The Australian one cent coin was the lowest-denomination coin of the Australian dollar until it was withdrawn from circulation in 1992 (along with the two-cent piece). It is, however, still legal tender. It was introduced in 14 February 1966 on the decimalisation of Australian currency.

The first minting of the coin was in 1966. In the Royal Australian Mint in Canberra 146.5 million were minted, alongside 239 million from the Melbourne Mint and 26.6 million at the Perth Mint. This was the only year that the coin was issued at more than one mint, apart from in 1981 when 40.3 million were struck at the British Royal Mint in Llantrisant, Wales as well as 183.6 million in Canberra. The only year of its run not to have any minting was 1986, the last minting was in 1990.

From 1966 until 1984 the obverse featured the portrait of Queen Elizabeth II by Arnold Machin. It was changed in 1985 to a version by Raphael Maklouf, which remained until its demonetisation in 1992.

The decision to remove the one and two-cent coins was confirmed by the Treasurer in a Budget Speech on 21 August 1990. The action was due to inflation reducing its value, and the high cost of bronze.

Around the same time other countries removed their bronze coins - New Zealand removed its one and two cent coins in 1990, while the United Kingdom and Ireland turned their bronze one and two pence coins into copper-plated steel.

After removal from circulation, the coins were melted down to make bronze medals for the 2000 Summer Olympics in Sydney, Australia.

The reverse side of the coin featured the image of a Feathertail Glider (Acrobates pygmaeus), a gliding possum unique to Australian states bordering the Pacific Ocean. The image was designed by Stuart Devlin, who designed the reverses of all of the decimal coins introduced in 1966.