the history of australian money 1788 1851 l.
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The History of Australian Money 1788-1851. Early Australia. Australia didn’t need money Coins were brought in soldier’s pockets It was supposed to be a prison It lasted as a prison until more people were attracted to a new opportunity for freedom. A Barter System.

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early australia
Early Australia
  • Australia didn’t need money
  • Coins were brought in soldier’s pockets
  • It was supposed to be a prison
  • It lasted as a prison until more people were attracted to a new opportunity for freedom
a barter system
A Barter System
  • Used to pay wages for forty years
  • Convicts could barter/sell rations or clothing for rum (spirits)
  • A reward of thirty pounds of flour for finding a person who is trading with a convict
rum money
Rum Money
  • Boats cost five or six gallons of rum in 1793 for use in the Sydney Harbor
  • The rum would circulate, just as money today
rare money
Rare Money
  • Money was hardly ever used before 1800
  • Men who built the first church got mostly money, but the rest was paid to them in goods
  • The only money was that brought to Australia by traders
early exchange
Early Exchange
  • In 1805, the King approved the use of promissory notes
  • Along with notes, there were pennies, schillings, Indian rupees, Portuguese johannas, and Dutch guilders
promissory notes
Promissory Notes
  • They vary in value
  • Also know as “sterling” in their early years
  • Formed to try and erase currency from Australia
petty banking
Petty Banking
  • No intention of paying what the note states
  • Petty banking reduced the trust that people had in promissory notes
the first banking of australia
The First Banking of Australia
  • The New South Wales Bank
  • Government issued loans
  • Needed to control people from cheating (petty banking)
dollar system
Dollar System
  • Established in 1822
  • To give an honest value to coins that will never change no matter who owns them
  • Government regulated
  • Imported all dollars in the first months of 1822
problems with system
Problems with System
  • Australian’s didn’t want to convert from pounds to dollars
  • Mixed forms of currency (pounds – dollars)
  • System didn’t last long
  • Government went back to pounds
settlement of south australia
Settlement of South Australia
  • Original plans stated that banks had no place
  • They didn’t think that there would be a need for banks
problems in south australia
Problems in South Australia
  • Without banks, they had no way to pay their own employees
  • People coming into the country didn’t know what to bring to purchase goods from South Australia
the australian slump
The Australian Slump
  • It occurred from 1841-1843
  • Caused by a drop in wool prices
  • Caused by a rise in the costs of goods
  • Good land was already settled
  • A smaller scale of the U.S. Great Depression
resolution to slump
Resolution to slump
  • Exports of wool doubled
  • More goods for exports (wheat, potatoes, timber, etc.
  • People started trusting in banks
  • Deposits and notes issued doubled in a year
agreed unit of exchange
Agreed Unit of Exchange
  • The sterling
  • Also know as a promissory note
  • Custom, not law, changed the unit of exchange to silver
  • This was done so that the country could exchange with other countries easier