The Australian Dollar is the currency of the Commonwealth of Australia which incorporates many island states including the Pacific Island states of Kiribati, Nauru and Tuvalu as well as Christmas Island, Norfolk Island and the Cocos Islands.
Within Australia they simply use the dollar sign ($) to denote their currency but because of the common nature of currencies known as the dollar, it is often depicted as A$ outside of Australia or the ISO code AUD is used. Like the majority of currencies with the same name, the Australian dollar is subdivided into 100 centre. The Australian dollar is in the top 10 most traded currencies in the world and it accounted for 7.6% of the world’s daily share in 2011. It remains a popular currency for many economic factors, including the overall stability Australia benefits from. Many casinos have recognised the popularity of the Australian dollar and have added it to their range of currencies for players to choose from.
The History of the Australian Dollar
The Australian dollar was introduced when the Australian pound was to be decimalised in 1966. Pounds, shilling and pence had previously been used in Australia and whilst many different names were suggested for the new Australian currency (the ‘royal’ initially accepted as the official name), the dollar was suggested instead.
The Australian pound had been in circulation since 1910 but had different significantly in value for the Great British Pound after devaluation took place in 1931. It was fully replaced by the new Australian dollar on 14th February 1966 and it worked out initially that two new Australian dollars would be equivalent to an old Australian pound. The rate of the dollar was initially set against GBP, at a rate of $2.50 = £1 but by 1967 Australia had left the sterling area and the dollar’s pegging was maintained against the US dollar instead.
Since 2012 Australia has been working on a production of a new series of polymer banknotes, upgraded to include new feature to guard against fraud. The issuing of new notes will begin in September 2016 with a new $5 note. All Australian banknotes are made of polymer but the new series seeks to make them more secure and once the $5 is in circulation, the Australian Bank will continue with the production and distribution of further denominations.
Australian Dollar Exchange Rates
Today one Australian dollar is worth roughly £0.51 or $0.73, dependent on the exact exchange rates. On the other hand, £1 is equal to around 1.35AUD and $1 is equal to around 1.93AUD.
The popularity of the Australian dollar on the foreign exchange market is not lost on online casino operators and this is one factor that ensures you will find it as a currency choice on many leading casino sites. You can explore the sites currency offering Australian dollars are a currency option below.
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