By Eugene Maslov, Founder and Finance Broker at Lendr360
Published 21 October 2026 · Last reviewed 21 October 2026
Imagine telling a supplier that the new machine costs 50,000 Royals. That nearly became normal Australian language.
The name announced in 1963
Before Australia moved from pounds, shillings and pence to decimal currency, the government had to choose a name for the new unit. The Royal Australian Mint records that Prime Minister Robert Menzies and Treasurer Harold Holt announced that it would be called the Royal.
The choice was unpopular. Other suggestions included the Dinkum, Kwid, Austral and Merino. The government reconsidered, and the dollar became the preferred name in 1963.
Changeover Day arrived in 1966
Australia changed to dollars and cents on 14 February 1966. One pound converted to two dollars, and each dollar was divided into 100 cents. The change replaced a system with 12 pennies to a shilling and 20 shillings to a pound.
The change required more than new coins and notes. Schools, banks, retailers and households had to learn new values and update everyday calculations. The government used a nationwide education campaign featuring the cartoon character Dollar Bill to help explain the transition.
Why the story still matters to business
The Royal disappeared because a name that looked sensible on paper did not work for the people expected to use it. The same principle applies when a business evaluates finance: the product label is only a starting point.
A business loan, line of credit, equipment facility or vehicle finance product can sound straightforward while carrying very different terms. Before deciding, compare the interest rate, loan term, fees, security or guarantees, repayment pattern, balloon or residual amount, and early-payout conditions.
Lendr360 can help business owners compare the structure behind the name. Explore our business finance solutions, including business loans, working-capital facilities and vehicle and equipment finance.
A useful question to ask
If the product name disappeared from the proposal, would the rate, term, fees, security and repayment structure still suit the business? That question helps move the decision from marketing language to practical cost and risk.
Talk to Lendr360
Planning a business purchase or reviewing an existing facility? Call Lendr360 on 1800 870 779 or email info@lendr360.com.au. If another business owner could use a clearer finance comparison, please send this insight to them or refer them to our team.
General information only. This article does not take account of your objectives, financial situation or needs. Finance is subject to lender criteria, approval, terms, conditions and fees. Business-purpose finance only; not for personal, domestic, household or mixed-purpose credit.
Lucrum Services Pty Ltd trading as Lendr360 (ABN 58 693 471 466) is an Authorised Credit Representative (ACR 575722) of Fintelligence Pty Ltd (ABN 80 625 017 174), Australian Credit Licence 511803.