The Australian Dollar
The Australian dollar is the official currency in Australia, subdivided into 100 cents.
The first Australian banknotes were printed more than a century ago, but there was currency in the country much earlier.
The discovery of gold in the country in 1851 led to the coinage of gold coins, stimulating the development of the banking system. Commercial banks issued their own banknotes, backed by gold, although people did not completely trust them, especially after several banks filing for bankruptcy in 1893.
The Australian Notes Act, passed in 1910, assigned the responsibility of issuing banknotes to the National Treasury and introduced the Australian pound as the official currency. During the first three years subsequent to its introduction, several private banknotes already existing were reprinted by the Treasury as a temporary measure until the designs were ready to use.
In 1966 Australia issued its first series of decimal banknotes, printed in paper, for the values of 1, 2, 10 and 20 Australian dollars, followed by the 5 $ denomination in 1967. 50 and 100 $ were reprinted later, in 1973 and 1984.
After the joint development of new technologies to print banknotes in Australia by the Reserve Bank, the country issued the 10 dollar banknote in polymer, in January 1988 to celebrate the bicentenary of Australia.
Between 1992 and 1996 a new series of banknotes were created, all of them printed in polymer, to replace the decimal original banknotes.
The Reserve Bank started to produce polymer banknotes to avoid counterfeit, which had been on the rise due to the new technologies in reprography systems.
Today, we have banknotes of 5, 10, 20, 50 and 100 Australian dollars.
Date of creation:
Reserve Bank of Australia
|Global Exchange||Your high-street bank|
|Variety of currencies||We have 10 currencies. We are specialists.||Only major currencies. Travel money is just a secondary business for banks.|
|Availability of currencies||Immediate availability of currencies in our branches. Click and collect or walk in to our stores.||If they can actually get your exotic currency, prepare for a couple of visits to your bank before you can have the money on your hands.|
|Expenses||Only the exchange rate, without commissions, and if you book online you guarantee the best price.||The bank sets its own margin plus a commission.|
|Different denominations available||At Global Exchange, you’ll get a variety of banknotes with different values, adapted to all your payment needs.||No. Prepare for refusals and complaints in foreign languages when paying with «big» banknotes.|
|Delivery options||Order online to benefit from a price reduction and collect at the branch of your choice.||You’ll have to go first to your bank to order the currency you need, then wait for it to come and go back again to collect it.|