, and. if possible, better. More open to criticism is the decision to have six coms, since so large a number must complicate the designing. Like the people of the United Kingdom and New Zealand, the Australians have managed very well without a 5s piece (except for the satisfaction of collectors) for a long time; why should they suddenly want one now? The issue of a decimal florin instead of a quarter-coin can probably be defended in Australia, where the half-crown is not used; but it seems illogical to have this fifth in sequence with a half-coin. Again, the provision of a two-cent piece seems unnecessary, even for the convenience of slot mechanisms. If something additional to the florin (or quarter), shilling, five-cent piece, and one-cent piece is wanted, a better case could be made for a half-cent (Jd) to assist in keener pricing, though it hardly seems necessary. These are

matters that must concern the New Zealand Government if we finally settle on the 10s unit. We will have no real choice if, as seems likely, Britain follows the Australian example in spite of the British bankers’ strong preference for a 20s unit. It will be more interesting. however, to learn the sizes and designs the Australians adopt for their coins. We do pot have to follow the Australians slavishly, but we can profit from studying their plans.