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Australian cash is known as the Australian dollar, which is the official currency and legal tender of Australia, including its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar was introduced in 1966, and Australian coins are made from a variety of metals, including bronze, cupronickel, silver, and aluminium bronze. Australia was the first country to produce polymer banknotes, which were introduced in 1988 and are now the only type of banknote in circulation.
| Characteristics | Values |
|---|---|
| Currency | Australian dollar (AUD) |
| Official Tender | Legal tender of Australia and its external territories, Kiribati, Nauru, and Tuvalu |
| Denominations | $1, $2, $5, $10, $20, $50, $100 |
| Composition | Polymer (polypropylene), plastic pellets |
| Durability | Tough and durable |
| Security Features | Yes, including intaglio, metal strips, clear areas, special inks, tactile features |
| Printing | Note Printing Australia Limited (NPA) |
| Minting | 1966 (introduction of Australian dollar) |
| Coins | 1c, 2c, 5c, 10c, 20c, 50c, $1, $2 |
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What You'll Learn
Australian banknotes are made from plastic pellets
The plastic pellets are melted and blown into a three-storey bubble, then printed on using various printing plates, processes, machines, and inks. The sheets of polymer are printed on both sides simultaneously, with each sheet containing different numbers of banknotes depending on the denomination. For example, a sheet of $10 banknotes has 45 polymer notes, while a sheet of the new $5 banknotes has 54.
The printed sheets are then cut into individual notes, inspected for quality, and shrink-wrapped before being stored in a strong room prior to distribution. Since 1993, Australian banknotes have been numbered using a 'Year-Dated System', where each banknote on a sheet has a different letter prefix, with the first two numbers indicating the year of production.
Polymer banknotes have several advantages over paper notes. They are more durable and have additional security features, making them harder to counterfeit. Polymer notes also have a lower environmental impact and cost less to produce and replace.
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The Australian dollar is the official currency of Australia
The Australian dollar is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. It was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound. The Australian dollar is subdivided into 100 cents and is denoted by the $ symbol, which precedes the amount.
In 1966, coins were introduced in denominations of 1 and 2 cents (bronze); 5, 10, and 20 cents (cupronickel); and 50 cents (silver, later cupronickel). The 50-cent silver coins were discontinued in March 1968 due to the rising intrinsic value of silver, which exceeded the face value of the coins. Aluminium bronze 1-dollar coins were introduced in 1984, followed by 2-dollar coins in 1988, replacing the banknotes of those values. The 1 and 2 cent coins were discontinued in 1991 and withdrawn from circulation in 1992, with cash transactions now rounded to the nearest 5 cents.
Australian banknotes are made from a type of plastic or polymer, specifically polypropylene polymer, and are printed by Note Printing Australia Limited (NPA) in Victoria. Polymer banknotes have several advantages over paper notes, including enhanced security features, greater durability, and a reduced environmental impact and cost of production due to their longer lifespan. Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA) and the Commonwealth Scientific and Industrial Research Organisation (CSIRO), with the first polymer banknote issued in 1988. Australia was the first country to adopt polymer banknotes, and by 1996, the Australian dollar had completely switched to this format.
The Australian dollar is a reserve currency and was ranked as the sixth most-traded currency in the foreign exchange market in April 2022. Economists suggest that the Australian dollar is primarily influenced by commodity prices, particularly minerals and agricultural products, which are key exports for the country.
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Coins are made from bronze, cupronickel, silver, and aluminium bronze
Australian coins are made from a variety of metals, including bronze, cupronickel, silver, and aluminium bronze.
The $1 and $2 coins, introduced in 1984 and 1988, respectively, are made from aluminium bronze (92% copper, 6% aluminium, and 2% nickel). These coins are referred to as "gold coins" in everyday Australian parlance. The 5, 10, and 20-cent coins are made from cupronickel, which is a combination of 75% copper and 25% nickel.
The original 50-cent coin, introduced in 1966, was made from 80% silver and 20% copper. However, due to the rising price of silver, the minting of this coin was suspended in 1968, and it was replaced with a 12-sided coin made from cupronickel. The 1 and 2-cent coins, which were discontinued in 1991 and withdrawn from circulation in 1992, were made from bronze.
In addition to these base metals, Australian commemorative coins have been minted in precious metals such as silver, gold, and platinum. These coins are considered legal tender and can be used as currency or converted to standard coinage at a bank.
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Australian notes are legal tender throughout Australia
Australian banknotes are made from a synthetic polymer, specifically polypropylene polymer, which is a type of plastic. They were first issued as currency in 1988, coinciding with Australia's bicentennial year, and by 1996, the Australian dollar had completely switched to polymer banknotes.
The Australian dollar (AUD) is the official currency and legal tender of Australia, including all of its external territories, as well as three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. It was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound. The $1 and $2 banknotes were replaced by coins of the same value in 1984 and 1988, respectively.
Australian banknotes are printed by Note Printing Australia Limited (NPA), located in Victoria. The process involves melting plastic pellets and blowing them into a three-storey bubble, which is then printed on using various printing plates, processes, machines, and inks. These banknotes incorporate advanced security features, such as intaglio, metal strips, and clear areas, and special inks to create opaque films with clear windows. The tactile feature, consisting of raised bumps on the long edges, assists the vision-impaired community in identifying different denominations.
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The first polymer banknote was introduced in 1988
Australian banknotes are made from a type of plastic, or polymer. In 1988, Australia became the first country to issue polymer banknotes, specifically made of polypropylene polymer. These groundbreaking commemorative $10 notes were issued on January 26, 1988, to mark the bicentennial of the establishment of a British colony at Sydney Bay, called New South Wales. This event is considered the birth of Australia. The development of polymer banknote technology was primarily aimed at combating the risk of counterfeiting. Polymer banknotes include many security features not available in paper banknotes, such as the use of metameric inks. They also last significantly longer than paper notes, reducing the environmental impact and the cost of production and replacement.
The development of polymer banknote technology was a significant investment of time and money. It took around twenty years and an estimated expenditure of $20,000,000 to produce the first polymer banknote. The commemorative $10 note featured an optically variable device (OVD) with an image of Captain James Cook. However, the initial run encountered some issues, as the print on the OVD could be easily rubbed off. The banknote was withdrawn and re-issued in October 1988.
Polymer banknotes are produced using rolls of clear plastic film, which are opacified by two layers of ink on both sides of the film, except for areas left clear. They are printed on sheets of polymer substrate using various printing plates, processes, machines, and inks. The first polymer series included 45 polymer $10 banknotes per sheet, 40 banknotes per sheet for $5, $20, and $50 denominations, and 32 banknotes per sheet for $100 denominations. 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 of the banknote. Secondary security devices are detectable by a machine, while tertiary security devices may only be detectable by the issuing authority when a banknote is returned.
Polymer banknotes were released into general circulation for the first time in Australia with the issue of the $5 note on July 7, 1992. Within a decade, Australia had fully transitioned to polymer banknotes.
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Frequently asked questions
Australian cash is made from a type of plastic, or polymer.
Polymer banknotes last significantly longer than paper notes, decreasing their environmental impact and reducing the cost of production and replacement. Polymer notes also have many security features not available in paper banknotes, making them harder to counterfeit.
Australia first introduced polymer banknotes in 1988 to coincide with its bicentennial year. By 1996, the Australian dollar had switched completely to polymer banknotes.
Australian coins are made from a variety of materials, including bronze, cupronickel (an alloy of copper and nickel), silver, and aluminium bronze (an alloy of copper, aluminium, and nickel).
