The Act gave the Treasurer the power to issue silver, bronze and nickel coins, with the dimensions, size, denominations, weight and fineness to be determined by proclamation of the Governor-General.

This uncirculated Australian pound note, with the serial number (red-ink) P000001, was the first piece of currency to carry the coat of arms of Australia.

Both the initial 1914 inflation and the subsequent 1926 deflation had far-reaching economic effects throughout the British Empire, Australia and the world.

In 1929, as an emergency measure during the Great Depression, Australia left the gold standard, resulting in a devaluation relative to sterling.

[9] During World War II, the Empire of Japan produced currency notes denominated in the Australian pound for use in Pacific island countries intended for occupation.

[13] In July 1961 the Commonwealth Government confirmed its support of a decimal currency system, but considered it undesirable to make final decisions on the detailed arrangement that would be necessary to effect the change.

In 1910, .925 fineness sterling silver coins were minted in denominations of 3d, 6d, 1/– and 2/– (known as a Trey, Zac, Deena, and Florin respectively).

In 1946, the fineness of Australian silver sixpences, shillings, and florins was reduced to .500, a quarter of a century after the same change had been made in Britain.

Examples of private issue paper currency in New South Wales, denominated in sterling, exist from 1814 (and may date back to the 1790s).

[15] Denominated in sterling (and in some cases Spanish dollars), these private banker and merchant scrip notes were used in Sydney and Hobart through 1829.