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Home >> Australia Hotels >> About Australia >>Currency Australia
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Australia was the first country in the entire world to have implemented a complete system of bank notes. The specialty of the bank notes was that they were made from plastic. These notes provide greater security against the evil and harmful practice of counterfeiting. They also last four times as long as the conventional paper notes. The Currency of Australia is highly developed.
This innovative technology by which the Australian bank notes are produced, is developed entirely in Australia. This fine and advanced technology offers artists with several opportunities for the creation of images. These beautiful images in turn reflect the history and natural environment that Australia has to offer. The aforementioned polymer notes are also cleaner than paper notes and are also recyclable. Australia's currency comprises coins of 5, 10, 20 and 50 cent and one and two
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dollar denominations.There are Australian notes of 5, 10, 20, 50 and 100 -dollar denominations in the Currency of Australia. Currency of Australia has a vast history and several forms of currency were used in the Australian colonies right after the arrival of the first European settlers in the year 1788. The early conditions barter was necessary. Soon currency of Australia replaced payment in commodities like rum. Some of the first official notes used in the country were Police Fund Notes. The notes were issued by the Bank of New South Wales in the year 1816.
After the federation formed in the first half of the 20th century to be more specific in 1901, Australia became an independent nation. The federal government became solely responsible for the currency of Australia. The Australian Notes Act was finally passed about 9 years later in the year 1910. In the year 1913 the first series of Australian notes was issued. The notes were all based on the old British system of 12 pence to a shilling, 20 shillings to a pound.
The year 1963 saw the currency of Australia change to decimal currency. Astonishingly, more than 1000 submissions were made about the name of the new currency unit. The Prime Minister of that time Sir Robert Menzies, proposed the 'royal'. The 'dollar' was eventually chosen as the name, and decimal currency was introduced on the 14th of February 1966.
Real soon, substantial counterfeiting of $10 notes was detected. The Reserve Bank of Australia developed new note technologies jointly with the Commonwealth Scientific and Industrial Research Organization to firmly prevent this heinous crime.
The revolutionary and innovative polymer notes were first introduced in 1988 with the issue of a commemorative $10 note, marking Australia's bicentenary by featuring the theme of settlement.
The $100 note features world-renowned soprano Dame Nellie Melba (1861-1931), and the distinguished soldier, engineer and administrator General Sir John Monash (1865-1931) while the$50 note features Aboriginal writer and inventor David Unaipon (1872-1967).
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