3 Pence – Australia

In 1910, Australia stood at a pivotal moment in its monetary history, transitioning from a fragmented system to a unified national currency. Prior to Federation in 1901, the six colonies each issued their own pounds, alongside a vast array of British sovereigns, local banknotes, and private token coinage, creating a complex and inefficient financial landscape. The new Commonwealth government, empowered by the Constitution to legislate on currency, began the ambitious project of creating a single, distinct Australian monetary system to underpin national identity and economic cohesion.

The key legislative action of 1910 was the Australian Notes Act, which gave the Commonwealth Treasury the exclusive right to issue banknotes. This effectively began the process of phasing out the notes issued by private trading banks, bringing note issuance under federal control. Furthermore, the Coinage Act of 1909 came into practical effect, introducing Australia’s first distinct national coinage. From 1910, new silver and bronze coins—featuring the image of King Edward VII and iconic Australian motifs like the kangaroo and emu—began to circulate, replacing the British and colonial coinage that had been in use.

Thus, the currency situation in 1910 was one of active change and consolidation. While British gold sovereigns remained legal tender and the old private banknotes circulated alongside the new federal issues, the foundation for a modern, sovereign monetary system had been decisively laid. The year marked the beginning of the end for a colonial patchwork of money, setting the stage for the full introduction of the Australian pound in 1911 and establishing the principle of a uniform currency managed by the national government.