111) Currency and coinage of Australia: Australian dollars and cents:

111) Currency and coinage of Australia: Australian dollars and cents:

Historical development of currency/coinage in Australia:

Aboriginal trade was based on barter exchange of commodities and produce and did not use any form of currency. In the absence of a circulating currency, the British after colonisation of Australia by 1788 also used Barter exchange until the end of the nineteenth century.

Rapid settling of the British colony by this period and promotion of British and European private enterprise necessitated the use of a recognised circulating currency.

This became all the more necessary as the discovery of gold led to the production of gold coins and issue of some banknotes by private banks, which were not recognised currency nation-wide. (Some of the first such Banknotes in circulation included the “Police Fund Notes” which were issued by the Bank of New South Wales in 1816).

 Accordingly, it was felt that there should be a National Bank tasked with the issuance of nationally acceptable currency notes to be introduced for the purpose.

In 1901, Australia was declared a Federation and became an independent country and the Federal Government bore the responsibility of issuing the currency. The Australian Commonwealth Government favoured the introduction of a nationally acceptable currency.

Accordingly, in 1910, legislation was enacted termed as the “Australian Notes Act” for such a currency to be introduced and development of Central Banking.

In 1911, a government owned bank, the Commonwealth Bank was established. Its functions were later taken over by the Reserve Bank of Australia.

In 1913, a distinctly Australian currency series was introduced under the legislation depicting Australia’s land and rural based activities including rural products and minerals. This currency was based on the old British system of 12 pence to a shilling and 20 shillings to a pound. For printing the first notes in Australia, technology and expertise had to be imported from England.

By 1920s onwards, the Commonwealth Bank was responsible for printing Australia’s currency Notes and was exercising substantial powers as a Reserve Bank.

Three series of lower denomination Banknotes were issued during the II World War period followed by a fourth Series in the early 1950s.

The Backs of these Banknotes depicted development of the Australian economy.

Between 1960 and 1988, setting up of the Reserve Bank of Australia was mooted and the decimal system was adopted.

In 1963, Australia mooted the change to a decimal currency and several proposals were considered.

Several fancy names for the new currency were proposed viz., the Austral, the Oz, the Roo, the Emu, the Kwid, the Kanga etc. However, finally the conventional name “dollar” won the day.

A new Note printing facility was opened at Melbourne to facilitate the transition from the British Pound into the new Australian dollar currency.

On 14.02.1966 a new decimal currency was introduced and a new series of Australian Banknotes denominated in dollars was introduced, which depicted the emerging social and cultural diversity of Australia. The denominations introduced were $1, $2, $10, and $20 Banknotes, with $5 being put into circulation in 1967.

The transition from pounds, shillings and pence to the dollar and implementation thereof was somewhat tricky initially and to assist Australians to familiarise themselves with the new dollar currency, an animated character the “Dollar Bill” was widely publicised to help them make the transition to a dollar and cents based circulating currency.

An interesting point to remember is that the “Dollar” had its origins in Bohemia, which is a part of present – day Czech Republic, where the “dollar” or “thaler” originated in the 16^th century.

Also, in 1966, coins were introduced in the denominations of 1, 2, 5, 10, 20, and 50 cents. In 1984, one dollar coins were introduced, while two dollar coins were introduced in 1988.

The Australian dollar is now the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands and Norfolk Island as well as the Pacific Island States of Kinbati, Nauru and Tuvalu. The Australian dollar is sub-divided into 100 cents.

Presently, Australia’s Banknotes are printed by “Note Printing Australia” which is a wholly owned subsidiary of the Reserve Bank of Australia. Note Printing Australia also prints polymer Banknotes for several other countries like Bangladesh, Chile, Indonesia, Kuwait, Malaysia, Mexico, Nepal, New Zealand, Papua New Guinea, Romania, Western Samoa, Singapore, Solomon Islands, Sri Lanka, Thailand and Vietnam.

First country world-wide to print polymer Banknotes:

From 1988 onwards, Australian currency was gradually switched to polymer (or plastic) Banknotes, as opposed to the hitherto-before practice of issuing paper currency. Australia was the first country in the World to have a complete series of polymer banknotes from 1991 onwards, which afforded greater security against counterfeiting.

Polymer notes have the advantage over paper/fibrous currency, in that, they can last up to four times longer. Another advantage is that polymer Banknotes are cleaner than Paper currency and recyclable.

Australian expertise in issuing polymer banknotes has developed to such a high level that the polymer note technology has been exported by Australia to several other countries.

The first denomination printed under the polymer currency notes in 1988, was the $10 Banknote issued to commemorate Australia’s bicentenary through the theme of European settlement in Australia.

 On the Front, the commemorative $10 Banknote depicted a young Aborigine in body paint with other features of Aboriginal culture. On the Back, the Banknote depicted the ship “Supply” belonging to the First Fleet, with the Sydney Cove in the background along with a group of people from diverse backgrounds through whom Australia had developed into a Federation over the bicentennial. This Note also featured s transparent window with an optically variable image of Captain James Cook as a security feature.

In September 2012, the Reserve Bank of Australia has proposed to upgrade the current Banknotes because of several proposed security features to be incorporated.

The present issues of the Australian currency in circulation:  include notes and coins of the following denominations:

5, 10, 20, 50 and 100 dollar polymer Banknotes and 5, 10, 20, 50 cent, $1 and $2 coins.

The First Series of Banknotes – “Paper series” (1966-1988/1991):

On the Front, the $1 Banknote features a portrait of Queen Elizabeth II.

On the Back, the $1 Banknote shows the Artwork of David Malangi (1927-1999). He was an indigenous Australian Yolngu artist from the Northern Territory and the most well-known of bark painters. The artwork image depicts the mortuary feast of the ancestral hunter Gurrmirringu. The colour of this Banknote is brown and orange and its size is 140 mm x 70 mm. This Banknote was issued in 1966.

On the Front, the $2 Banknote depicts a picture of John Mcarthur (03.09.1767-10.04.1834) who was variously a British Army officer, entrepreneur, politician, architect and pioneer settler in Australia who is recognised as the pioneer of the wool industry in Australia. He was also honoured by a postage stamp issued on the centenary of his death in 1934 by a postage stamp depicting a merino ram, in honour of his contributions to farming and agriculture.

On the Back the $2 Banknote shows William Farrer (03.04.1845-16.04.1906). He was a renowned agronomist and plant breeder, credited as the originator of the “Federation” strain of wheat widely distributed in 1903. He earned the title of “Father of the Australian wheat industry” for his contribution in bringing about major improvements in the quality and crop yields of Australian wheat harvests. The colour of this Banknote is green and yellow and its size is 145 mm x 71 mm. This Banknote was issued in 1966.

On the Front, the $5 Banknote depicts a picture of Sir Joseph Banks (24.02.1743-19.06.1820). He was an English Naturalist, botanist and patron of the natural sciences and was a member of Captain James Cook’s first great voyage from 1768 to 1771. He is also responsible for introducing Eucalyptus and Acacia varieties and the genus “Banksia” which is named after him to the Western countries.

On the Back the $5 Banknote shows Caroline Chisholm (30.05.1808-25.03.1877) who was a well-known progressive English humanitarian known for her work on women immigrant welfare in Australia. The colour of this Banknote is mauve and its size is 152 mm x 76 mm. This Banknote was issued in 1967.

On the Front, the $10 Banknote depicts a picture of Francis Greenway (20.11.1777-24.09.1837) who was deported to Australia as a criminal for forgery. He went on to become a renowned architect well known for his buildings such as St. Matthew’s Church in Windsor, New South Wales, St. James Church and Hyde Park Barracks in Sydney.

On the Back the $10 Banknote shows Henry Lawson (17.06.1867-02.09.1922). He was among Australia’s best-known poets, balladist and fictional writers. On this Banknote, Lawson was featured against scenes from the town of Gulgong in New South Wales. The colour of this Banknote is blue and orange and its size is 155 mm x 76 mm. This Banknote was issued in 1966. In 1949, he was also honoured with a postage stamp issued on him.

On the Front, the $20 Banknote depicts a picture of Sir Charles Kingsford Smith (09.02.1897-08.11.1935). An early Australian aviator, he earned world-wide fame for making the first trans-Pacific flight from USA to Australia and vice-versa, and the first non-stop crossing of the Australian mainland as well as the first flight between Australia and New Zealand and a record 10.5 day flight from Australia to London.

On the Back the $20 Banknote shows Lawrence Hargrave (29.01.1850-14.07.1915). He was an engineer, explorer, astronomer, inventor and aeronautical pioneer. Some of the gliders designed by him also appear in the background of this Banknote. The colour of this Banknote is red and yellow and its size is 160 mm x 81 mm. This Banknote was issued in 1966.

On the Front, the $50 Banknote depicts the picture of Howard Florey (24.09.1898-21.02.1968). He was a noted Australian pharmacologist and pathologist who shared the Nobel Prize in Physiology or Medicine in 1945 with Sir Ernst Boris Chain and Sir Alexander Fleming for their work on penicillin.

On the Back the $50 Banknote shows Sir Ian Clunies Ross (22.02.1899-20.06.1959). He is known as the Architect of Australia’s scientific boom for leading Australia’s scientific organisation the “Commonwealth Scientific and Industrial Research Organisation” (CSIRO). The colour of this Banknote is gold, blue, brown and green and its size is 165 mm x 82 mm. This Banknote was issued in 1973.

On the Front, the $100 Banknote depicts a picture of Sir Douglas Mawson (05.05.1882-14.10.1958). He was an Australian geologist, Antarctic explorer and Academic. Along with Roald Amundsen, Robert Scott and Ernest Shackleton, he was a key expedition leader in the “Heroic Age of Antarctic exploration”.

On the Back it shows John Tebutt (25.05.1834-29.11.1916). He was an astronomer credited with discovering the “Great Comet of 1861”.The colour of this Banknote is light blue and grey and its size is 172 mm x 82.5 mm. This Banknote was issued in 1984.

The Second Series of Banknotes – “Polymer series” (1991 onwards):

On the Front, the $100 Banknote features world famous soprano Dame Nellie Melba (1861-1931) and on the Back, it has the picture of the engineer and administrator General Sir John Monash (1865-1931). The transparent watermark window has an image of the “Lyrebird”. The colour of this Banknote is green and its size is 158 mm x 65 mm.

On the Front, the $50 Banknote features the Aboriginal writer and inventor David Unaipon (1872-1967) and on the Back it has the picture of Australia’s first woman Parliamentarian Edith Cowan (1861-1932). The transparent watermark window has an image of the “Southern Cross”. The colour of this Banknote is yellow and its size is 151 mm x 65 mm.

On the Front, the $ 20 Banknote shows Mary Reibey (1777-1855) who arrived in Australia as a convict in 1792 and later became a prominent shipping magnate and philanthropist and on the Back the Banknote shows an image of Reverend John Flynn (1880-1932) who was the founder of the World’s first aerial medical service the “Royal Flying Doctor Service”. The transparent watermark window has an image of a “Compass”. The colour of this Banknote is red and its size is 144 mm x 65 mm.

On the Front, the $10 Banknote shows the poets AB “Banjo” Paterson (1864-1941) and on the Back there is the picture of Dame Mary Gilmore (1865-1962). This Note also has micro-print excerpts of their works (“The man from Snowy River” by Paterson and “No foe shall gather our harvest” by Gilmore). The transparent watermark window has an image of a “Windmill”. The colour of this Banknote is blue and its size is 137 mm x 65 mm.

There are three variations of the $5 Banknote:

a)   On the Front, the first $5 Banknote issued in 1992 shows Queen Elizabeth II and on the Back it depicts the Parliament House in Canberra, the National Capital and the old Parliament House. The transparent watermark window has an image of a “Gum Flower”. The colour of this Banknote is pale mauve and its size is 130 mm x 65 mm.
  

     

                 

b)   On the Front, the second $5 Banknote issued in 1995 shows Queen Elizabeth II and on the Back it depicts the Parliament House in Canberra, the National Capital and the old Parliament House. The transparent watermark window has an image of a “Gum Flower”. The colour of this Banknote is violet pink and its size is, also, 130 mm x 65 mm.

c)   On the Front the third $5 Banknote issued in 2001 as a special commemorative note for that year, shows a picture of Sir Henry Parkes and on the Back it has a picture of Catherine Helen Spence. The transparent watermark window is leaf-shaped. The colour of this Banknote is violet pink and its size is, also, 130 mm x 65 mm.

In 2002, the designs of all Banknotes of this series were changed to include the names of the persons pictured on them, mentioned below their portraits.

Royal Australian Mint, Canberra:

Australian coins are minted by the Royal Australian Mint located in Canberra. This mint has the capacity to mint more than two million coins in a day or more than 600 million coins per year.

The present issues of Australian coins in circulation are as under:

The $2 coin which replaced the two dollar note in 1988 depicts an Aboriginal tribal elder shown against a background of the Southern Cross and native grass trees.

Obverse of a $2 coin issued in 1999 with Queen Elizabeth II’s portrait facing right.

Reverse of the above $2 coin showing the aboriginal tribal elder.

The specifications of this coin are: diameter: 20.50 mm; thickness: less than 3.2 mm; weight: 6.60 gms; edge: Interrupted milled; metal composition: Aluminium bronze (92% copper, 6% aluminium and 2% nickel). Year of first minting: 1988.

The $1 coin which replaced the $1 Banknote in 1984 depicts five kangaroos.

Obverse of a $1 coin issued in 2006 with Queen Elizabeth II’s portrait facing right.

Reverse of the above coin showing five kangaroos.    

The specifications of this coin are: diameter: 25.00 mm; thickness: less than 3.00 mm; weight: 9.00 gms; edge: Interrupted milled; metal composition: Aluminium bronze (92% copper, 6% aluminium and 2% nickel). Year of first minting: 1984.

The 50 cent coin shows the Australian Coat of Arms, with the six State emblems on a central shield supported by a Kangaroo and an emu with a background of Mitchell grass.

Obverse of a 50 cent coin issued in 2001 with Queen Elizabeth II’s portrait facing right.

Reverse of the above coin showing the Australian Coat of Arms.

The specifications of this coin are: shape: dodecagon; diameter: 31.65 mm; thickness: 2.00 mm; weight: 15.55 gms; edge: plain; metal composition: cupro-nickel (75% copper and 25% nickel). Year of first minting: 1969.

The 20 cent coin shows a platypus which is one of the two egg-laying mammals in the World. It uses its webbed feet and duck-like bill to hunt for food along the bottom of streams and rivers.

Obverse of a 20 cent coin issued in 2007 with Queen Elizabeth II’s portrait facing right.

Reverse of the above coin showing a platypus.

The specifications of this coin are: diameter: 28.65 mm; thickness: less than 2.50 mm; weight: 11.30 gms; edge: milled; metal composition: cupro-nickel (75% copper and 25% nickel). Year of first minting: 1966.

The 10 cent coin features a male lyrebird dancing. The lyrebird is a mimic which inhabits the dense, damp forests of Australia’s eastern coast.

Obverse of a 10 cent coin issued in 2002 with Queen Elizabeth II’s portrait facing right.

Reverse of the above coin showing a dancing lyre bird.

The specifications of this coin are: diameter: 23.60 mm; thickness: less than 2.00 mm; weight: 05.65 gms; edge: milled; metal composition: cupro-nickel (75% copper and 25% nickel). Year of first minting: 1966.

The 5 cent coin depicts an echidna or spiny anteater, the World’s only other egg laying mammal. 

Obverse of a 5 cent coin issued in 2006 with Queen Elizabeth II’s portrait facing right.

Reverse of the above coin showing a spiny anteater.

The specifications of this coin are: diameter: 19.41 mm; thickness: 01.30 mm; weight: 02.83 gms; edge: milled; metal composition: cupro-nickel (75% copper and 25% nickel). Year of first minting: 1966.

Two other denominations which were issued as circulation coins but owing to inflation are no longer used are 1 and 2 cent coins. Both these denominations were, however, withdrawn from circulation in 1991:

Obverse of a 1 (one) cent coin issued in 1967 with Queen Elizabeth II’s portrait facing right.

Reverse of the (1) one cent coin depicted a Feathertail glider.

The specifications of this coin are: diameter: 17.65 mm; weight: 02.60 gms; metal composition: 97% copper, 2.5% zinc and 0.5% tin). Year of first minting: 1966.

The 2 cent coin depicted a Frill-necked lizard.

Obverse of a 2 cent coin issued in 1989 with Queen Elizabeth II’s portrait facing right.

Reverse of the above coin showing a frill necked lizard .

The specifications of this coin are: diameter: 21.59 mm; weight: 05.20 gms; metal composition: 97% copper, 2.5% zinc and 0.5% tin).Year of first minting: 1966.

Australia’s first triangular coin:

In beginning 2013, Australia’s first triangular coin was introduced to mark the 25^thAnniversary of the opening of the Australian Parliament House. The triangular $5 fine silver proof coin is .9900 fine silver and depicts the Australian Parliament House when viewed from one of its courtyards. The World renowned triangular flag mast is the focal point of the design. The coin has a limited mintage of 10,000 pieces.

Obverse of the $5 silver triangular coin

Reverse of the $5 silver triangular coin.
First purple striped $2 circulating commemorative coin:

In June 2013, the Royal Australian Mint has brought out Australia’s first $2 purple striped circulating coin celebrating the 60^th Anniversary of Queen Elizabeth II’s coronation. This coin features three regal purple stripes bordering St. Edward’s Crown. Two million of these coins will be released into circulation.  The coin carries the “C” mint mark to the right indicating a Canberra mint issue. Two million of these coins are being issued through normal /distribution channels.

Some Other Commemorative coins:

Quite a few special commemorative coins have been issued over the years in various denominations for numismatists by the Royal Australian Mint, however many of these have also been issued for general circulation. For example:

In 2002, a one dollar coin was issued with a map of Australia, below which is mentioned the year of issue “2002” and the inscription “Year of the Outback”.

In 2005, the Royal Australian Mint issued a fifty cents coin inscribed “World War 1939-1945 Remembrance” on the upper periphery, where Australian Army officers and soldiers are shown as paying their respects at the last resting places of their fallen comrades.

 

In 2007, a one dollar coin was issued on the upper periphery of which is mentioned “APEC AUSTRALIA 2007” with the logo engraved in the centre within an inner ring. 

In 2008, a one dollar coin was issued on the upper periphery of which is mentioned “CENTENARY OF SCOUTING”. In the centre is the emblem flanked by the centenary years “1908” on the left and “2008” on the right. Below the emblem is engraved “SCOUTS AUSTRALIA”. Further below on the lower periphery in mentioned “1 dollar”, the denomination of the coin.

In 2012, a commemorative $2 coin was produced depicting a poppy for Remembrance Day. Some other coin sets released in 2012 for collectors by the Royal Australian Mint include: Coins of the Commonwealth folder, AFL minted treasures, Mint mark and Privy mark set Wheat 2 coin uncirculated set.

Some of the Commemorative coins sets released in 2013 include: Mining Proof set, Surfing set, Korean war, Polar bear, Penguin, Walrus Seal, Polar animals Uncirculated year set, Annual Proof set etc.

Some of the other popular  commemorative coins issued in the  50 pence denomination included James Cook’s exploration along the east coast of the Australian continent (1970), Queen Elizabeth II’s silver jubilee (1977), the wedding of Charles, Prince of Wales and Diana (1981), the Brisbane Commonwealth Games (1982), the Australian bicentenary (1988) etc.

The most memorable coin issued thus far by the Royal Australian Mint is a gold 200 dollar coin.

(The coins and banknotes shown above are all from the collection of Jayant Biswas, except the coins issued in 2013 and the 1 cent coin which is from my collection. Scanning of coins and currency notes done and Article researched  and  written by Rajeev Prasad).

Links to Posts on Australia, New Zealand and countries and Overseas Territories of the South Pacific on this blog:

1) Bank of Papua New Guinea: 36th Anniversary Celebrations (1973-2008): A Commemorative Uncirulated Coin Set consisting of a 2 Kina Banknote & a 2 Kina Coin

2) Papua New Guinea: An uncirculated coin set brought out in 1995 commemorating the 20th Anniversary of Independence 

 3) Currency & Coinage of the Soloman Islands: Dollars and Cents

4) New Zealand: New Banknote "Seventh Series" issued under Project "Brighter Money" from 2015 onwards

5) Coinage of the French Polynesian Island of Caledonia (or Nouvelle Caledonie) the CFP Franc  

6) French Institution for issuing uniform currency/coinage for French Overseas Territories in the Pacific and the French Southern Territories of Antarctica: The Institut d'emmission d'outre Mer (IEOM)

7) Currency & Coinage of Samoa: Tala and Sene 

8) Currency of the South Pacific Island Country of Fiji 

9) Coinage of New Zealand: A commemorative coin set issued in 1979 

10) Currency and Coinage of Australia: Dollars and Cents 

11) The Australian Emblem or the Coat of Arms 

12) The story of the Australian Penny 

13) The Legend of the Mutiny on the Bounty: A Commemorative Coin Set from the Pitcairn Islands depicting relics from the Bounty issued in 2009 

14) An Australian $5 coin issued in 1996, commemorating Australia's greatest cricketing legend - Sir Donald Bradman 

15) New Series/Generation of Australian Banknotes being introduced from 01.09.2016 onwards starting from $5 issues