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Australia's foreign territories, including Christmas Island, the Cocos Islands, and Norfolk Island, all use the Australian dollar as their official unit of exchange. Three sovereign Pacific Island nations—Kiribati, Nauru, and Tuvalu—officially utilize it as money. It is Australian legal tender. A$ or AU$ may also be used to distinguish it from other dollar-denominated currencies within Australia. It is nearly commonly shortened with the dollar sign outside of Australia. The sum is preceded by the $ sign. Each penny is divided into one hundred. The pre-decimal Australian pound was replaced by the Australian dollar on February 14, 1966, with a conversion rate of two dollars to the pound. With a daily share of 6.9%, the Australian dollar was the fifth-most traded currency in the world's foreign exchange markets in 2016. Australian currency in circulation totaled A$71.12 billion in the same year, or A$2,932 per person in Australia. This figure includes cash reserves kept by the banking system as well as cash in circulation abroad or held as a foreign exchange reserve.