Decimalisation
The Australian currency was decimalised on 14 February 1966. The inflation calculator assumes that monetary values prior to the March quarter 1966 are denominated in pounds; with £1 equivalent to $2. Prior to decimalisation, currency was in the form of pounds, shillings and pence. One pound was equal to 20 shillings, one shilling was equal to 12 pence, and so one pound was equal to 240 pence. Also, one guinea was equivalent to 21 shillings. For details of the precise conversion of pence to cents please refer to the Australian Bureau of Statistics 1965, ' Special Article - Decimal Currency', Year Book of the Commonwealth of Australia, cat no 1301.0.
