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The Australian dollar (sign: $; code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. It is legal tender in Australia.
Within Australia, it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. The $ symbol precedes the amount. It is subdivided into 100 cents.
Buy Fake Australian Dollar Online: The Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of A$2 per = A£1.
The Australian dollar was legal tender of Papua New Guinea until 31 December 1975, when the Papua New Guinean kina became sole legal tender, and of the Solomon Islands until 1977, when the Solomon Islands dollar became sole legal tender.
In 2016, the Australian dollar was the fifth most traded currency in world foreign exchange markets, accounting for 6.9% of the world’s daily share.
In the same year there were US$57.71 billion equivalent in Australian currency in circulation, $2,379.05 per person in Australia, which includes cash reserves held by the banking system and cash in circulation in other countries or held as a foreign exchange reserve.
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In February 1959, Treasurer Harold Holt appointed a Decimal Currency Committee, chaired by Walter D. Scott, to examine the merits of decimalization.
The committee reported in August 1960 in favor of decimalization and recommended that a new currency be introduced in February 1963, with the adoption to be modeled on South Africa’s replacement of the South African pound with the rand.
The Menzies Government announced its support for decimalization in July 1961, but delayed the process in order to give further consideration to the implementation process.
Counterfeit Australian Dollars Banknote: In April 1963, Holt announced that a decimal currency was scheduled to be introduced in February 1966, with a base unit equal to ten shillings, and that a Decimal Currency Board would be established to oversee the transition process.
A public consultation process was held in which over 1,000 names were suggested for the new currency. In June 1963, Holt announced that the new currency would be called the “royal”.
This met with widespread public disapproval, and three months later it was announced that it would instead be named the “dollar”.
The Australian pound was replaced by the Australian dollar on 14 February 1966 with the conversion rate of A$2 = A£1. Since Australia was still part of the fixed-exchange sterling area, the exchange rate was fixed to the pound sterling at a rate of A$1 = 8 U.K. shillings (A$2.50 = GB£1).
In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12.
Buy Fake Australian Dollar Online: The first paper issues of the Australian dollar were issued in 1966. The $1, $2, $10 and $20 notes had exact equivalents in the former pound notes. The $5 note was issued in 1967, the $50 was issued in 1973 and the $100 was issued in 1984.
Shortly after the changeover, substantial counterfeiting of $10 notes was detected. This provided an impetus for the Reserve Bank of Australia to develop new note technologies jointly with the Commonwealth Scientific and Industrial Research Organisation, culminating in the introduction of the first polymer banknote in 1988.
Australia was the first country in the world to have a complete system of polymer banknotes, more specifically made of polypropylene polymer, produced by Note Printing Australia. These revolutionary polymer notes are cleaner than paper notes, are more durable and easily recyclable.
The polymer banknote was first issued in 1988 as a commemorative $10 note, commemorating the bicentenary of European settlement in Australia. The note depicted on one side a young male Aboriginal person in body paint, with other elements of Aboriginal culture.
On the reverse side was the ship Supply from the First Fleet, with a background of Sydney Cove, as well as a group of people to illustrate the diverse backgrounds from which Australia has evolved over 200 years.
Buy Fake Australian Dollar Online: Australia also prints polymer banknotes for a number of other countries through Note Printing Australia, a wholly owned subsidiary of the Reserve Bank of Australia.
Note Printing Australia prints polymer notes or simply supplies the polymer substrate for a growing number of other countries including Bangladesh, Brunei, Chile, Kuwait, Malaysia, Mexico, Nepal, New Zealand, Papua New Guinea, Singapore, Solomon Islands, Sri Lanka and Vietnam. Many other countries are showing a strong interest in the new technology.
Counterfeit Australian Dollars Banknote: On 27 September 2012, the Reserve Bank of Australia stated that it had ordered work on a project to upgrade the current banknotes. The upgraded banknotes would incorporate a number of new future proof security features and include tactile features like Braille dots for ease of use of the visually impaired.
The first new banknote of this series was the $5 note which was introduced on 1 September 2016. The new $10 note was released into circulation on 20 September 2017, and the new $50 note was released on 18 October 2018.
The new $20 note was released on 9 October 2019, and the new $100 note was released on 29 October 2020.All persons featured on the first polymer series were retained on the second polymer series.