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Old Australian money can be worth a lot of money. Some old Australian paper banknotes are now worth thousands of dollars more than their face value. The value of old Australian money depends on factors such as date, condition, signature, and serial number. For example, a one-dollar note from 1972 featuring Queen Elizabeth II can be worth as much as $95. A 1930 Proof Penny, considered Australia's most expensive coin, has sold for over a million dollars. Old Australian money is valuable to collectors, and there are many online and in-person dealers that buy and sell old Australian money.
| Characteristics | Values |
|---|---|
| Old Australian banknotes are still legal tender | Most retailers or members of the public may be reluctant to accept them |
| Commercial banks will redeem old banknotes at face value | The exchange of pre-decimal banknotes, the conversion to dollars is obtained by multiplying the face value by two |
| Old banknotes may be valuable as collector items | The Reserve Bank does not provide opinions on the market value of old, rare or misprinted banknotes |
| Collectors may wish to have their banknotes appraised by a reputable banknote and coin dealer | The Reserve Bank doesn't endorse any particular organisation, but a number of Australian banknote and coin dealers are members of the Australasian Numismatic Dealers Association Inc. |
| A one-dollar note from 1972 featuring Queen Elizabeth II can be worth as much as $95 | Australian dollar bills from the 1960s are being offered for sale by MR Roberts Wynyard Coin Centre |
| An asterisk at the end of the serial number indicates a replacement note, issued between 1966 and 1971 | These "star notes" can be worth up to $3,400 |
| The first polymer $5 banknote issued in 1992 can be worth up to $2,000 | The Fraser-Evans first prefix HC95 and last prefix KC95 are the most expensive |
| The 1930 Proof Penny is Australia's most expensive coin, selling for up to $1.15 million | The coin is highly desirable among collectors due to its excellent finish and sharp details |
| Rare Australian coins depicting Queen Elizabeth II have continued to rise in value | The new coins depicting King Charles III have established a new collecting market |
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What You'll Learn
Rare Australian coins can be worth thousands
Some old Australian paper banknotes are now worth thousands of dollars more than their face value. For instance, a one-dollar note from 1972 featuring a youthful Queen Elizabeth II can be worth as much as $95. Australian dollar bills from the 1960s, especially those with an asterisk at the end of the serial number, can be worth even more. These so-called "star notes" were issued between 1966 and 1971 to replace damaged or faulty notes. A $1 banknote with a star instead of a final digit in its serial number has a price tag of $3,400.
Old Australian coins can also be worth a small fortune. The 1930 Proof Penny, for example, has the record for Australia's most expensive coin in history, often achieving tens or hundreds of thousands of dollars when sold. The 1988 fifty-cent-proof silver Coat of Arms is another example of a rare Australian coin. Only two examples of this error coin are known to exist, making it extremely rare and valuable.
The 1923 halfpenny is also recognised as Australia's rarest, exemplifying the charm of rare old Australian coins. The coin's elite numismatic status stems from its limited mintage of approximately 15,000. The 1918 gold half sovereign struck at the Perth Mint is another example of a rare Australian coin. Only 200-300 of these coins were struck in 1918, making them extremely valuable.
Collectors often seek out the 1968 mint set release by the Royal Australian Mint as it is one of the most challenging dates to acquire, especially in uncirculated condition. The Australian two-cent coin, introduced in 1965, is also a rare find. While two-cent coins were minted from 1966 to 1991, the 1981 "NO SD" edition stands out as an exceptional Australian rare coin.
The value of a given Australian coin will depend on its condition, grade, and historical significance. Coins with minting errors, low mintages, or historical importance are generally more valuable. The passing of Queen Elizabeth II in 2022 and the coronation of King Charles III in 2023 have also affected the value of certain coins, with rare Australian coins depicting Queen Elizabeth II rising in value and the first coins depicting King Charles III creating an entirely new collecting market.
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Old Australian paper banknotes can be valuable
The value of old banknotes depends on factors such as date, condition, signature, and serial number. For example, standard two-dollar paper notes from 1988—the last year of issue before Australia switched to a two-dollar coin—are now fetching as much as ten times their nominal value. Similarly, the first polymer five-dollar banknote issued in 1992, with the serial number Fraser-Cole and the prefix AB19, is worth up to $2,000.
Some collectors seek out old banknotes for their historical significance or as an investment. For example, with the coronation of King Charles III in 2023, rare Australian coins depicting Queen Elizabeth II have continued to rise in value. Other collectors appreciate the details in the printer's craft. Regardless of the motivation, Australian banknote collectors are willing to pay high prices for old paper banknotes.
Most commercial banks will redeem old Australian banknotes at face value. However, damaged or incomplete banknotes will be processed according to the Reserve Bank's damaged banknote policy. For the exchange of pre-decimal banknotes, the conversion to dollars is obtained by multiplying the face value by two. For example, a £10 banknote converts to $20. The Reserve Bank does not provide opinions on the market value of old, rare, or misprinted banknotes, but collectors can have their banknotes appraised by reputable banknote and coin dealers.
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Factors that determine the value of old banknotes
Old Australian banknotes can be worth more than their face value due to various factors. Firstly, the date of issue plays a crucial role in determining a banknote's value. Notes issued between 1966 and 1973, for example, bore the title "Commonwealth of Australia", with the title changing to simply "Australia" in 1974. Notes from this earlier period may be more valuable to collectors. Additionally, the year of issue can indicate the rarity of a particular banknote, as certain years had higher or lower print runs.
The condition of the banknote is another important factor. Well-preserved, crisp notes in good condition are generally more desirable to collectors and can command higher prices. This includes looking for signs of wear and tear, as well as ensuring the banknote is complete and not damaged. An asterisk at the end of the serial number, known as a "star note", can also indicate a replacement note issued between 1966 and 1971 due to damage or faults in the original print run, making these notes potentially more valuable.
The signature and serial number on the banknote can also influence its value. Signatures of certain key figures or those with historical significance may be more sought-after by collectors. Serial numbers with specific sequences or patterns can also be more desirable and fetch higher prices. For example, a $1 banknote with a star instead of the final digit in its serial number has been valued at $3,400.
Lastly, the design and denomination of the banknote can be a factor in its value. Notes with unique or significant design elements, such as those commemorating special events or featuring notable individuals, can be more valuable. For instance, the 1988 $10 note, which was the first plastic banknote issued by the Reserve Bank of Australia to commemorate the bicentenary of European settlement, may be of particular interest to collectors. Additionally, certain denominations may be more valuable due to their limited print runs or because they are no longer in circulation, like the standard two-dollar paper notes from 1988, which were the last of their kind before the switch to a two-dollar coin.
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Old Australian coins and banknotes dealers
Old Australian banknotes and coins can be worth a lot of money to collectors. Some old Australian paper banknotes are now worth thousands of dollars more than their nominated value. For example, a one-dollar note from 1972 featuring Queen Elizabeth II can be worth as much as $95. Standard two-dollar paper notes from 1988, the last year of issue before Australia switched to a two-dollar coin, are now fetching as much as 10 times their nominal value.
Collectors may wish to have their banknotes appraised by a reputable banknote and coin dealer. While the Reserve Bank does not provide opinions on the market value of old, rare, or misprinted banknotes, there are several reputable coin dealers in Australia.
Vintage Coins and Banknotes is a family-owned online coin and banknote shop and is one of Australia's leading coin and banknote dealers. They are based in Sydney NSW and service the Sydney NSW, Camden, Narellan, Oran Park and Macarthur regions of NSW, Albury NSW, Wodonga Vic, Brisbane QLD, Gold Coast QLD, Sunshine Coast QLD, Wide Bay and North QLD, Melbourne VIC, Hobart TAS, Adelaide SA, Perth WA, Darwin NT, Auckland NZ, and the rest of Australia and Internationally. They specialize in selling coins and banknotes, whether for investment or private collection, and consignments to achieve better prices.
Melbourne Coin Shop is another dealer that buys and sells Australian pre-decimal coins, including Florins, Shillings, Sixpences, Threepences, and copper pennies and halfpennies, including the rare and iconic 1930 Penny and 1923 Halfpenny. They also trade in Australian gold sovereigns and half sovereigns at all quality levels, from bullion grade upwards. They buy and sell pre-decimal and decimal banknotes graded Fine through to Uncirculated, and also sell Royal Australian Mint products.
Aussie Coins and Notes is another Australian coin dealer that offers a variety of coins and banknotes for collectors.
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How to redeem old Australian banknotes
All previous issues of Australian banknotes are still considered legal tender. However, some retailers or members of the public may be reluctant to accept them due to unfamiliarity or suspicions of counterfeiting. Therefore, it is recommended to redeem old Australian banknotes through a commercial bank, which will typically exchange them at their face value.
- Locate a commercial bank near you that offers banknote redemption services. Most major commercial banks in Australia should be able to assist with this process.
- Gather your old banknotes and ensure they are in good condition. Banks will accept damaged or incomplete banknotes, but their processing may involve additional steps or time.
- Visit the selected commercial bank and bring your old banknotes for redemption.
- The bank will assess the banknotes to confirm their authenticity. This process may take some time, and in some cases, the bank may need to send the notes to the Reserve Bank for confirmation.
- Once the banknotes are verified, the bank will exchange them for their current equivalent at face value. For pre-decimal banknotes, the conversion to dollars is obtained by multiplying the face value by two. For example, a £1 banknote becomes $2, £5 becomes $10, and £10 becomes $20.
- If you possess any rare or misprinted banknotes, consider having them appraised by a reputable banknote and coin dealer. The Reserve Bank does not provide opinions on the market value of such notes, but dealers who are members of the Australasian Numismatic Dealers Association Inc. can offer guidance.
- Additionally, consider the potential collector value of your old banknotes. Some banknotes may be worth significantly more than their face value to collectors. Factors such as date, condition, signature, and serial number can influence the collector value.
By following these steps, you can effectively redeem your old Australian banknotes and potentially discover hidden value in your collection.
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Frequently asked questions
Some old Australian paper banknotes are now worth more than their nominated value. For example, a one-dollar note from 1972 featuring Queen Elizabeth II can be worth as much as $95.
The value of old Australian money depends on factors such as date, condition, signature, and serial number. For example, standard two-dollar paper notes from 1988, the last year of issue before Australia switched to a two-dollar coin, are now fetching as much as 10 times their nominal value.
You can find out the value of your old Australian money by visiting a reputable banknote and coin dealer. The Reserve Bank of Australia does not provide opinions on the market value of old, rare, or misprinted banknotes.
