1 Australian Dollar: The Official Currency of Australia
Introduction
The 1 Australian Dollar coin is the official currency of Australia, introduced in 1966 to replace the Australian pound. It is commonly abbreviated as AUD and is divided into 100 cents. The Australian dollar is the fifth most traded currency in the foreign exchange market.
Design and Features
The 1 Australian Dollar coin is made of copper-nickel clad steel and weighs 9 grams. It has a diameter of 25 millimeters and a thickness of 2.2 millimeters. The coin features a depiction of the Commonwealth Coat of Arms on the obverse (front) side, which includes the kangaroo, emu, and other Australian flora and fauna. The reverse (back) side features a portrait of Queen Elizabeth II, the monarch of Australia.
Security Features
The 1 Australian Dollar coin has several security features to prevent counterfeiting. These include:
- Micro-lettering: The words "COMMONWEALTH OF AUSTRALIA" are written in micro-lettering on the rim of the coin.
- Ribbon design: A unique ribbon design appears on the obverse side, which changes shape when the coin is tilted.
- Milled edge: The edge of the coin has a milled pattern to prevent people from filing off the edges and melting them down for the metal content.
History
Prior to the introduction of the Australian dollar, the Australian pound was the official currency of Australia. However, with the introduction of decimalization in 1966, the Australian dollar replaced the pound at a rate of 1 AUD to 10 shillings. Since then, the 1 Australian Dollar coin has undergone several design changes, with the most recent design being introduced in 2016.
Usage and Exchange Rate
The 1 Australian Dollar coin is widely accepted in Australia and is often used for small transactions. As a major currency, the Australian dollar is traded on the foreign exchange market and can be exchanged for other currencies. The exchange rate of the Australian dollar can fluctuate depending on various economic factors.
Conclusion
In conclusion, the 1 Australian Dollar coin is an essential part of Australian currency and plays a significant role in the country's economy. Its unique design, security features, and long history make it a notable coin in the world of currency.
