 In 1966, when the dollar was introduced, the international currency relationships were maintained under the Bretton Woods system, a fixed exchange rate system using a U.S. dollar standard.The Australian dollar, however, was effectively pegged to the British pound at an equivalent value of approximately 1 gram of gold.The highest valuation of the Australian dollar relative to the U.S. dollar was during the period of the peg to the U.S. dollar.