Australian dollar

The Australian dollar, AUD or A$, is the official currency of the Commonwealth of Australia, including the Australian Antarctic Territory, Christmas Island, Cocos (Keeling) Islands, Heard Island and McDonald Islands and Norfolk Island, as well as the independent Pacific island states of Kiribati, Nauru and Tuvalu. It is sometimes affectionately called the "Aussie battler"; during a low period (relative to the US dollar) around 2001 and 2002 the currency was sometimes locally called the "Pacific Peso."

Issues of currency

In the lead up to Federation, the currency used in the Australian colonies was the Pound Sterling, divided into 20 Shillings, each of which was divided into 12 Pence. English silver and copper coins circulated alongside Australian minted gold sovereigns (worth one pound) and half sovereigns, as well as locally minted copper trade tokens. Banknotes were issued by private banks as well as certain colonial governments such as that of Queensland. Paper denominations ranged from 1 to 100 Pounds.

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After Federation in 1901, the Australian government assumed the power to issue currency and began superscribing the private issues that were in circulation, in preparation for the issue of a domestic currency.

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In 1910 the first truly national Australian silver coinage was introduced in denominations of threepence, sixpence, one shilling, and two shillings (one florin). Copper pennies and halfpennies followed in 1911. In 1937 a five shilling piece was issued to commemorate the coronation of King George VI. This coins proved unpopular and was discontinued shortly after being reissued in 1938.

Related Topics:
Silver - Coinage - Shilling - Florin - Pennies - Coronation - King George VI

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In 1913 the first national banknotes were introduced in denominations of 10 shillings, and 1, 5, and 10 Pounds. 1914 saw the introduction of 20, 50, 100, and 1000 Pound notes. The 1000 Pound note only saw limited circulation and was later confined to inter-bank use. There are no uncancelled examples of this note known in private hands.

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In the mid 1920s a modified 10 shilling (worded as "Half Sovereign"), and reduced size 1, 5, and 10 Pound notes were issued with the side profile of King George V on the face. These notes still referred to the currency's convertibility to gold on demand. A newer 1000 Pound note with the profile of George V was also prepared but never issued. An unissued printer's trial of this note was discovered in London in 1996 and subsequently sold for in excess of 200,000 Australian Dollars. Nonetheless this note is not recognised as a legitimate Australian banknote issue.

Related Topics:
King George V - London

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During the Great Depression Australian currency ceased to be redeemable for gold at the previously maintained rate of one gold sovereign for one pound currency. Subsequently a new series of Legal Tender notes were designed, once again bearing the portrait of King George V, in denominations of 10 Shillings and 1, 5 and 10 Pounds. These denominations and designs were maintained and modified to accommodate the portrait of King George VI in 1938.

Related Topics:
Great Depression - Legal Tender - King George VI

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The coronation of Queen Elizabeth II in 1953 saw the issue of a new series with portrait of prominent persons in Australia's history.

Related Topics:
Coronation - Queen Elizabeth II - 1953

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• Ten Shilling ? Matthew Flinders
• One Pound ? Queen Elizabeth II
• Five Pound ? John Franklin
• Ten Pound ? Arthur Phillip

A fifty pound note was also prepared with the portrait of Henry Parkes, but this note was never issued. A few specimens exist in private hands and are worth a great deal to collectors.

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Another coin highly sought after by collectors is the Penny dated 1930. Its rarity is so well known amongst Australians, that demand for what is akin to a blue chip investment has pushed prices to approximately 35,000 Australian Dollars for an average standard example. A proof example of the same coin recently changed hands for over 400,000 Australian Dollars, making it the most expensive copper coin in the world.

Related Topics:
Coin - Proof - Copper

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