Lexi Webster
Australia's currency is called the Australian dollar (AUD), and it comes in denominations of $5, $10, $20, $50, and $100. Australian dollars are made of polymer (plastic) and are known for their unique security features, such as a transparent window with a diffractive optically variable device (DOVD) image. The country's coins are available in 5, 10, 20, and 50-cent denominations, as well as $1 and $2 coins.
| Characteristics | Values |
|---|---|
| Currency Name | Australian Dollar (AUD) |
| Denominations | $5, $10, $20, $50, $100 notes; 5, 10, 20, 50-cent, $1, $2 coins |
| Composition | Polymer (plastic) notes; coins |
| Features | Braille dots, microprinting, transparent window with diffractive optically variable device (DOVD) image |
| Legal Tender | Yes, by virtue of the Reserve Bank Act 1959 and the Currency Act 1965 |
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What You'll Learn
Australian notes are made of polymer plastic
Australia's currency is called the Australian dollar (AUD), which comes in polymer (plastic) notes of $5, $10, $20, $50, and $100. Australian notes are made of polymer plastic, which was first issued as currency in 1988 to commemorate the bicentenary of European settlement in Australia. By 1996, the Australian dollar was switched completely to polymer banknotes, making Australia the first country in the world to convert from paper-based currency to polymer-based currency. Polymer banknotes were developed by the Reserve Bank of Australia (RBA), the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and the University of Melbourne. They incorporate many security features not available in paper banknotes, including the use of metameric inks, and last significantly longer than paper notes, resulting in decreased environmental impact and reduced production and replacement costs.
The first polymer note issued, the $10 note, had issues with its holographic security feature detaching from the note. However, the Reserve Bank saw the potential in plastic notes and began preparations for a new series made from polymer, starting with the $5 note in 1992. Today, all Australian notes are made of polymer, and the Reserve Bank has continued to upgrade the security features of the banknotes. For example, the $5 note now includes tactile features to help the visually impaired community determine the value of the note.
Polymer banknotes usually have three levels of security devices. Primary security devices are easily recognisable by consumers and may include intaglio, metal strips, and clear areas on the banknote. One of the unique security features of Australian notes is a transparent "window" with a diffractive optically variable device (DOVD) image of Captain James Cook. All current Australian notes also contain microprinting for further security.
The development of polymer banknotes in Australia represented a paradigm shift in currency manufacturing, as they were the first full series to be printed on polymer. Polymer banknote technology was invented in Australia to stay ahead of counterfeiters and increase the security of the country's banknotes.
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Coins are in 5, 10, 20 and 50 cent denominations
Australia's currency is called the Australian dollar (AUD), and it includes coins in 5, 10, 20, and 50-cent denominations. These coins were introduced on February 14, 1966, when Australia transitioned from pounds, shillings, and pence to a decimal currency system.
The 5, 10, 20, and 50-cent coins are often referred to as "silver" coins, although they are made of 75% copper and 25% nickel. The 50-cent coin stands out with its distinctive 12-sided shape, a design feature implemented in 1969 to differentiate it from the 20-cent coin. The original 50-cent coin, issued in 1966, was circular and contained 80% silver, making the metal more valuable than the coin's face value.
The "silver" coins have a standard design featuring the effigy of the sovereign on the obverse and the coat of arms of Australia on the reverse. Commemorative coins are also released, replacing the standard design with imagery celebrating special events. These commemorative coins are highly collectible and can be used as legal tender.
The Royal Australian Mint produces these coins, and since decimalisation, four different effigies of Elizabeth II, Queen of Australia, have been featured on the obverse. Following the Queen's death in 2022, the Mint announced the production of one million $1 coins bearing King Charles' face in 2023, with a plan to fully replace the Queen's effigy by May 2024.
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$1 and $2 notes were replaced by coins in 1984 and 1988
Australia's currency is called the Australian dollar (AUD), which comes in polymer (plastic) notes of $5, $10, $20, $50, and $100. Coins are in 5, 10, 20, and 50-cent denominations, as well as $1 and $2 denominations. Australian coins are produced at the Royal Australian Mint in Canberra.
The $1 and $2 notes were short-lived, with an estimated circulation life of only 3 to 6 months. As a result, the $1 note was replaced by a $1 coin in 1984, and the $2 note was replaced by a smaller $2 coin in 1988. The $2 coin features an Aboriginal elder set against a background of the southern cross and a native grass tree.
The $1 and $2 notes were introduced in 1966 with the Australian dollar and decimal currency. The $1 note had an exact exchange rate with the pound, being worth 10 shillings, and was a similar colour to the note it replaced. The $2 note was worth £1 and was also similarly coloured to the note it replaced.
Although no longer printed, all previous notes of the Australian dollar are still considered legal tender.
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Australian notes have unique security features
Australian banknotes are considered among the safest in the world, with some of the lowest counterfeiting rates globally. This is due in part to the unique security features incorporated into the notes' design. These security features are detailed below.
The first security feature to note is the clear top-to-bottom window, which should appear as an integral part of the banknote, not an addition. This window contains several dynamic security features. For example, tilting the banknote will make a bird appear to move its wings and change colour. On the $50 note, this bird is a Black Swan, while on the $5 note, it is an Eastern Spinebill. Additionally, the window includes a white image that should not be easily rubbed off. On the $50 note, this image is the Southern Cross, featuring four seven-pointed stars and a single, smaller five-pointed star.
Another security feature is the presence of micro-printing, or very small text, on the banknote. This text is often so small that a magnifying glass is needed to read it. The serial numbers on the banknote should also fluoresce under ultraviolet light, with a recommended wavelength of 365nm in low ambient lighting conditions.
Furthermore, a genuine Australian banknote should have a distinctive feel due to being printed on polymer, a type of plastic. This material also allows the notes to return to their original shape after being scrunched up. The polymer substrate enables other security features, such as raised printing, or intaglio print, which can be felt by running a finger over the portrait and numeral.
Finally, when a genuine banknote is held up to the light, a 'shadow image' of the Australian Coat of Arms should be visible under the print. This is created by variations in the background printing. Diamond-shaped patterns printed on each side of the banknote should also combine to form a seven-pointed star inside a circle when held up to the light.
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All previous notes are still considered legal tender
Australia's currency is called the Australian dollar (AUD). Australian banknotes are made of polymer (plastic) and come in denominations of $5, $10, $20, $50, and $100. The $1 and $2 banknotes were replaced by coins in 1984 and 1988, respectively, but these and all other previous notes are still considered legal tender.
The Reserve Bank Act 1959 and the Currency Act 1965 provide the legal framework for Australian currency. Section 36(1) of the former states that Australian banknotes are legal tender throughout Australia without any limit on the amount. Similarly, Section 16 of the latter Act states that Australian coins intended for general circulation are also legal tender, but only up to certain amounts. For example, 1c and 2c coins are still legal tender for payments up to 20c, while 5c, 10c, 20c, and 50c coins can be used for payments up to $5.
However, despite being legal tender, businesses are not legally required to accept cash payments. The Reserve Bank of Australia has clarified that businesses can set their own commercial terms for transactions, including requiring non-cash payments. Nevertheless, this does not prevent a business from being taken to court over their payment policies, although this is not a practical option for most consumers.
The Reserve Bank of Australia has been proactive in upgrading the security features of Australian banknotes. In 1988, Australia became the first country to issue polymer banknotes, which are stronger, more secure, and longer-lasting than paper notes. Australian notes were also the first to feature a transparent window with a diffractive optically variable device (DOVD) image of Captain James Cook. More recently, the Bank has introduced tactile features like Braille dots to assist the visually impaired in identifying the value of a note.
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Frequently asked questions
The Australian currency is called the Australian dollar (AUD).
Australian banknotes come in denominations of $5, $10, $20, $50 and $100.
Australian banknotes are made of polymer (plastic).
Australian banknotes were the first in the world to feature a transparent "window" with a diffractive optically variable device (DOVD) image as a security feature. They also contain microprinting and tactile features like Braille dots for ease of use by the visually impaired.
Australian coins come in denominations of 5, 10, 20 and 50 cents, as well as $1 and $2.
