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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.
Note Printing Australia (NPA) is a wholly owned subsidiary of the Reserve Bank of Australia (RBA) that produces banknotes and passports. It was corporatised in July 1998 and is located in Craigieburn, Melbourne. NPA has its origins as a subsidiary of the Commonwealth Bank and was established in
[7] [8] These notes can still be redeemed at face value by the Reserve Bank of Australia and most commercial banks, [9] but numismatics and note collectors may pay a higher price for these notes depending on age and condition.
Bank tellers and experts are very familiar with requests for certain kinds of bank notes. In fact, they encounter them more often than you might think. To learn more about the most commonly asked ...
Surviving notes above the £10 denomination are extremely rare: two £20 notes are known (privately held), £50 notes are known in the collections of the Reserve Bank of Australia and the Art Gallery of South Australia, and no £100 banknotes of this series are known to exist. [10]
According to Reserve Bank of Australia statistics, the number of $100 banknotes in circulation in June 2005 was 149 million—18.5% of all notes in circulation. The cash value for these notes was $14,924 million—41.9% of the total value for all denominations. Only the $50 note had more cash value in circulation. [9]
The Reserve Bank is currently governed by the Reserve Bank Act 1959. [4] Section 10(2), commonly referred to as the Bank's charter, states that Bank's duty is "to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia" to be achieved by exercising its powers "to contribute to:
Australian notes are legal tender throughout Australia by virtue of section 36(1) of the Reserve Bank Act 1959 without an amount limit. [71] Section 16 of the Currency Act 1965 similarly provides that Australian coins intended for general circulation are also legal tender, but only for the following amounts: [ 72 ]