The term "florin" originated from Florence, Italy. It was first introduced in 1252 as the "fiorino d'oro," which meant "golden florin." The coin was a gold piece minted by the Republic of Florence, and it bore the design of a lily on one side. Due to its consistent quality and wide acceptance, it became a standard coinage throughout the continent. Many countries adopted the term "florin" for their own coins, signifying a denomination or a specific value.

The Australian florin was worth two shillings, which is equivalent to 24 pence or one-tenth of a pound. When Australia transitioned to the decimal system in 1966, the florin was equal to 20 cents.

Florins minted from 1910 to 1945 were produced with a 0.925 sterling silver content, weighing 11.31 grams. However, florin coins minted from 1946 to 1963 were made with a 0.500 silver content (50% silver), combined with other metals like copper, nickel and zinc.

The Australian florin was a significant coin in daily transactions before the country’s decimalisation in 1966. Its value and widespread use made it a staple in the pockets of many Australians. As a coin worth two shillings, it played a crucial role in various transactions, bridging the gap between smaller denominations like the penny and larger ones like the pound.