The Australian dollar (sign: $; code: AUD) is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. Within Australia it is almost always abbreviated with the dollar sign ($); A$ or AU$ are often used informally to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents.

The Australian dollar is currently the sixth-most-traded currency in the world foreign exchange markets (behind the euro, US dollar, the yen, the pound sterling, and the swiss franc), accounting for over 6% of worldwide foreign-exchange transactions. The Australian dollar is popular with currency traders due to high interest rates in Australia, the relative freedom of the foreign exchange market from governmental intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies (especially because of its greater exposure to Asian economies and the commodities cycle).

On 14 February 1966 the dollar was introduced at a rate of two dollars per pound, or ten shillings per dollar. At its introduction, it was pegged to sterling at a rate of 1 dollar = 8 shillings (2.4 dollars = 1 pound). In 1967, Australia effectively left the sterling era for the first time. When sterling devalued in 1967 against the U.S. dollar, the Australian dollar did not follow. It maintained its peg to the U.S. dollar at the same rate of 1 Australian dollar = 1.12 U.S. dollars.

Australia has regularly issued commemorative 50-cent coins. The first was in 1970, commemorating Captain Cook's exploration along the east coast of the Australian continent, followed in 1977 by a coin for Queen Elizabeth II's Silver Jubilee, the wedding of Charles and Diana in 1981, the Brisbane Commonwealth Games in 1982, and the Australian Bicentenary in 1988. Issues expanded into greater numbers in the 1990s and the 21st century, responding to collector demand. Australia has also made special issues of 20-cent and one-dollar coins.

There are many five-dollar coins, of aluminium/bronze and bi-metal, and many silver and gold bullion coins in higher denominations. These are not normally used in payment, although they are legal tender.

Current Australian 5-, 10- and 20-cent coins are identical in size to the former Australian, New Zealand and British sixpenny, shilling and two shilling (florin) coins. In 1990. the UK replaced these coins with smaller versions, as did New Zealand in 2006 - at the same time discontinuing the five-cent coin. With a mass of 15.55 grams and a diameter of 31.51 mm, the Australian 50-cent coin is one of the largest coins in circulation today.

In 1988, the Reserve Bank of Australia issued plastic, specifically polypropylene polymer banknotes (produced by Note Printing Australia), to commemorate the bicentenary of European settlement in Australia. All Australian notes are now made of polymer.

As a security feature, these notes contained a transparent window with an optically variable image of Captain James Cook. Every note also has a seven-pointed star which has only half the printing on each side. Australian banknotes were the first in the world to use such features.

Exchange rate policies

Australia maintained a peg to the British pound at par then at 0.8 GBP (16 shillings sterling). This reflected its historical ties as well as a view about the stability in value of the British pound. From 1946 to 1971, Australia maintained a peg to the US dollar under the Bretton Woods system, but it was effectively pegged to sterling until 1967.

With the breakdown of the Bretton Woods system in 1971, Australia converted the mostly fixed peg to a moving peg against the US dollar. In September 1974, Australia moved to a peg against a basket of currencies called the trade weighted index (TWI) in an effort to reduce fluctuations associated with its peg to the US dollar.[citation needed] The peg to the TWI was changed to a moving peg in November 1976, causing the actual value of the peg to be periodically adjusted.

On 9 December 1983, the Australian Labor government led by Prime Minister Bob Hawke and Treasurer Paul Keating "floated" the Australian dollar. From that point, movements in the Australian dollar reflected the credits and debits in the balance of payments. The terms of trade does not determine the value of the dollar but it is a major component of the balance of payments.

The leu ([lew], plural: lei [lej]; ISO 4217 code RON; numeric code 946) is the currency of Romania. It is subdivided into 100 bani (singular: ban). On 1 July 2005, Romania underwent a currency reform, switching from the previous leu (ROL) to a new leu (RON). 1 RON is equal to 10,000 ROL.

Romania joined the European Union on 1 January 2007 and it is expected to adopt the euro in 2014.

On August 15, 1947, a revaluation took place, with a new leu replacing the old one at a rate of 20,000 old lei = 1 new leu. This revaluation, called a monetary reform or stabilisation measure (mica stabilizare, marea stabilizare), was carried out by the Communist authorities with absolutely no advance warning and without the possibility to exchange more than a fixed amount of money for the new currency. This was done in order to depose the former middle and upper classes of their last assets, after nationalization, to prepare for collectivization and to finalize the installation of communism. At the time of its introduction, 150 new lei equalled 1 U.S. dollar.

In the 1990s, after the downfall of communism, inflation ran high due to reform failures, the legalization of owning foreign currency in 1990, and the bankrupt policies of the former communist era, reaching rates as high as 300% per year in 1993. By September 2003, one euro was exchanged for more than 40,000 lei, this being its peak value. Following a number of successful monetary policies in the late 1990s and early 2000s, the situation became gradually more stable, with one digit inflation in 2005.

The Romanian leu briefly held the dubious distinction of being the world's least valued currency unit, from January (when the Turkish lira dropped six zeros) to July 2005. However, the 1,000,000 lei bill was not the highest Romanian denomination ever. This distinction belongs to the 5 million lei bill from 1947.

On 1 July 2005, the leu was revalued at the rate of 10,000 "old" lei (ROL) for one "new" leu (RON), thus psychologically bringing the purchasing power of the leu back in line with those of other major Western currencies. The term chosen for the action was "denominare", similar to the English "denomination", to signify not a conversion, but rather a total reinvention.

The first day brought difficulties adjusting to the new paper currencies and closed ATMs (that needed reprogramming) and forcing a new calculation habit that slowed down shops and annoyed some salespeople and shoppers. The old ROL currency banknotes remained in circulation until December 31, 2006 (coins remained in circulation only until December 31, 2005), but all accounts have been converted starting July 1, 2005. There is no conversion time limit between the currencies. Retailers had to display prices in both old and new currency from March 1, 2005 until June 30, 2006. The appreciation of the leu during 2005 was about 20% against a basket of major currencies.

As of 2006, the revaluation is a potential source of confusion, especially to visitors, since both old and new currency values are commonly quoted. When written, the very large amounts in old currency are usually obvious, but in speaking inhabitants might refer to an amount of 5 new lei as simply "fifty" in reference to its value 50,000 old lei.

In 1952, coins were introduced in denominations of 1, 3, 5, 10 and 25 bani, with the 1, 3 and 5 struck in aluminium bronze and the others in cupro-nickel. In 1955, cupro-nickel 50 bani were added.

In 1960, a new coinage was introduced, consisting of 15 and 25 bani, with 5 bani, 1 and 3 lei coins added in 1963. All were struck in nickel-clad steel. In 1975, aluminium replaced steel in the 5 and 15 bani, with the same change happening for the 25 bani in 1982. Aluminium 5 lei were introduced in 1978.

Following the end of the communist regime, a new coinage was introduced between 1990 and 1992, consisting of 1 leu in bronze clad steel, 5 and 10 lei in nickel plated steel, 20 and 50 lei in brass clad steel and nickel plated steel 100 lei.

As inflation took its toll, 500, 1000 and 5000 lei coins were introduced in 1999, 2000 and 2001, respectively, and were the only coins circulating when the revaluation occurred. They were all criticized for being clumsy and difficult to use. The 500 lei coins were very thick (about 0.3 cm). Despite their small value, it took only a handful of such coins to fill one's pocket. They were also made of poor material and could be occasionally found with bite marks. The 1000 lei coin was considered too small and was also cheaply made, and the 5000 lei coin was not circular (it was a dodecagon). This made it awkward to handle and difficult to use in slot machines, where it was frequently the only coin accepted. The 500, 1000 and 5000 lei coins became worth 5, 10 and 50 bani with the revaluation.

In 1952, the Ministry of Finance introduced notes for 1, 3 and 5 lei, and the Banca Republicii Populare Romane introduced 10, 25 and 100 lei notes. In 1966, the Banca Nationala a Republicii Socialiste Romania took over the production of all paper money, issuing notes for 1, 3, 5, 10, 25, 50 and 100 lei.

In 1991, 500 and 1000 lei notes were introduced, followed by 200 and 5000 lei notes in 1992, 10,000 lei in 1994, 50,000 lei in 1996, 100,000 lei in 1998, 500,000 lei in 2000 and 1 million lei in 2003. There was also a 2000 lei note, introduced in 1999; it celebrated the total solar eclipse that occurred on August 11th, 1999. The final issues of the 2000, 10,000, 50,000, 100,000, 500,000 and 1 million lei were polymer notes.

Notes in circulation at the revaluation were:

* 10,000 lei (became 1 leu)
* 50,000 lei (became 5 lei)
* 100,000 lei (became 10 lei)
* 500,000 lei (became 50 lei)
* 1,000,000 lei (became 100 lei)

In 2005, polymer notes were introduced for 1, 5, 10, 50, 100 and 500 lei. 200 lei notes were added in 2006. The designs of the 1, 5, 10, 50 and 100 lei notes are based on those of the earlier 10,000, 50,000, 100,000, 500,000 and 1 million lei notes which they replaced. The 10 lei bill was redesigned in November 2008 (most of the graphic elements are identical, some of the safety elements were withdrawn, making its safety degree similar the the lower values of 1 leu and 5 lei bills).