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" An exchange rate of $2.40:£1 would have allowed for accurate conversion down to the penny, with one penny becoming one cent, however the Government thought it more important that the new currency unit be more valuable than the United States dollar which it would not have been under a 2.4:1 ratio."
This is nonsense. The 2:1 ratio was chosen so that all of the existing ten shilling, one pound and 5 pound banknotes in circulation, could be exhanged directly for $1, $2 and $10 new notes. The discrepancy between the value of 1 penny and 1 cent is inconsequential, particularly as the sixpence coin was directly equivalent to the new 5c coin.Eregli bob (talk) 09:25, 21 August 2012 (UTC)