Omari Gates
Australian paper money is unique in many ways. The country was the first to print notes on polymer plastic instead of paper, making the currency stronger, harder to counterfeit, and more durable. The $1 and $2 notes were replaced by gold coins in the 1980s, and today all Australian notes are made of polymer. The Reserve Bank of Australia prints these notes, which come in denominations of $5, $10, $20, $50, and $100. These notes are also packed with security features, such as microprinting and transparent windows with diffractive optically variable device (DOVD) images. The individuals depicted on the currency were also updated, with Australia being one of the few countries to depict more women than men on its banknotes.
| Characteristics | Values |
|---|---|
| Date | Older notes can be 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. |
| Condition | A flat, crisp, uncirculated banknote is worth more than a folded note or one kept in a wallet for years. |
| Serial number | The serial number is important in determining the note's place in the manufacturing sequence. An asterisk at the end of the serial number, known as a "star note", can indicate a note issued by the Reserve Bank to replace damaged or faulty notes, and these can be valuable. |
| Signatures | The signatures of the Secretary to the Treasury and the Governor on the note can help determine its year of issue and affect its value. |
| Portrayed individuals | The individuals depicted on the currency can affect its value. |
| Security features | Australian notes were the first in the world to include a transparent "window" with a diffractive optically variable device (DOVD) image of Captain James Cook as a security feature. All current notes also contain microprinting. |
| Tactile features | As of 2016, new notes have been issued with tactile features to help the visually impaired community tell the value of the note. |
| Material | Australian notes are now made of polymer plastic, which is stronger, harder to copy, and longer-lasting than paper notes. |
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What You'll Learn
Value of old notes
The value of old Australian notes depends on factors such as their date, condition, signature, and serial number. Collectors tend to look for notes in good condition, with unique serial numbers, and featuring specific individuals.
Old Australian paper notes can be valuable, with some selling for thousands of dollars. For example, a one-dollar note from 1972 featuring a youthful Queen Elizabeth II can be worth around $95. Notes with an asterisk at the end of the serial number, known as "star notes", issued between 1966 and 1971, can also be valuable. These were issued by the Reserve Bank to replace damaged or faulty notes.
The condition of the notes is crucial. Crisp, uncirculated banknotes are more valuable than folded or worn notes. Collectors also tend to seek out notes with specific serial numbers, such as the FIRST and LAST prefix notes.
It is recommended to do your research before selling old notes. You can use online resources, such as the Banknote Serial Checker, or consult coin and banknote dealers to get a better understanding of the potential value of your notes.
It's worth noting that Australia was the first country to print notes on polymer plastic instead of paper. These plastic notes are stronger, harder to copy, and last longer than traditional paper notes.
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Factors affecting value
The value of Australian paper money is influenced by various factors, including rarity, condition, historical significance, and market demand. Here are some key points to consider:
Rarity and Historical Significance
The scarcity of a particular note can significantly impact its value. Older and rarer notes tend to be more valuable, especially if they were printed in limited quantities or during a specific historical era. For example, Australian paper banknotes from the 1960s and 1970s, featuring a youthful Queen Elizabeth II, can be worth much more than their face value.
Condition
The physical condition of a banknote is crucial in determining its worth. Crisp, uncirculated, and well-preserved notes command higher prices among collectors. Factors such as folds, creases, tears, stains, or any other signs of wear and tear can significantly reduce a note's value. Therefore, notes that are in pristine condition are often sought after by collectors and can fetch a premium.
Serial Numbers and Signatures
The serial number and signatures on a banknote can also affect its value. Notes with unique serial numbers, such as those with low or sequential digits, or those with an asterisk at the end (known as "star notes"), tend to be more valuable. Additionally, the signatures of the Secretary to the Treasury and the Governor on the notes can help determine their year of issue and rarity, influencing their value.
Market Demand and Collectability
The demand for Australian paper money among collectors can also drive up its value. Some collectors appreciate the intricate details and craftsmanship of older notes, while others view them as investment opportunities. Platforms like eBay, specialist currency dealers, and coin collecting communities create a market for these notes, and their demand can influence their worth.
Inflation and Denominations
Over time, inflation has led to the introduction of larger denominations for transactions in Australia. This resulted in the issuance of higher-value notes, such as the $50 and $100 notes. However, it's worth noting that higher denominations do not always equate to higher value, as their worth is influenced by the factors mentioned above.
In summary, the value of Australian paper money is determined by a combination of factors, including rarity, condition, historical significance, serial numbers, signatures, and market demand. These factors collectively contribute to the collectability and worth of Australian paper currency.
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Use of polymer plastic
Australia was the first country to print notes on polymer plastic instead of paper. The Reserve Bank of Australia first issued $10 notes made of polypropylene polymer plastic in 1988 to commemorate the bicentenary of European settlement in Australia.
The use of polymer plastic for Australian banknotes was intended to bring several benefits. Polymer notes are stronger, more durable, and last longer than paper notes, reducing the need for frequent replacements. They are also harder to counterfeit, enhancing security. This security is further augmented by features such as a transparent "window" with a diffractive optically variable device (DOVD) image of Captain James Cook, which was introduced on the first polymer note.
The Reserve Bank of Australia recognised the potential of polymer notes and began preparing for a new series, starting with the $5 note in 1992. Today, all Australian banknotes are made of polymer.
The introduction of polymer notes also presented an opportunity to update the individuals depicted on the currency. As a result, Australia became one of the few countries that feature more women than men on their banknotes.
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Commemorative notes
Commemorative banknotes are a great way to celebrate special events and milestones in a country's history. Australia has issued several commemorative banknotes over the years, and they are often sought-after by collectors. Here is some information on Australian commemorative notes:
The $10 Commemorative Note of 1988
The Reserve Bank of Australia introduced the first plastic $10 note in 1988 to commemorate the bicentenary of European settlement in Australia. This note was a significant milestone as it was the first modern polymer banknote issued worldwide. It featured a transparent window with a diffractive optically variable device (DOVD) image of Captain James Cook as a security feature. These notes are valued at around $1,000 in perfect condition.
The Federation $5 Note of 2001
The Reserve Bank of Australia issued a special commemorative 'Federation' $5 note in 2001. However, in 2002, the production of the previous version of the $5 note commenced again. The 2001 commemorative note is sought-after by collectors and can fetch higher prices than its face value.
The Coombs-Wilson $10 Note
The Commonwealth of Australia $10 paper banknote featuring the signatures of Coombs and Wilson is a commemorative note. The Coombs-Wilson notes come in both £5 and £10 denominations. These notes are considered rare and can be valuable to collectors, with some selling for thousands of dollars.
The Coombs-Randall $1 Note
The Coombs-Randall $1 note is a replacement note issued between 1966 and 1971. It features an asterisk at the end of the serial number, also known as a "star note". These notes were issued to replace damaged or faulty banknotes. The Coombs-Randall $1 note is highly valuable, with some selling for up to $10,000.
Collecting and valuing commemorative banknotes
Collectors of Australian banknotes often seek out commemorative notes for their historical significance and rarity. The value of these notes can vary widely depending on factors such as date, condition, signature, and serial number. Collectors usually aim for the first and last prefix notes, as these can be the most valuable. Online platforms like eBay and specialist currency dealers can help determine the value and provide a platform for selling commemorative banknotes.
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Important Australians featured
Australian paper money has featured several important Australians over the years. The individuals depicted on the currency have varied, with the Reserve Bank of Australia changing the portraits to include more women than men on the banknotes. This makes Australia one of only six countries in the world to do so.
One example of an important Australian featured on the country's paper money is Queen Elizabeth II. A one-dollar note from 1972 featuring a youthful Queen can be worth up to $95. Another example is Captain James Cook, who appeared as a security feature on the transparent "window" of Australian notes.
The value of Australian paper money can depend on the famous Australians portrayed, the signatures, and the serial number. The signatures on the notes belong to the Secretary to the Treasury and the Governor. The serial number can indicate the note's manufacturing sequence and year of issue. For instance, Australian dollar bills from the 1960s, known as "star notes," can be valuable, with a $1 banknote bearing an asterisk selling for $3,400.
Collectors of Australian banknotes may be willing to pay a premium for old paper money. The condition of the note is crucial, with crisp, uncirculated banknotes valued higher than folded or worn notes. The year of issue also affects the value, with notes from the last year of paper money production in 1988 now worth significantly more than their face value.
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Frequently asked questions
Paper banknotes were phased out in Australia decades ago. If you have old paper notes lying around, they could be worth a small fortune. For example, a 1996 $10 note was sold for $1,600.
Old paper notes can be worth anywhere from face value to thousands depending on the signatures and prefix (first three letters of the serial number) on the note. Collectors usually aim for FIRST and LAST prefix notes. You should also look out for "solid" serial numbers, such as "888888", or palindrome serial numbers, such as "1234321".
You can use a website such as Banknote Serial Checker, which will give you collectable details including the year, prefix type, serial type and more. You can also try eBay, searching for the note and filtering by "sold" items to get a ballpark figure. Most banks will also redeem old notes for you at face value.
