Omari Gates
Australia's transition from pounds, shillings, and pence to the modern decimal system of dollars and cents was a pivotal moment in the country's history. The rare and historical banknotes from before this transition and the early decimal notes are now sought-after collectables. Their value is determined by factors such as rarity, condition, historical importance, and unique attributes like serial numbers or misprints. For instance, the 1966 Coombs/Wilson $20 note commands high prices among collectors due to its rarity and historical significance. Rare $2 notes with certain serial numbers or in mint condition can be worth up to $5,000, while the 1996 $10 note with the signature of Coombs and Wilson, a star replacement note, sold for $1,600. These old banknotes are not just pieces of history but also potentially lucrative investments.
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What You'll Learn
Rare Australian $1 notes
The first series of Australian $1 notes were issued between 1966 and 1984, when they were replaced by $1 coins. Notes from the first series, especially those in uncirculated condition, are highly sought after by collectors. Notes with low serial numbers, star replacement notes (indicated by a star in the serial number), and notes printed in the first year of issue (1966) are particularly valuable. Notes with the signatures of Coombs/Wilson or Coombs/Randall are also treasured among collectors.
The design of the $1 note features the Queen on the front and symbols from Aboriginal culture on the back. The Aboriginal design is a line interpretation by Gordon Andrews of an Aboriginal bark painting by David Malangi, for which he was paid $1,000. The note also includes the illustration of Queen Elizabeth II in the Regalia of the Order of the Garter, which was reproduced by Gordon Andrews from a photograph supplied by Buckingham Palace.
The transition from pounds, shillings, and pence to the modern decimal system of dollars and cents was a landmark moment in Australia's history. The rare and historical banknotes from this transition and the early decimal notes are prized possessions among collectors, as their scarcity and condition elevate their value beyond their original face value.
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$2 notes with certain serial numbers
$2 notes were first issued in Australia on 14 February 1966 and were made of paper with watermarks to stop counterfeiting. They were phased out in the 1980s when gold coins were introduced. Today, $2 notes can be worth a lot of money if they have certain serial numbers or are in mint condition.
Star replacement notes, which have an asterisk after the serial number, are highly sought after by collectors. These notes were issued to replace defective notes due to printing errors. They can be identified by a serial number prefix starting with Z. Error notes, such as those with missing colour print, extra paper flaps, or mismatched serial numbers, can also be worth more.
Notes with low serial numbers, especially from the first series issued, are also valuable. The older the note, the more valuable it is likely to be. Notes in uncirculated or mint condition can also fetch a higher price.
The value of $2 notes can vary depending on their specific attributes, rarity, and condition. If you have an old $2 note with a unique serial number or in good condition, it may be worth getting it appraised by a professional to determine its value.
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$50 paper notes
The Australian $50 paper note was introduced in 1973 and was issued until 1995, when it was replaced by a new polymer design. The note features Lord Howard Florey, known for discovering penicillin, on the front, along with the signatures of the Governor of the Reserve Bank of Australia and the Secretary to the Treasurer, and two banknote serial numbers. The back of the note depicts Veterinary Scientist Sir Ian Clunies Ross. The note is predominantly black, brown, gold, and green.
The $50 paper note is sought after by collectors due to its long printing period of two decades, during which several varieties were produced. Some $50 paper notes can be particularly valuable if they have the right serial numbers or if they are in mint condition. Error notes, which are notes with manufacturing mistakes, can also be very valuable. The rarest $50 notes can sell for up to $2,000 each.
In 2021, a money expert revealed that $50 notes with the Stevens/Parkinson signature combination and a serial number beginning with AA 14 or JC 14 could be worth between $70 and $1,500, depending on their condition. These notes are valuable because they are from 2014, a year when fewer notes were printed.
Today, all Australian notes are made from polymer. The transition to polymer technology in the 1990s, and again from 2016 to 2020 with the introduction of the Next Generation Banknote series, resulted in an increased number of collectors of paper decimal banknotes.
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$20 notes in perfect condition
Australian $20 notes were issued from 1966 until 1994, when they were replaced by a new design polymer note. The value of a $20 note depends on a few factors, including whose signatures are on the note, the serial number, and the condition of the note. Notes in perfect condition can be worth a lot to collectors.
The Phillips Randall $20 star note is considered the rarest Australian paper decimal banknote. It has a serial number that starts with the letter Z and ends with an asterisk. Only 62,500 were produced, and they can be worth up to $20,000.
The Phillips Wheeler 1972 General Prefix $20 note in fine condition is worth about $30. Notes with the prefix YAA and the signature combination of Phillips/Wheeler can be worth up to $1,500 in uncirculated condition.
Other factors that can affect the value of a $20 note include printing errors, such as mismatched serial numbers, missing print or colour, cutting errors, and extra paper flaps. Notes with these types of errors can be valuable, depending on the specific type of error and the overall condition of the note.
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Star replacement notes
The star on a pre-decimal star note is a hollow five-pointed star, while the star on a decimal banknote is a six-pointed asterisk. Decimal star notes were printed with the prefix serial number "Z" followed by a letter corresponding to the denomination. For example, "ZA" for $1, "ZF" for $2, "ZN" for $5, "ZS" for $10, and "ZX" for $20. On average, there was one star note for every 200-300 ordinary notes.
Collectors generally consider star notes from print runs of 640,000 notes or fewer to be rare and worth more than face value. The condition of modern notes is also important to their value. There are two types of star notes: sheet notes and regular notes, which differ in when they are used during the printing process.
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Frequently asked questions
Rare Australian $1 and $2 notes can be worth a lot of money. The rarest $1 notes can sell for up to $7,500, while the rarest $2 notes can go for as much as $5,000. Rare $5 notes can fetch up to $6,500, while the rarest $10 notes have sold for up to $6,000. The rarest $20 notes in "perfect condition" can fetch up to $19,500.
The rarity of an Australian banknote depends on factors such as its age, condition, serial number, and security features. Notes with low serial numbers, unique design variations, or limited production runs are often considered rare. Notes from the first series issued, especially in uncirculated condition, are highly sought after. Error notes and specimen notes are also valuable.
Old Australian notes can be worth a lot of money. Paper banknotes were phased out decades ago, but if you still have some, they could be worth thousands.
You can try searching for similar notes on eBay or consulting expert dealers or catalogues to help identify rare Australian banknotes.
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