Did you know that dollar bills are called “dollars” in Australia? You can learn more about these unique banknotes in this article. It will tell you about the history of these bills and their polymer material. You will also learn about the origin of the iconic animals that appear on the bills.
Origins
The Australian dollar bills were introduced to the world in 1988. They featured the First Fleet arriving at Sydney Cove and a portrait of an Indigenous man. In addition, there was a transparent ‘window’ depicting Captain James Cook. Earlier, the Reserve Bank of Australia replaced its $1 and $2 bills with coins, but in the late 1980s, the bank began phasing out the paper banknotes with their polymer replacements. These new plastic bills celebrated a new set of public figures.
The Australian dollar bills replaced the 10 shilling note. It also features a selection of Aboriginal rock art. The reverse of the note features an image of Injalak mountain, which is located in West Arnhem Land. The bill also includes an exchange form, which you can fill out and send off for money.
Origins of Australian dollar bills
Australian dollar bills have a very long history. Originally, they were made of paper, but the Reserve Bank of Australia changed the paper to polymer in the early 1980s. This change helped the banknotes to become more durable and less susceptible to counterfeiting. In addition, they are more hygienic and can be recycled.
The Australian dollar is used in many foreign countries, and is the legal tender in many external territories. It is the official currency of Kiribati, Nauru, and Tuvalu. Papua New Guinea also used the Australian dollar until the end of 1975, when it was replaced by the Solomon Islands dollar.
The Australian dollar was first known as the shilling, and was introduced in 1913. It was based on the old British sterling system. Today, it is Australia’s most valuable currency, worth one million dollars. The first Australian dollar banknote was introduced in 1913, and is still the most valuable note in the country.
Origins of polymer banknotes
The origins of polymer dollar bills in Australia date back to the 1990s. These banknotes use a polymer substrate and incorporate many security features. They are also much more durable than traditional paper notes. Polymer banknotes can also be recycled for reuse, making them a more environmentally friendly choice for banking.
Australian banknotes were the first to use polymer material. They were first issued in the late 1980s and were only introduced into circulation in 1996. Since then, they have been used in a variety of countries. Polymer banknotes are recyclable and difficult to fake, and the latest series even features a tactile feature for visually impaired people to differentiate between notes.
The Australian economy underwent an economic boom, and the economy started growing. During this period, the Reserve Bank of Australia began replacing old banknotes with newer ones. In 1996, the bank issued new $50 and $20 banknotes. The new plastic notes were designed to celebrate Australia’s new set of public figures.
Origins of iconic animals on Australian dollar bills
The animals featured on Australian dollar bills are all native to Australia and are not found anywhere else. Their inclusion on the Australian currency is an effort to promote the country. Traditionally, coins have featured portraits of emperors and kings. But, these days, countries use a variety of other symbols to promote their country. These can be endemic plants, important architectural structures, or animals.
The first Australian banknotes were introduced on 14 February 1966, replacing the Australian pound with the new decimal currency. The new notes featured a variety of animals and depicted both the history of Australia and the country’s contribution to the world. The new currency was issued in denominations of $1, $2, $10, and $20. The new notes were shaped and designed differently than the old coins.
Evolution of polymer banknotes
The Reserve Bank of Australia recently released an analysis evaluating the costs and benefits of issuing polymer banknotes in Australia. Over the past 25 years, the switch from paper to polymer banknotes has saved the Australian economy close to $1 billion. However, this analysis did not factor in reduced counterfeiting.
The introduction of polymer banknotes in Australia marked a paradigm shift in currency security. This innovation stemmed from research conducted by the CSIRO, the Australian government’s scientific research agency. In 1968, the CSIRO began developing a new security solution to combat forgeries of decimal currency. It proposed the use of a plastic material and a see-through panel for the notes, which incorporated a hologram. This new technology was not only more secure but also more environmentally friendly.
Conclusion
The new generation of polymer banknotes began to circulate in Australia in 2016. The first polymer banknotes were released in 2016, followed by the $10 and $20 notes in 2017. The new $100 note will be released in 2019 and will feature a picture of the famous World War I hero Sir John Monash and the opera singer Dame Nellie Melba. The new banknotes feature a top-to-bottom window and rolling colour effects.