Ruqayyah Snyder
The Australian dollar is the legal tender in Australia and its territories, as well as in Kiribati, Nauru, and Tuvalu. It was introduced in 1966, replacing the Australian pound, and has been through several changes since, including the introduction of polymer notes in 1988. The $71 note is not among the denominations in circulation, which include $5, $10, $20, $50, and $100 notes, as well as coins in denominations of 5, 10, 20, and 50 cents, and $1 and $2.
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What You'll Learn
The Australian dollar was introduced in 1966
The design of the new currency reflected Australia's unique identity and natural environment. The $1 coin featured the iconic Australian kangaroo, while the $2 coin depicted a native Australian bird, the lyrebird. The other coins featured images of Queen Elizabeth II, Australia's head of state, as well as the Australian coat of arms and the country's floral emblem, the golden wattle. The introduction of the Australian dollar was a complex logistical exercise, involving the minting of new coins, the printing of new banknotes, and a nationwide public education campaign to explain the changes to the public.
To facilitate the transition to decimal currency, the Australian government also introduced a unique system of "dollarization" to help Australians become familiar with the new currency. This involved the display of both the old and new currency values on price tags, invoices, and menus for a period of time, allowing people to gradually become accustomed to the new monetary system. The official changeover to decimal currency took place on February 14, 1966, which became known as "Dollar Day." Old pound notes and shillings ceased to be legal tender after this date, and the Australian dollar became the sole currency of the country.
In the years since its introduction, the Australian dollar has become a widely accepted and stable currency, recognized and traded internationally. It has played an important role in Australia's economic development and has become a symbol of the country's economic strength and independence. The design and security features of the currency have evolved over time to incorporate new technologies and to deter counterfeiting, but the fundamental structure and value of the Australian dollar remain firmly in place.
As such, the introduction of the Australian dollar in 1966 marked a pivotal moment in the country's monetary history, modernizing and simplifying its currency system while also reflecting Australia's emerging identity and place in the world. This event not only streamlined financial transactions and trade but also fostered a sense of national unity and pride, solidifying the Australian dollar's place as a trusted and enduring symbol of the country's economic prosperity and sovereignty.
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Australian coins are produced by the Royal Australian Mint
Australia's coins are produced by the Royal Australian Mint, which is located in the nation's capital, Canberra. The Royal Australian Mint is the national mint of Australia and the primary production facility for the country's circulating coins. It is a Commonwealth Government entity operating within the portfolio of the Treasury. The Mint is a Non-Corporate Commonwealth Entity and is listed under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
The Royal Australian Mint is the sole supplier of Australia's circulating coinage. Since opening in 1965, the Mint has produced more than 14 billion circulating coins, with a capacity to produce more than two million coins per day, or more than 600 million coins per year. The Mint's purpose is to serve the coinage needs of the Australian economy, collectors, and foreign countries.
The Mint's first tasks were to produce distinctively Australian coinage and facilitate a smooth changeover from British imperial pounds, shillings, and pence to Australia's own decimal dollars and cents. Australia's decimal coins were introduced in 1966. The $1 banknote was replaced by a $1 coin in 1984, while the $2 banknote was replaced by a smaller $2 coin in 1988. The Mint also produces medals for military and civilian honours, most notably the Order of Australia.
The Royal Australian Mint is internationally recognised for its top-tier numismatic commemorative coins. These coins celebrate organisations, events, or people that represent important aspects of Australia's culture and history. Commemorative coins may be circulated or uncirculated. The Mint also creates bi-metallic coins and colour-printed coins. In November 2001, the Mint issued the world's first coin with a double hologram to commemorate the centenary of Australian federation.
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Australian notes are made of polymer
The Australian dollar is made of polymer, specifically polypropylene polymer, which makes it highly durable and difficult to replicate. Polymer notes incorporate many security features not available in paper notes, including the use of metameric inks, intaglio, metal strips, and clear areas. Polymer notes also last significantly longer than paper notes, resulting in decreased environmental impact and reduced production and replacement costs.
The development of polymer banknotes in Australia was a joint effort by the Reserve Bank of Australia (RBA), the Commonwealth Scientific and Industrial Research Organisation (CSIRO), and The University of Melbourne. The world's first plastic banknote was issued in Australia in 1988, coinciding with the country's bicentennial year. By 1996, the Australian dollar had completely switched to polymer banknotes, making Australia the first country to fully adopt polymer currency.
The issuance of polymer banknotes in Australia addressed the issue of counterfeiting, which had been a significant problem with the previous paper notes. The polymer notes, with their advanced security features, proved to be highly effective in preventing forgery.
The polymer banknotes in Australia feature a variety of designs and security elements. For example, the $50 note features a portrait of David Unaipon, an inventor and Australia's first published Aboriginal author. The note includes excerpts from his book, "Legendary Tales of the Australian Aborigines," microprinted in the coloured background. It also incorporates security features such as a Black Swan and wattle branch that become visible under UV light, as well as an open book in a clear window.
The innovative polymer banknotes developed in Australia have since been adopted by other countries, including New Zealand, Romania, and the United Kingdom. The use of polymer notes has spread globally, with countries such as Mauritius, Fiji, and the Philippines issuing their own versions. Australia's polymer banknotes have not only enhanced security and durability but also contributed to significant cost savings for the country.
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The $1 and $2 coins are gold-coloured
The Australian dollar was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound. It is subdivided into 100 cents. The $1 banknote was replaced by a $1 coin in 1984, and the $2 banknote was replaced by a smaller $2 coin in 1988. The $1 and $2 coins are gold-coloured, with the $2 coin being smaller than the $1 coin.
Australia's coins are produced by the Royal Australian Mint, which is located in the nation's capital, Canberra. The Mint has been operational since 1965 and has produced over 14 billion circulating coins. It has the capacity to produce more than two million coins per day or 600 million coins per year.
The Australian $1 coin is similar in size to New Zealand's $2 coin, while the older New Zealand 5, 10, and 20 cent coins were often mistaken for their Australian counterparts and circulated in both countries until New Zealand introduced smaller versions in 2006.
The Australian dollar is the legal tender in its external territories, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is also the official currency in Kiribati, Nauru, and Tuvalu.
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The AUD is legal tender in Kiribati, Nauru and Tuvalu
The Australian dollar, or AUD, is the official currency of Australia, including its territories, as well as the independent sovereign states of Kiribati, Nauru, and Tuvalu.
The AUD was introduced in 1966, replacing the Australian pound. It is divided into 100 cents, like the US dollar and the New Zealand dollar. The currency is issued by the Reserve Bank of Australia, with coins produced by the Royal Australian Mint in Canberra and banknotes by Note Printing Australia.
In Kiribati, Tuvalu, and Nauru, the AUD is the dominant currency and is widely accepted. Kiribati and Tuvalu previously had their own currencies, the Tuvaluan and Kiribati dollars, but these are no longer produced and are at par with the AUD. Nauru never had its own currency, so the AUD is the only currency in circulation.
The AUD is a popular currency among traders, making up 6.8% of the world's daily foreign exchange market turnover as of April 2022. This popularity can be attributed to factors such as Australia's high-interest rates, the stability of its economy and political system, and the relative freedom of its foreign exchange market from government intervention.
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Frequently asked questions
71 in Australian money is $71 AUD.
AUD stands for Australian Dollar.
The value of the Australian Dollar fluctuates. In December 1988, its highest value relative to the US dollar was $0.881. The lowest-ever value of the dollar was 47.75 US cents in April 2001.
Australian Dollar notes are made of polymer, a form of plastic.
