28-694: Ballast Point may refer to: Places [ edit ] Australia [ edit ] Ballast Point (New South Wales) , a point in the suburb of Birchgrove in Sydney Ballast Point Park (New South Wales) , a park in the suburb of Birchgrove in Sydney United States [ edit ] Ballast Point Light , a lighthouse situated on Ballast Point, on Point Loma in San Diego Bay, California Ballast Point (Tampa) ,
56-422: A decimal currency, the dollar of one hundred cents , was introduced. Under the implementation conversion rate, £A1 was set as the equivalent of $ 2. Thus, ten shillings became $ 1 and one shilling became 10¢. As a shilling was equal to twelve pence, a new cent was worth slightly more than a penny. In 1855, gold full and half sovereigns (worth, respectively, £1 and 10/– sterling) were first minted by
84-549: A Decimal Currency Committee to investigate the advantages and disadvantages of a decimal currency, and, if a decimal currency was favoured, the unit of account and denominations of subsidiary currency most appropriate for Australia, the method of introduction and the cost involved. The committee presented its report in August 1960. It recommended the introduction of the new system on the second Monday in February 1963. In July 1961
112-583: A barrister living in Surrey , England, who never took up residence at the site. From 1893 to at least 1915 Menevia was used as a boarding house and possibly still operated as such in the early 1920s. By 1928, Menevia had fallen into disrepair and the site was purchased by Texaco (later Caltex ) who demolished the house to make way for a fuel depot, manufacturing and packaging facility. Ballast Point formed Texaco's major distribution point in Sydney and continued until
140-460: A collection of specimen banknotes . 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 . The Australian currency was fixed in value to sterling. As such Australia was on the gold standard so long as Britain was. In 1914, the British government removed sterling from the gold standard. When it
168-546: A devaluation relative to sterling. A variety of pegs to sterling applied until December 1931, when the government devalued the local unit by 20%, making one Australian pound equal to 16 shillings sterling and one pound sterling equal to 25 Australian shillings. Coins of the Australian pound also circulated freely in New Zealand, although they were never legal tender. By 1931, Australian coins made up approximately 30% of
196-520: A neighborhood in the city of Tampa, Florida Ballast Point Park , a park in the neighborhood of Ballast Point in the city of Tampa, Florida Other [ edit ] Ballast Point Brewing Company , American brewery founded in San Diego, California Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Ballast Point . If an internal link led you here, you may wish to change
224-554: A source of ballast for ships returning unladen to Europe, hence the name Ballast Point. In 1800 the point was part of a 223-hectare (550-acre) grant to colonial surgeon Dr William Balmain (1762–1803) made by Governor John Hunter . A year later, Balmain sold his entire holding to John Gilchrist for five shillings and the area then became known as Gilchrist's place. In 1833, Gilchrist transferred power of attorney to Frederick Parbury who, three years later, commissioned surveyor John Armstrong to lay out sub divisions. This survey formed
252-731: Is a 2.6-hectare (6-acre) urban park located in Birchgrove at the tip of the Balmain Peninsula in the Inner West Council local government area in Sydney , New South Wales , Australia. The park is located adjacent to the point of the same name, situated between Snails Bay and Mort Bay in Sydney Harbour . Between 1788 and 1800, the point was used as a fishing and hunting ground for European settlers and as
280-804: The Governor-General . The first coins were issued in 1910, produced by the Royal Mint in London. The Fisher Government 's Australian Notes Act 1910 gave the Governor-General the power to authorise the Treasurer to issue "Australian notes" as legal tender, "payable in gold coin on demand at the Commonwealth Treasury ". It also prohibited the circulation of state notes and withdrew their status as legal tender. In
308-659: The 1990s. In September 2002, the derelict site was returned to public ownership after compulsory purchase for A$ 24 million by the NSW Government . Caltex had planned to sell the site to the Walker Corporation for development of residential units. A legal dispute ensued over the amount paid for the purchase but an initial win by the developers was overturned by the NSW Court of Appeal . Significant community support for public ownership had occurred with
SECTION 10
#1732802318130336-523: 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. On 7 April 1963 the Commonwealth Government announced that a system of decimal currency was to be introduced into Australia at the earliest practicable date, and gave February 1966, as the tentative change-over date. On 14 February 1966,
364-580: The Sydney Mint. These coins were the only non-Imperial denominations issued by any of the Australian mints until after Federation (the Sydney Mint struck Imperial gold sovereigns and half sovereigns starting in 1871, and the Melbourne Mint starting in 1872). 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). Unusually no half crown (worth 2/6)
392-561: The activist group "Save Ballast Point", which was formed in 1984, claiming to have in excess of 500 members. Ballast Point Park is now owned by the Placemaking NSW and has been redeveloped into a public recreation space. The park was designed by the McGregor Coxall Landscape Architecture and Urban Design studio from Sydney. Ballast Point Park opened to the public on 11 July 2009. The opening
420-470: The basis of sales between 1836 and 1841. Ballast Point was sold by Parbury to Cooper (NSW Controller of Customs and later Superintendent of Distilleries) and McLean in 1840 but a default in the mortgage saw the land transfer to James Tod Goodsir in February 1841 for A£ 700. Only seven months later, Ballast Point was sold to Andrew Blowers Smith and Henry Smith for A£500. The land was advertised for sale in 1842 but severe colonial depression forced withdrawal of
448-586: The first Commonwealth notes. Some of these banknotes were overprinted by the Treasury, and circulated as Australian banknotes until new designs were ready for Australia's first federal government-issued banknotes, which commenced in 1913. In May 2015, the National Library of Australia announced that it had discovered the first £A 1 banknote printed by the Commonwealth of Australia, among
476-439: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Ballast_Point&oldid=930841587 " Categories : Disambiguation pages Place name disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Ballast Point (New South Wales) Ballast Point
504-474: The right to legislate with respect to "currency, coinage, and legal tender". The Deakin government 's Coinage Act 1909 distinguished between "British coin" and "Australian coin", giving both status as legal tender of equal value. 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
532-410: The sale. Merchant and draper Thomas Perkins, purchased the two-hectare (five-acre) site for A£300 in 1852 and in 1864 built the only house thought to have existed on the site, Menevia. From this point until 1875 the site was known as Menevia Point after the residence and from 1884 to 1928 was known as Perkins Point after Mrs Perkins who lived in the house. In 1905 the land passed to Henry Thomas Perkins,
560-590: The same year the Bank Notes Tax Act 1910 was passed imposing a prohibitive tax of 10% per annum on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed", which effectively ended the use of private currency in Australia. As a transitional measure lasting three years, blank note forms of 16 banks were supplied to the government in 1911 to be overprinted as redeemable in gold and issued as
588-485: The time. As one pound sterling went from US$ 4.03 to US$ 2.80, the Australian pound went from US$ 3.224 to US$ 2.24. Decimalisation had been proposed for Australian currency since 1902, when a select committee of the House of Representatives , chaired by George Edwards , had recommended that Australia adopt a decimal currency with the florin (two shillings) as its base. In February 1959 the Commonwealth Government appointed
SECTION 20
#1732802318130616-598: The total circulation in New Zealand. The devaluation of Australian and New Zealand exchange rates relative to the pound sterling led to New Zealand's Coinage Act 1933 and the issuing of the first coinage of the New Zealand pound . 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. Since mainland Australia
644-405: Was attended by local state member Verity Firth and NSW Premier Nathan Rees . The A$ 16 million project included demolition and decontamination of the derelict industrial site with construction of steel stairways, recycled building rubble walls, artworks, shade structures, wind turbines and Australian native gardens. Australian pound The pound ( sign : £ , £A for distinction)
672-432: Was ever issued. Bronze ½d and 1d coins followed in 1911. Production of half sovereigns ceased in 1916, followed by that of sovereigns in 1931. In 1937 a crown (5/– piece, known as a Dollar) was issued to commemorate the coronation of King George VI . This coin proved unpopular in circulation and was discontinued shortly after being reissued in 1938. In 1946, the fineness of Australian silver sixpences, shillings, and florins
700-589: Was never occupied or intended to be occupied , the occupation currency was not used there, but it was used in the captured parts of the then-Australian territories of Papua and New Guinea . In 1949, when the United Kingdom devalued sterling against the US dollar , Australian Prime Minister and Treasurer Ben Chifley followed suit so the Australian pound would not become over-valued in sterling zone countries with which Australia did most of its external trade at
728-836: Was reduced to .500, a quarter of a century after the same change had been made in Britain. In New Zealand and the United Kingdom, silver was soon abandoned completely in everyday coinage, but Australian .500 silver coins continued to be minted until after decimalisation. Examples of private issue paper currency in New South Wales, denominated in sterling, exist from 1814 (and may date back to the 1790s). Denominated in sterling (and in some cases Spanish dollars ), these private banker and merchant scrip notes were used in Sydney and Hobart through 1829. Private issue banknotes were issued between 1817 and 1910 in denominations ranging from £1 to £100. In 1910, superscribed banknotes were used as
756-556: Was returned to the gold standard in 1925, the sudden increase in its value (imposed by the nominal gold price) unleashed crushing deflationary pressures. 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
784-544: Was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar . Like other £sd currencies, it was subdivided into 20 shillings (denoted by the symbol s or /– ), each of 12 pence (denoted by the symbol d ). The establishment of a separate Australian currency was contemplated by section 51(xii) of the Constitution of Australia , which gave Federal Parliament
#129870