Denomination (currency)
When dealing with money, denomination is the value of the individual currency.
For example a one dollar bill, a 100 dollar bill, a penny and a quarter are all different denominations of money. A one dollar bill and a one dollar coin are the same denomination as they are the same value.
Monetary union
changeWhen countries form a monetary union, redenomination may be required and the conversion ratio is often not a nice even number, or even less than 1.
| New unit | = | x | Old unit | year | Monetary union |
|---|---|---|---|---|---|
| Austro-Hungarian krone | = | 0.5 | gulden/forint | 1892 | Latin Monetary Union |
| euro | = | 0.787564 | Irish pound | 1999/2002 | Eurozone |
| euro | = | 40.3399 | Luxembourgish francs | 1999/2002 | Eurozone |
| This table is not exhaustive. | |||||
Decimalisation
changeWhen countries that had a "pound (£) - shilling (s) - pence (d)" (£sd) currency system converted to a system which had pounds (£) and pennies (p) or dollars ($) and cents (¢) it was called decimalisation. In the £sd system, £1 = 20s and 1s = 12d, so £1 = 240d. However in the new systems £1 = 100p or $1 = 100¢ or 100c - a decimal-based system, hence the word "decimalised".
| Country | New unit | = | x | Old unit | = | New minor unit | year |
|---|---|---|---|---|---|---|---|
| Australia | Australian dollar | = | 0.5 | Australian pound | = | 100¢ | 1966 |
| Ireland | Irish pound | = | 1.0 | Irish pound | = | 100p | 1971 |
| New Zealand | New Zealand dollar | = | 0.5 | New Zealand pound | = | 100¢ | 1967 |
| South Africa | South African rand | = | 0.5 | South African pound | = | 100c | 1961 |
| United Kingdom | British pound | = | 1.0 | British pound | = | 100p | 1971 |
| This table is not exhaustive. | |||||||
Related pages
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