The Australian dollar is no less than the sixth most-traded global currency.
The currency is accounting for more than 6% of international foreign-exchange transactions. It is popular among world currency traders because of the prevailing high Australian interest rates.
Traders also love the Australian dollar’s relative freedom from federal government intervention and the country’s stable political system and economy.
In history, the Australian dollar was
born on February 14, 1966 after the Australian pound was
scrapped following the implementation of a new decimal
The currency was almost named
differently. It took some time before ‘dollar’ was picked as
the Australian currency name.
The Reserve bank of Australia printed trial designs of proposed currencies under the names ‘the royal’, ‘the austral’, ‘the roo’, ‘the kwid’,
and ‘the kanga’, among others.
The name ‘royal’ was initially selected but was later dropped due to its proven unpopularity.
The Australian dollar is divisible into 100 cents.
The national currency took colorful and artistically designed bank notes in A$5, A$10, A$20, A$50 and A$100 dollar denominations. In 1988, the country designed and launched polymer or plastic bank notes, the first in the world, as an answer to the rising incidences of fake Australian dollars.
It was only in 1996 that the country emerged as the first ever nation to take a complete polymer notes series. Now, almost all local bills are in polymer, which are recyclable and are lasting four times longer compared to ordinary and traditional ‘fibrous’ bills.
Note Printing Australia, the national notes printer and developer of polymer notes, has already started importing the plastic bank notes technology.
Following the lead of Australia in issuing plastic bills are several neighboring and far-flung countries like Indonesia, Malaysia, Nepal, Papua New Guinea, Singapore, Thailand and Romania. Note Printing Australia is also exporting numismatic collections, based on innovative note issues, commemorative bills and annual uncirculated ban notes.
The Australian dollar is not just used across the entire Australian continent.
Australian territories are also using the currency, including Cocos
Islands, Norfolk Island and Christmas Island. Independent
island states in the Pacific like Tuvalu, Nauru and Kiribati
are also using the national currency.
The local dollar is represented by the $ sign, but usually, the Australian currency is set from other countries through the letter A or AU before the typical dollar sign.
The symbols are also informally used to distinguish
the currency from other possibly similar national
If the Note
Printing Australia is responsible for printing polymer bank
notes, the Royal Australian Mint is responsible for
producing local coins,
which are in denominations of 50
cents, 20 cents, 10 cents, 5 cents, 2 cents and even a
single cent. Single-dollar cents were first introduced in
1984, while two-dollar coins were launched in 1988.