First published in The Sydney Morning Herald on February 15, 1966
Australia changed to decimal currency yesterday with hardly a hitch. The smoothness of the change, the efficiency of business people and the good humour of the public delighted Decimal Currency Board officials.
They were surprised by the public's knowledge of the new currency and the small number of complaints reported.
Banks, opening after the four-day closure, faced a heavy demand for the new money, but handled the rush without difficulty.
In Sydney, queues at railway ticket windows were smaller than usual for a Monday.
By the end of the day, most people, even those who had not been to banks, had handled dollars and cents in change from shops, railway ticket offices or hotels.
The Prime Minister, Mr Holt, said last night the smoothness of the changeover had exceeded expectations.
"Australia has taken decimals in its stride and Australians can feel proud of the way in which they have co-operated to make this a smooth transition," he said.
"On the first day's results, we can have full confidence that Australia will readily adapt itself to its new currency and soon reap the many substantial benefits that we expect to flow from this more efficient money system."
The chairman of the Decimal Currency Board, Sir Walter Scott, summed up the day by saying: "Australia's change to decimal currency began with efficiency and good humour today in all States."
Sir Walter completed a busy day of observing the changeover at railway stations, banks and shops by holding a Press conference at the ABC television studios in Gore Hill.
He said there were reports of isolated stores raising prices for items such as sandwiches and fruit.
Some reports implied that the storekeepers did not know how to convert the prices accurately.
Price increase
In one or two cases it appeared there had been an attempt to take advantage of the customer.
One store had been reported to have increased the price of a sandwich from 1/2 (12c) to 17c (1/8) .
Sir Walter said that people who were overcharged should report it to the board or to the Press.
The board had no control over prices but it was required to keep prices under review and report to the Federal Treasury.
Business people trying to profiteer could be frightened if they knew they were being reported.
Asked if people were suspicious of overcharging, Sir Walter said some people had queried their change in dollars and cents.
The staff of stores had gone to some trouble to explain these to customers, who had gone away satisfied.
Sir Walter said banks had opened for business holding $240m (£120m) in dollar bills and $20m (£10m) in decimal coins.
Except in rare cases, stocks of notes and coins at banks were adequate to meet the high demand in most cities.
There was a heavy demand from banks for 1c and 2c coins, as well as the 50c coin, which already showed signs of becoming a collector's piece because only 15 million had been minted.
The dollar bill was also in heavy demand, and it seemed to be the most popular unit in the new currency.
Sir Walter said more retail stores changed to decimal currency in Sydney than elsewhere, although most stores throughout the country were still operating in £ s d.
Sir Walter said there were a few exceptions to the encouraging picture of the changeover.
Some smaller shops, mainly corner stores, had shut for the day rather than face the changeover.
One bus proprietor was reported to have refused to take his bus out because he feared dealing in decimal currency.
He said business people who held fears about the problems of decimal currency should get in touch with the board.
The decimal age
Tasmanian children discovered yesterday that 1c coins could be used instead of 5c coins for rides on mechanical animals, boats and jet planes in stores.
Children know about decimal money from school.
But for many of the oldest and loneliest generation, the decimal age will continue to be strange.
