The Australian Pound was the money of Australia from 1910 until 1966. It was made up of 20 shillings, with each shilling made out of 12 pence. In 1966, the basic unit of currency was changed from the Australian pound to the Australian dollar which had 100 cents to each dollar. 1 pound became 2 dollars, 1 shilling became 10 cents and 1 penny became 1 cent.