The Australian pound was the currency of Australia from 1910 until 1966. It was subdivided into 20 shillings, with each shilling further divided into 12 pence. The pound was introduced to replace the Australian colonial currencies and was pegged to the British pound sterling. In 1966, the Australian dollar replaced the pound at a rate of 2 Australian dollars for 1 Australian pound. This change was part of a broader move to decimalize currencies around the world, making transactions simpler and more efficient. The Australian pound is now considered a historical currency.