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Banknotes of the Australian pound were first issued by numerous private banks in Australia, starting with the Bank of New South Wales in 1817. [1] [nb 1] Acceptance of private bank notes was not made compulsory by legal tender laws but they were widely used and accepted.
In May 2015, the National Library of Australia announced that it had discovered the first £A 1 banknote printed by the Commonwealth of Australia, among a collection of specimen banknotes. This uncirculated Australian pound note, with the serial number (red-ink) P000001, was the first piece of currency to carry the coat of arms of Australia. [8]
The Australian one-pound note was the most prevalent banknote in circulation with the pound series, with the last series of 1953–66 having 1,066 million banknotes printed. [2] The first banknotes issued were superscribed notes purchased from 15 banks across Australia and printed with Australian Note and were payable in gold.
At federation in 1901 and for a period afterwards, the currency used in the Australian colonies which became states consisted of British silver and copper coins, Australian minted gold sovereigns (worth £1) and half sovereigns, locally minted copper trade tokens (suppressed in 1881, some state earlier [8]) and private bank notes.
The Australian Notes Act 1910 was an Act of the Parliament of Australia which allowed for the creation of Australia's first national banknotes.In conjunction with the Coinage Act 1909 it created the Australian pound as a separate national currency from the pound sterling.
The Australian ten-pound note was a denomination of the Australian pound that was equivalent to twenty dollars on 14 February, 1966. This denomination along with all other pound denomination is still legal tender = twenty dollar note. It was first issued in 1911 on overprinted banknotes issued by the various commercial and state banks of the time.
Australian currency was originally based on British pounds, shillings and pence. That changed in 1966, when the country converted to Australian dollars and cents, similar to the U.S. system.
The notes of the Australian dollar were first issued by the Reserve Bank of Australia on 14 February 1966, when Australia changed to decimal currency and replaced the pound with the dollar. [1] This currency was a lot easier for calculating compared to the previous Australian pound worth 20 shillings or 240 pence.