Information AboutDecimalisation |
| CATEGORIES ABOUT DECIMALISATION | |
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In the management of Currencies , decimalisation (or '''decimalization''') is the process of converting from traditional denominations to a " Decimal " system, usually with two units differing by a factor of one hundred. The logical appeal of Decimalisation In General has generally been effective much sooner as to currency than as to physical measurements, and few countries have coupled the two processes. All countries that had non-decimal currencies have decimalised, at least In Practice . FORMAL DECIMALISATIONS Russia Russia was the first country to convert to a decimal currency. In 1710, Peter The Great set the Ruble equal to 100 Kopeck s in a series of reforms to modernise Russia. The United States The United States introduced decimal currency with the Dollar in 1792 (adopting only the currency aspects of a More Comprehensive Decimal System Of Measurement proposed by Thomas Jefferson ). France In France, decimalisation of the coinage was accompanied by Metrication of other measures, introducing the Franc in 1803 to replace the Livre Tournois , abolished during the Revolution . France introduced decimalisation on a number of countries that it occupied during the Napoleonic period. Canada Decimalization in Canada was complicated by the different jurisdictions before Confederation. However, the first coin for Canada, in 1858, was a decimal one cent piece. Sri Lanka Sri Lanka (known in the West as Ceylon at that time) decimalised in 1869. India India changed from the Rupee , Anna , Pie system to decimal currency on 1 April 1957 . Pakistan followed in 1961. South Africa South Africa decimalised in 1961, introducing the Rand as the new unit of currency. Australia & New Zealand When Australia decimalised in 1966, the new Australian Dollar was fixed at ten shillings (i.e. half an Australian Pound ). A similar strategy was followed in New Zealand in 1967, with the introduction of the New Zealand Dollar . UK and Ireland The United Kingdom and the Republic Of Ireland decimalised the Pound Sterling and the Irish Pound , respectively, on Decimal Day , 15 February 1971 . Malta Malta decimalised its currency in 1972. Non Currency Cases In the special context of stating the prices of stocks, traded almost always in blocks of one hundred or more Share s and usually in blocks of many thousands, stock exchanges in the U.S. used eighths or sixteenths of dollars, until converting to decimals between 2000 and 2001. £SD CONVERSION In places where the £sd was used, the decimalisation process either defines 1 new penny = pound, where the main unit pound is not changed; or a new main unit, dollar, is introduced as half pound, and 1 cent = dollar. The following table shows the conversion of common denominations of coins of the £sd system. RUPEE-ANNA-PAISA-PIE CONVERSION In India, Pakistan, and other places where a system of 1 rupee = 16 annas = 64 paise = 192 pies was used, the decimalisation process defines 1 new paisa = rupee. The following table shows the conversion of common denominations of coins issued in modern India and Pakistan. Bold denotes the actual denomination written on the coins |
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