Currency Transition in Former British Colonies

Why did Canada initially replace the British pound with the Canadian pound?

• Due to its proximity to the US and trade relations

• To align with the US dollar

• To simplify the currency system

• To join the sterling area

What was the purpose of the sterling area created by Britain?

• To allow colonies to use their own currencies

• To peg colonies' currencies to the pound

• To promote the use of the US dollar

• To encourage trade with Canada

Why did Australia consider dropping the pound after World War II?

• To adopt a non-decimal currency

• To join the sterling area

• Due to Britain's economic decline and increased US trade

• To increase trade with Britain

What was a significant reason for Australia adopting the dollar in 1966?

• To maintain ties with Britain

• To simplify trade with the US

• To join the sterling area

• To adopt a non-decimal currency

What was a key factor in former British colonies dropping the pound for the dollar?

• The pound's stability

• The desire to join the sterling area

• The US's declining economy

• The pound's lack of decimalization