Australia was annexed for Great Britain in 1770 by James Cook. The Commonwealth of Australia was established in 1901 and gained full autonomy by way of the Statute of Westminster Adoption Act which was passed 9 October 1942. Australia remains a part of the Commonwealth of Nations and the reigning monarch (Elizabeth II) is recognized as the Head of State and Queen of Australia. The monetary system of Australia mimics that of Great Britain and the Sterling was discontinued in favor of the Decimal system on 14 February 1966 with 100 Cents being equal to the Australian Dollar.