Australians have a rich history that’s reflected in our landmarks and literature and in the currency that passes through our hands every day.
Australians might remember a time when our wallets were filled with paper banknotes rather than the polymer ones we use today. If you’ve held onto those old notes, you might just be sitting on a small fortune.
Paper banknotes in Australia were phased out decades ago, with the $1 and $2 notes being the first to go in the 80s, replaced by the now-familiar gold-coloured coins.
The rest of the paper notes followed suit in the 90s, making way for the more durable and secure polymer notes we use today.
But for the savvy collector or the lucky individual who’s kept their old notes, these pieces of history could be worth a pretty penny.
Simon Noble of Noble Numismatics explains that old paper banknotes can be highly valuable, especially if they’re in good condition or bear particular signatures.
For instance, 1966 notes signed by Reserve Bank governor Herbert Coombs and Secretary of the Treasury Roland Wilson are highly sought after, as are 1968 notes with Coombs and Richard J. Randall’s signatures, which are considered rarer.
Star replacement notes are another valuable find. These notes, identifiable by an asterisk after the serial number, were issued to replace defective notes due to printing errors. Their rarity makes them a collector’s dream.
According to Sterling and Currency, a Perth coin dealer, the rarest $1 notes can fetch up to $7,500, while the rarest $2 notes can command prices as high as $5,000.
The stakes get even higher with the $5 and $10 notes, which have reached up to $6,500 and $6,000, respectively.
But the real jackpot lies with the $20 notes, where the rarest in perfect quality can reach a staggering $19,500. Even the rare $50 and $100 notes can be worth up to $950 and $600, respectively.
While these old paper banknotes remain legal tender, don’t expect your local retailer to accept them without a puzzled look.
Most banks, however, will redeem them at face value. Before you rush to deposit them, it’s worth checking with a reputable banknote or coin dealer to see if they might be worth more as a collector’s item.
But it’s not just the old paper notes that can be valuable. Today’s polymer banknotes can also exceed their face value due to unique features.
Matthew Thompson from Thompsons Coins points out that banknotes with ‘solid’ serial numbers, such as ‘888888’, or palindrome serial numbers that read the same forwards and backwards, like ‘1234321’, can be worth hundreds or even thousands of dollars.
So, before you dismiss that old wallet or piggy bank as just a container for spare change, take a closer look. You might find that you’re holding onto a piece of Australia’s numismatic history that could be worth much more than its face value.
Whether it’s a rare signature, a unique serial number, or simply a well-preserved relic from the past, these banknotes are a link to our nation’s economic heritage and could be a windfall for those lucky enough to possess them.
Have you ever come across a rare banknote or coin? Do you have a story about discovering something valuable in your old currency collection? Share your experiences in the comments below—we’d love to hear about your treasure hunts and unexpected windfalls!
Also read: Coin conundrum—What the Royal Australian Mint is not telling you
