The pound was the currency of the Australian Territory of New Guinea between 1915 and 1966, and replaced the New Guinean mark when Australia occupied the former German colony at the end of World War I. The New Guinean pound was subdivided into 20 shillings, each of 12 pence, and was equal to the Australian pound. No banknotes were ever issued; all denominations larger than one shilling were Australian currency. The Australian pound currency circulated alongside coins issued specifically for New Guinea between 1929 and 1945. New Guinean coins ceased to be produced in 1945.