The Historical Denominations of the Australian Currency: From 10000 Notes to 100
The history of the Australian currency is marked by interesting developments and changes in its highest denominations. From the large 10000 note introduced in the late 20th century to the current highest circulation note, the 100, this journey offers insights into the economic and social fabric of Australia.
The 10000 Australian Dollar Note
The highest denomination of the Australian currency ever produced was the 10000 note. This unique note featured a portrait of Sir John Monash, an esteemed Australian military commander during World War I. It was issued by the Commonwealth Bank of Australia in 1992 and was primarily used for transactions between banks. Despite its value, the 10000 note was never intended for general circulation. It was withdrawn from circulation in 1996.
Transition from British to Australian Currency
The introduction of the Australian dollar in 1966 marked a significant milestone in the history of Australian currency. The transition from pounds, shillings, and pence to dollars and cents was a crucial event. Among the various denominations issued during this period, the highest note was the 1000 Pound note. This was in use from 1910 to 1966.
Current Circulation: 100 Dollar Note
Today, the highest denomination in regular use is the 100 note. Coin denominations include 5, 10, 20, and 50 cents, and 1 and 2 dollars. The transition from these larger notes to the current 100 note has been gradual and reflects broader economic trends. Interestingly, the term 'Avocado or Cabbage' is colloquially used for the 1000 Pound note due to its green color, symbolizing the nature theme of its design.
Polymers and Banknote Security
Australia stands as the first country in the world to have a complete system of banknotes made from polymer. This innovation has revolutionized the security and durability of banknotes. Polymer notes provide advanced security features that make them much harder to counterfeit. They are also more durable and easier to recycle, making them an environmentally friendly choice.
Long-Term Trends in Banknote Denominations
The value of each denomination in circulation has grown broadly in line with long-term trends in Australia, Canada, and the United Kingdom. However, growth has been strongest for the highest denominations, such as the AUD 100, CAD 100, and GBP 50 notes. This trend reflects the economic and social changes that have occurred over the years.
For those interested in preserving the history of currency, the changing denominations and the evolution of the 10000 note to the current 100 note offer a fascinating narrative of economic development and technological advancement.