The lowdown on the US dollar
Along with the euro, the US dollar is one of the biggest currencies on the planet. It’s been around since the late eighteenth century – and the word dollar goes all the way back to fifteenth-century Europe. When English colonists needed a new currency for North America, they stole the name from the big Spanish coins already being used in the new world.
Today the famous green dollar bills, also known as greenbacks, are made from a mix of cotton and linen. Just under half of all US dollar bills are for just $1, and they last an average of 22 months before they’re considered too crumpled to be used anymore.
American presidents from Abraham Lincoln to JFK have graced US dollar notes, but only one female face – the original First Lady Martha Washington – has gazed up at shoppers as they hand over their cash. Just as controversially, no African Americans have had their portrait on a dollar bill so far – could President Obama be the first?
A look back at Australian dollar to US dollar rates
In September of 1973, the Australian dollar moved its peg from British pounds, instead pegging itself against the US dollar at a rate of A$1 to US$1.4875. This pegging lasted until 12th December 1983, and both currencies have fluctuated freely against each other ever since.
Record highs and lows against the Australian dollar
Over the next two decades, the Australian dollar reached a high of 1 AUD to 0.881 USD in December of 1988, and a low of $0.477 in April 2001. By June 2008, it has risen significantly to $0.96, and continued to rise to $0.98 by the end of the year.
On 15th October 2010, the US dollar rose all the way above the Australian dollar for the first time since the AUD becoming a floating currency, trading a little above AUD$1 for a few seconds. That November, the US dollar actually traded above the Aussie dollar for several days and stayed around there well into 2011. 27th July saw the US dollar hit a record high against the Aussie, trading at $1.108.
The US dollar has been trading below the Aussie dollar since October of 2013, falling all the way to 0.69 in September of 2015. However, rates have been steadily increasing since November, meaning that you’re on your way to getting more US dollars in exchange for your Aussie dollars.
