Lexi Webster
Australia's national currency is the Australian dollar, which is made up of 100 cents. Before the introduction of the Australian dollar in 1966, the Australian pound was the national currency. The Australian dollar is subdivided into coins of various denominations, including 5, 10, 20, and 50 cents, as well as $1 and $2 coins. Banknotes are available in denominations of $5, $10, $20, $50, and $100. Nicknames for Australian money include bucks, red lobsters for $20 notes, blue swimmers for $10 notes, and pink ladies for $5 notes.
| Characteristics | Values |
|---|---|
| Currency Name | Australian Dollar |
| Slang | Dollar bucks, dollarydoos, bucks |
| Nicknames for Notes | $20 note is a "red lobster", $10 notes are "blue swimmers", and $5 notes are "pink ladies" |
| Coins | 5, 10, 20, 50 cents, $1, $2 |
| Notes | $5, $10, $20, $50, $100 |
| First Introduced | 14 February 1966 |
| Exchange Rate at Introduction | A$2 = A£1 |
| Highest Valuation | Pegged to the US dollar at A$1 = US$1.12 |
| First Polymer Banknote | Introduced in 1988 as a $10 note |
| Total Money in Circulation in 2023 | A$105.7 billion |
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What You'll Learn
Australian dollar history
The Australian dollar (AUD) is the official currency of Australia and several other countries and territories, including Christmas Island, Cocos Islands, Norfolk Island, Nauru, Tuvalu, and Kiribati. The Australian dollar was introduced on 14 February 1966, replacing the Australian pound at an exchange rate of A£1 = A$2. The new currency was originally going to be called the "royal", but this was widely unpopular, and so it was named the "dollar" instead.
Before the introduction of the Australian dollar, the six colonies that comprised Australia had separate currencies, all of which closely replicated the British currency system and were usually exchangeable on a one-to-one basis. The Australian dollar was introduced as a decimal currency, with coins introduced in denominations of 1 and 2 cents (bronze); 5, 10, and 20 cents (cupronickel); and 50 cents (silver, then cupronickel). 50-cent coins in 80% silver were no longer minted after March 1968 due to the intrinsic value of the silver content exceeding the face value of the coins. 1 and 2 cent coins were discontinued in 1991 and withdrawn from circulation in 1992; since then, cash transactions have been rounded to the nearest 5 cents.
In 1967, Australia abandoned the sterling standard and pegged the Australian dollar to the US dollar at the rate of 1 AUD = 1.12 USD. The highest valuation of the Australian dollar relative to the US dollar was during the period of the peg to the US dollar. On 9 September 1973, the peg was adjusted to US$1.4875, with the fluctuation limits being changed to US$1.485–US$1.490. In December 1983, the Australian Labor government floated the dollar, with the exchange rate reflecting the balance of payments as well as supply and demand on international money markets.
The Royal Australian Mint, located in Canberra, has produced more than 14 billion circulating coins since its opening in 1965. It has an international reputation for producing quality numismatic coins, including commemorative 50-cent coins. Australia was the first country to produce polymer banknotes, made of polypropylene polymer, which were produced by Note Printing Australia. These polymer notes are cleaner, more durable, and easily recyclable. The first polymer banknote was issued in 1988 as a $10 note commemorating the bicentenary of European settlement in Australia.
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Australian dollar nicknames
Australian banknotes are available in $5, $10, $20, $50, and $100 denominations. Nicknames for Australian money include "bucks", "dollar bucks", "dollary-doos", and "dollaridoos". The $20 note is also known as a "red lobster", $10 notes are "blue swimmers", and $5 notes are "pink ladies".
In the past, when Australia used pounds, shillings, and pence, money was referred to by names like "zac", "deaner", "bob", "two bob", "quid", and treybit for 3 pence. The $1 and $2 coins in Australia are similar in size to the $2 and $1 coins of New Zealand, respectively, sometimes leading to confusion between the two currencies.
The name for the currency was decided in 1963, when Prime Minister Menzies announced that the new currency would be called the "royal". However, this name was not well-received by the public, and after three months, it was decided that the currency would be called the "dollar".
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Australian dollar notes
In 1963, the new Australian currency was almost called the "royal", but this was widely disapproved of by the public. The Australian dollar was introduced in 1966, replacing the pound at a conversion rate of A$2 = A£1.
The $50 note was introduced in 1973, and the $100 note in 1984, in response to inflation. The $1 and $2 notes were replaced by coins in 1984 and 1988, respectively. In 1988, the Reserve Bank of Australia introduced the first polymer banknote, a $10 note commemorating the bicentenary of European settlement in Australia. It featured an Aboriginal person and elements of Aboriginal culture on one side and the ship Supply from the First Fleet on the other.
Today, all Australian notes are made of polymer, which is more durable and easily recyclable than paper notes. They also feature microprinting for security. In 2015, the Reserve Bank of Australia announced that the next series of notes would include tactile features to help the visually impaired.
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Australian dollar coins
The Australian dollar was introduced on 14 February 1966, replacing the Australian pound at a conversion rate of A$2 = A£1. At the time, the coins did not include $1 or $2 denominations. The $1 coin was introduced in 1984, and the $2 coin in 1988, both replacing banknotes of the same value. The $1 coin was designed by Stuart Devlin, featuring five kangaroos on its reverse. The coin is composed of 2% nickel, 6% aluminium, and 92% copper. The $2 coin is smaller in diameter but slightly thicker than the $1 coin.
The Royal Australian Mint has released numerous commemorative $1 coins since 1984, including those commemorating the Australian Bicentenary, the International Year of Peace, the International Year of Volunteers, the Year of the Outback, the Centenary of Federation, the International Year of Older Persons, and the centenary of the birth of aviation pioneer Sir Charles Kingsford-Smith. In 2023, the Royal Australian Mint produced one million $1 coins bearing the face of King Charles following the death of Queen Elizabeth II in 2022.
The Royal Australian Mint also regularly releases collectible coins, including the famous 1980-1994 gold two-hundred-dollar coin series. These collectible coins are legal tender and can be used as currency or converted to standard coinage at a bank. The collectible coins are made from metals such as aluminium bronze, silver, gold, and bi-metal, and some are denominated in dollars, while others are valued by weight.
The current Australian 5c, 10c, and 20c coins are identical in size to the former Australian, New Zealand, and British sixpence, shilling, and two-shilling (florin) coins. These coins can be counted by weight, as they have the same weight per value, at 0.565g per cent or 56.5g per dollar. The 50c coin is one of the largest coins used globally today, with a mass of 15.55 grams and a diameter of 31.51 millimetres.
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Australian dollar compared to other currencies
The Australian dollar is the currency of Australia, with the currency code AUD and the currency symbol $. The dollar was introduced in 1966, replacing the pound at a conversion rate of A$2 = A£1.
The Australian dollar has historically been pegged to the US dollar, with the highest valuation of the Australian currency relative to its US counterpart occurring during this period of the peg. On 9 September 1973, the peg was adjusted to US$1.4875, with the fluctuation limits set at US$1.485–US$1.490. In 1983, the Australian Labor government floated the dollar, allowing the exchange rate to be determined by the balance of payments, as well as supply and demand on international money markets.
In terms of physical currency, Australian coins are produced at the Royal Australian Mint in Canberra. The 5, 10, and 20-cent coins are identical in size to the former Australian, New Zealand, and British sixpence, shilling, and two-shilling coins. Australia was the first country to introduce polymer banknotes, made of polypropylene polymer, which are more durable, cleaner, and easily recyclable than traditional paper notes.
Informally, Australian dollars are sometimes referred to as "bucks", which is originally American slang. Other slang terms include "dollar bucks" or "dollary-doos", the latter of which is derived from the cartoon Bluey.
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Frequently asked questions
The official name for money in Australia is the Australian dollar.
Some other names for the Australian dollar include "royal", "hole dollar", “bucks”, “dollar bucks”, “dollary-doos”, and “dollaridoos”.
Australian coins are available in 5, 10, 20, 50, and $100 denominations.
Australian notes are commonly referred to by their colour. For example, a $20 note is called a "red lobster", $10 notes are "blue swimmers", and $5 notes are "pink ladies".
Before the introduction of the Australian dollar in 1966, the Australian pound was used, which included shillings and pence.
