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By Cameron 3/4C

Week 5

7 Nov 2014

Money is something people agree to exchange for something they sell or work. Today, money consists of coins or bills (notes). Each country has its own system of money called a currency.

Australia's Currency

Australia's currency is in dollars. The decimal system was introduced in 1966 which consisted of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents and 50 cents. The notes included $1, $2, $5, $10, $20 and $50. 1 and 2 cent coins were discontinued in 1991 which meant transactions were rounded up or down to the nearest 5 cents.

Paper Notes and Polymer Notes

Paper notes were getting worn out and were easier to copy so the government produced polymer notes. In 1988, polymer notes were introduced and are made from a type of plastic. They are better because they lasted longer which meant less paper and ink being used. Another benefit is security features as people can't copy them as easy as the paper notes.

Calculating change

Maths is used to calculate change for items purchased. For example, if you bought some shopping that totalled $28 and you gave a $50 note, you would get $12 change which would probably be a $10 note and a $2 coin.

Interesting Facts

• The 1 and 2 cent coins were melted for the bronze medals at the Sydney 2000 Olympics!

• Australia was the first country to develop plastic notes!

• Australia’s coins feature the only 2 mammals to lay eggs in the world, being the echidna on the 5 cent coin and the platypus on the 20 cent coin!

More Interesting Facts

• In 1981, The Royal Australian Mint couldn’t cope with the large number of 20 cents, due to high demand!

• The Royal Mint in London and the Royal Canadian Mint helped Australia make the 20 cent coins!

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Thank You

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