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The Australian dollar (sign: $; code: AUD) is the official currency and legal tender of Australia, including its external territories, Christmas Island, Cocos (Keeling) Islands and Norfolk Island, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. Within Australia, it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. The $ symbol precedes the amount. It is subdivided into 100 cents. The Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of two dollars to the pound. In 2016, the Australian dollar was the fifth-most-traded currency in world foreign exchange markets, accounting for 6.9% of the world's daily share. In the same year, there were A$71.12 billion in Australian currency in circulation, or A$2,932 per person in Australia, which includes cash reserves held by the banking system and cash in circulation in other countries or held as a foreign exchange reserve.
