The Australian Penny was a coin used in the Commonwealth of Australia prior to decimalization. The coin was first introduced in 1911, and stopped being minted in 1964, with the introduction of decimalisation. When decimalisation happened on 14 February 1966, the coin value was equal to 0.8333 Ct. . Decimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100.