An Australian Republican moment - 14 February 1966

Australian life has been undergoing processes of change for a long time - fifty years ago today, decimal currency replaced Imperial pounds, shillings and pence in Australian commerce. Four years after that, we replaced Imperial measurement with the metric system. We look forward to the day we replace an English royal with an Australian as our head of state.

The Australian dollar was first introduced on 14 February 1966 when it replaced the Australian pound and introduced a decimal system to the nation. Although investigated as an alternative as early as 1901, the decimal currency system was initially introduced to Australia as an election promise by then Prime Minister Sir Robert Menzies in 1958.

There was much discussion about the name of the new currency, with several specifically Australian names such as the ‘Kanga’, ‘Austral’, ‘Merino’, and ‘Dinkum’ bandied around. A public naming competition seeking suggestions with an Australian flavour added nearly 1000 names to this list including such exotic suggestions as 'Oz', 'Boomer', 'Roo', 'Kanga', 'Emu', 'Koala', 'Digger', 'Zac', 'Kwid', and 'Ming' (the nickname of Prime Minister Menzies).

In June 1963, with no clear consensus having emerged on a name, the Government decided to name the new currency the 'Royal'. Treasurer Harold Holt explained that the Government saw this name as “emphasising our link with the Crown” and as being “a dignified word with a pleasing sound".

Between June and September 1963, the Bank's Note Printing Branch developed a variety of design concepts for the Royal notes.

Design concept for the 10 "royal" note

 While the name ‘Royal’ was settled upon initially, it proved extremely unpopular with the Australian people. Just three months after announcing the 'Royal' decision the Government conceded on 19 September 1963 that the name of the currency unit would be the 'Dollar'. This decision won quick and general public approval.

The official conversion to decimal currency took place on 14 February 1966. The jingle below became well known to many Australians in the lead-up to the conversion date.

Decimal Change Over Song

In come the dollars and in come the cents
To replace the pounds and the shillings and the pence
Be prepared for change when the coins begin to mix
On the fourteenth of February 1966.

Chorus:
Clink go the coins, clink, clink, clink
Change over day is closer than you think
Learn the value of the coins and the way that they appear
And things will be much smoother when the decimal point is here.

In come the dollars and in come the cents
To replace the pounds and the shillings and the pence
Be prepared folks when the coins begin to mix
On the fourteenth of February 1966.

Thankfully the 1960s Menzies government finally saw sense in not pushing the ‘Royal’ onto the Australian people. It was a term not recognised as remotely appropriate by Australians. Fifty years later the latest poll shows that just over 50% of Australians don't want a Royal as our Head of State. 

We look forward to the day we replace an English royal with an Australian as our Head of State.