Australia, inventor of safe plastic money | Best Migration Services (2024)

FAQs

Who invented plastic money in Australia? ›

Modern polymer banknotes were first developed by the Reserve Bank of Australia (RBA), Commonwealth Scientific and Industrial Research Organisation (CSIRO) and The University of Melbourne. They were first issued as currency in Australia during 1988 (coinciding with Australia's bicentennial year).

If you hold it to the light you should see the Australian Coat of Arms. Since Australian money is printed on polymer, a type of plastic, a real bank note should go back to its original shape after being scrunched up. Banknotes are also difficult to tear and have fine line patterns on each side that are multi-coloured.

Look for a small circle with diamond-shaped patterns. If you hold the banknote up to the light, the diamond shapes should align perfectly to form a seven-pointed star inside the circle. While you still have the banknote held to the light, you should also be able to see the Australia Coat of Arms under the print.

Australian $50 notes were issued from 1973 right up until they were replaced by polymer notes in 1995. Some notes can be particularly valuable if they have the right serial numbers or if they're in mint condition. The rarest $50 notes can sell for up to $2,000 each.

Thin plastic material called Polymer is used in Currency printing of Australia, New Zealand, Canada, UK and even Vietnam. Since 1988, Australia, the first nation to do so, started printing Currency in thin Polymer material.

In 1910, Prime Minister Andrew Fisher took control of Australian currency matters by passing the Australian Notes Act. This act introduced the new Australian currency, the Australian pound. The Australian pound was similar to the sterling pound and consisted of 20 shillings, or 240 pence.

Contact your local police department or United States Secret Service field office. These numbers can be found on the inside front page of your local telephone directory. Write your initials and the date in the white border areas of the suspect note. Limit the handling of the note.

And with cash comes the risk of getting duped by counterfeit. Here's what the Federal Reserve says to look for on a $50 bill. Color shifting ink on the '50' symbol: You should see it change from copper to green. Watermark: There should be a faint image of President Grant woven into the bill.

Examine the holograms or color-shifting images: Some newer U.S. notes, have holograms or color-shifting images that change when you tilt the bill. Be cautious of irregularities: Look for any irregularities, such as blurred or uneven printing, missing security features, or unusual colors.

Australian banknotes are printed on plastic and have a distinct feel. A suspect banknote may feel excessively thick or thin compared to a genuine banknote. It is difficult to start a tear along the edge of a genuine banknote. You can also try scrunching the banknote in your hand – a genuine banknote should spring back.

What does the new Australian $50 note look like? ›

The $50 banknote features the Acacia humifusa and the Black Swan ( Cygnus atratus ). The banknote celebrates David Unaipon, an inventor and Australia's first published Aboriginal author, and Edith Cowan, the first female member of an Australian parliament.

Rare Australian $1 notes that are valuable include those with low serial numbers, star replacement notes indicated by a star in the serial number and notes printed in the first year of issue (1966).

Australian $20 notes have been printed since 1994. Some notes can be particularly valuable with the right serial numbers or if in mint condition, reaching up to $700 for the rarest notes. Australia has been at the forefront of the development of polymer banknotes ever since it was first invented by CSIRO in the 1970s.

The rarest $2 notes can sell for up to $5,000 each.

Because $5 bills and banknotes have such a long history, those from the earliest years will hold the most value for collectors and dealers. But even $5 bills from the 20th century can fetch high prices. Here's a look at a few different five-dollar bills that can sell for hundreds of dollars or more.

The Australian dollar was introduced as a decimal currency on 14 February 1966 to replace the non-decimal Australian pound, with the conversion rate of two dollars to the pound (A£1 = A$2). It is subdivided into 100 cents. The $ symbol precedes the amount.

In April 1959, the Advisory Committee selected the work of designer Gordon Andrews to appear on Australia's currency banknotes. Their decision, documented in a memo, found that the four sets of banknotes were all of a high standard, but that the set by Gordon Andrews was of outstanding excellence.

First release in the Bicentennial year 1988

By 1998 all Australian banknotes were issued in plastic and Australia became the first country in the world to convert from a paper-based banknote currency to a polymer-based one.