diff --git a/core/model/fieldtypes/Money.php b/core/model/fieldtypes/Money.php
index 1097985c1..9f0b4aea8 100644
--- a/core/model/fieldtypes/Money.php
+++ b/core/model/fieldtypes/Money.php
@@ -101,16 +101,16 @@ class Money extends DBField implements CompositeDBField {
 	}
 
 	function setValue($value,$record=null) {
-		if($record && isset($record[$this->name . 'Currency']) && isset($record[$this->name . 'Amount'])) {
+		if ($value instanceof Money) {
+			$this->setCurrency($value->getCurrency());
+			$this->setAmount($value->getAmount());
+		} else if($record && isset($record[$this->name . 'Currency']) && isset($record[$this->name . 'Amount'])) {
 			if($record[$this->name . 'Currency'] && $record[$this->name . 'Amount']) {
 				$this->setCurrency($record[$this->name . 'Currency']);
 				$this->setAmount($record[$this->name . 'Amount']);
 			} else {
 				$this->value = $this->nullValue();
 			}
-		} elseif ($value instanceof Money) {
-			$this->setCurrency($value->getCurrency());
-			$this->setAmount($value->getAmount());
 		} else if (is_array($value)) {
 			if (array_key_exists('Currency', $value)) {
 				$this->setCurrency($value['Currency']);
@@ -266,25 +266,8 @@ class Money extends DBField implements CompositeDBField {
 	 * @return FormField
 	 */
 	public function scaffoldFormField($title = null) {
-		$fieldAmount = new NumericField($this->name."Amount", 'Amount');
-
-		$allowedCurrencies = $this->getAllowedCurrencies();
-		if($allowedCurrencies) {
-			$fieldCurrency = new DropdownField(
-				$this->name."Currency", 
-				'Currency',
-				array_combine($allowedCurrencies,$allowedCurrencies)
-			);
-		} else {
-			$fieldCurrency = new TextField($this->name."Currency", 'Currency');
-		}
-		
-		$field = new FieldGroup(
-			$fieldAmount,
-			$fieldCurrency
-		);
-		
-		$field->setID ($this->name);
+		$field = new MoneyField($this->name);
+		$field->setAllowedCurrencies($this->getAllowedCurrencies());
 		
 		return $field;
 	}
diff --git a/forms/MoneyField.php b/forms/MoneyField.php
new file mode 100644
index 000000000..88df1fab5
--- /dev/null
+++ b/forms/MoneyField.php
@@ -0,0 +1,139 @@
+<?php
+/**
+ * @author Ingo Schommer, SilverStripe Ltd. (<firstname>@silverstripe.com)
+ * 
+ * @package sapphire
+ * @subpackage fields-formattedinput
+ */
+class MoneyField extends FormField {
+	
+	/**
+	 * @var string $_locale
+	 */
+	protected $_locale;
+	
+	/**
+	 * Limit the currencies
+	 * @var array $allowedCurrencies
+	 */
+	protected $allowedCurrencies;
+	
+	/**
+	 * @var FormField
+	 */
+	protected $fieldAmount = null;
+	
+	/**
+	 * @var FormField
+	 */
+	protected $fieldCurrency = null;
+	
+	function __construct($name, $title = null, $value = "", $form = null) {
+		parent::__construct($name, $title, $value, $form);
+		
+		// naming with underscores to prevent values from actually being saved somewhere
+		$this->fieldAmount = new NumericField("{$name}[Amount]", _t('MoneyField.FIELDLABELAMOUNT', 'Amount'));
+		$this->fieldCurrency = $this->FieldCurrency();
+		$this->setValue($value);
+	}
+	
+	/**
+	 * @return string
+	 */
+	function Field() {
+		return "<div class=\"fieldgroup\">" .
+			"<div class=\"fieldgroupField\">" . $this->fieldCurrency->SmallFieldHolder() . "</div>" . 
+			"<div class=\"fieldgroupField\">" . $this->fieldAmount->SmallFieldHolder() . "</div>" . 
+		"</div>";
+	}
+	
+	/**
+	 * @return FormField
+	 */
+	protected function FieldCurrency() {
+		$allowedCurrencies = $this->getAllowedCurrencies();
+		if($allowedCurrencies) {
+			$field = new DropdownField(
+				"{$this->name}[Currency]", 
+				_t('MoneyField.FIELDLABELCURRENCY', 'Currency'),
+				array_combine($allowedCurrencies,$allowedCurrencies)
+			);
+		} else {
+			$field = new TextField(
+				"{$this->name}[Currency]", 
+				_t('MoneyField.FIELDLABELCURRENCY', 'Currency')
+			);
+		}
+		
+		return $field;
+	}
+	
+	function setValue($val) {
+		$this->value = $val;
+
+		if(is_array($val)) {
+			$this->fieldCurrency->setValue($val['Currency']);
+			$this->fieldAmount->setValue($val['Amount']);
+		} elseif($val instanceof Money) {
+			$this->fieldCurrency->setValue($val->getCurrency());
+			$this->fieldAmount->setValue($val->getAmount());
+		}
+	}
+	
+	function saveInto($dataObject) {
+		$fieldName = $this->name;
+		$dataObject->$fieldName->setCurrency($this->fieldCurrency->Value()); 
+		$dataObject->$fieldName->setAmount($this->fieldAmount->Value());
+	}
+
+	/**
+	 * Returns a readonly version of this field.
+	 */
+	function performReadonlyTransformation() {
+		$clone = clone $this;
+		$clone->setReadonly(true);
+		return $clone;
+	}
+	
+	/**
+	 * @todo Implement removal of readonly state with $bool=false
+	 * @todo Set readonly state whenever field is recreated, e.g. in setAllowedCurrencies()
+	 */
+	function setReadonly($bool) {
+		parent::setReadonly($bool);
+		
+		if($bool) {
+			$this->fieldAmount = $this->fieldAmount->performReadonlyTransformation();
+			$this->fieldCurrency = $this->fieldCurrency->performReadonlyTransformation();
+		}
+	}
+	
+	/**
+	 * @param array $arr
+	 */
+	function setAllowedCurrencies($arr) {
+		$this->allowedCurrencies = $arr;
+		
+		// @todo Has to be done twice in case allowed currencies changed since construction
+		$oldVal = $this->fieldCurrency->Value();
+		$this->fieldCurrency = $this->FieldCurrency();
+		$this->fieldCurrency->setValue($oldVal);
+	}
+	
+	/**
+	 * @return array
+	 */
+	function getAllowedCurrencies() {
+		return $this->allowedCurrencies;
+	}
+	
+	function setLocale($locale) {
+		$this->_locale = $locale;
+		$this->fieldAmount->setLocale($locale);
+	}
+	
+	function getLocale() {
+		return $this->_locale;
+	}
+}
+?>
\ No newline at end of file
diff --git a/tests/forms/MoneyFieldTest.php b/tests/forms/MoneyFieldTest.php
new file mode 100644
index 000000000..87f2391de
--- /dev/null
+++ b/tests/forms/MoneyFieldTest.php
@@ -0,0 +1,53 @@
+<?php
+/**
+ * @package sapphire
+ * @subpackage tests
+ */
+class MoneyFieldTest extends SapphireTest {
+	function testSaveInto() {
+		$o = new MoneyFieldTest_Object();
+		
+		$m = new Money();
+		$m->setAmount(1.23);
+		$m->setCurrency('EUR');
+		$f = new MoneyField('MyMoney', 'MyMoney', $m);
+		
+		$f->saveInto($o);
+		$this->assertEquals($o->MyMoney->getAmount(), 1.23);
+		$this->assertEquals($o->MyMoney->getCurrency(), 'EUR');
+	}
+	
+	function testSetValueAsMoney() {
+		$o = new MoneyFieldTest_Object();
+		
+		$f = new MoneyField('MyMoney', 'MyMoney');
+		
+		$m = new Money();
+		$m->setAmount(1.23);
+		$m->setCurrency('EUR');
+		$f->setValue($m);
+		
+		$f->saveInto($o);
+		$this->assertEquals($o->MyMoney->getAmount(), 1.23);
+		$this->assertEquals($o->MyMoney->getCurrency(), 'EUR');
+	}
+	
+	function testSetValueAsArray() {
+		$o = new MoneyFieldTest_Object();
+		
+		$f = new MoneyField('MyMoney', 'MyMoney');
+		
+		$f->setValue(array('Currency'=>'EUR','Amount'=>1.23));
+		
+		$f->saveInto($o);
+		$this->assertEquals($o->MyMoney->getAmount(), 1.23);
+		$this->assertEquals($o->MyMoney->getCurrency(), 'EUR');
+	}
+}
+
+class MoneyFieldTest_Object extends DataObject implements TestOnly {
+	static $db = array(
+		'MyMoney' => 'Money', 
+	);
+}
+?>
\ No newline at end of file