FREQUENTLY ASKED QUESTIONS ABOUT NOTES

1. How do I tell if I have a counterfeit note and what do I do with it?
2. Can I reproduce a note and what are the laws involved with such reproductions?
3. What should I do if I have a damaged note?
4. Should I accept a damaged note offered to me in payment/change?
5. What are unfit, incomplete and badly damaged/contaminated notes?
6. Are damaged notes worth full face value?
7. Is the serial number used when assessing the value of damaged notes?
8. How can I obtain value for my old Australian notes?
9. What is my pre-decimal Australian note worth in dollars?
10. Are my old, rare or misprinted Australian notes worth more than their face value?
11. Why are printed names of people featured on some currency notes and not others?
12. Are the signatures of the RBA Governor and Secretary to the Treasury in a different order on some notes?
13. How can I determine the year a currency note was manufactured?
14. Who makes Australia’s coins?
15. How long do polymer notes last in circulation compared to paper notes?
16. What does the RBA do to assist people with a vision impairment to differentiate notes?
17. Who are the people on our notes?
18. Who decides which people feature on notes?

..................................................................................................................................

1. How do I tell if I have a counterfeit note and what do I do with it?

Australia’s currency notes have many features designed to combat counterfeiting and the Reserve Bank of Australia (RBA) has produced a guide to assist you to detect and deal with counterfeit notes.

..................................................................................................................................

2. Can I reproduce a note and what are the laws involved with such reproductions?

The Crimes (Currency) Act prohibits reproduction or representations of notes which might mislead people to believe they are genuine notes.

..................................................................................................................................

3. What should I do if I have a damaged note?

If the damage to the note consists of wear, tears, sticky tape or staples, marks or defacement, and the note is complete, it can continue to be used. The damage has no impact on the value of the note. The same applies if there is a piece missing which is less than 20 per cent of the note or there is heat damage which affects less then 20 per cent of the note. These notes are called unfit notes. While unfit notes can continue to be used, the RBA asks banks, other deposit-taking institutions such as building societies and credit unions, and cash centre operators to remove these notes from circulation when they are returned to them. You can assist in the removal of unfit notes from circulation by exchanging them at your bank, credit union or building society.

If 20 per cent or more of the note is missing, the note is incomplete. You can take incomplete notes to the RBA branch in Sydney or Canberra or to most banks, building societies or credit unions who will reimburse you a percentage of the note’s face value equal to the percentage of the note remaining. They may choose to send the note to the RBA’s National Note Processing and Distribution Centre for assessment. You will need to complete an Incomplete/Badly damaged/Contaminated Note(s) Claim Form. If more than 80 per cent of the note is missing, the remaining portion has no value.

Alternatively, you can send your incomplete note with an Incomplete/Badly damaged/Contaminated Note(s) Claim Form for assessment to:

The Manager, Processing
National Note Processing and Distribution Centre
Note Printing Australia Limited
PO Box 2100
CRAIGIEBURN VIC 3064

If the note is badly damaged, e.g. severely heat affected, or contaminated, it needs to be assessed by the RBA’s National Note Processing and Distribution Centre. The RBA will pay the appropriate value for the note after evaluation based solely on visual evidence. Again, you can take the note to the RBA branch in Sydney or Canberra or to most banks, building societies or credit unions who will send it to the RBA’s National Note Processing and Distribution Centre together with a completed Incomplete/Badly damaged/Contaminated Note(s) Claim Form.

If you have a damaged note and are unsure what to do with it, more information is available on the RBA web page on damaged notes, or you can telephone the RBA on 1800 633 220.

..................................................................................................................................

4. Should I accept a damaged note offered to me in payment/change?

Damaged notes can be accepted safely where there is less than 20 per cent of the note missing or affected by heat, regardless of whatever other damage there is to the note. If you believe that 20 per cent or more of the note is missing, you should refuse to accept the note on the grounds that it is incomplete.

Of course, these considerations apply only to genuine notes. You should not accept any note if there is any reason to believe it may be counterfeit, no matter what condition it is in. The RBA has a separate guide to Security Features and Counterfeit Detection which can assist you in detecting counterfeit notes.

..................................................................................................................................

5. What are unfit, incomplete and badly damaged/contaminated notes?

These are categories of worn and damaged notes which are defined on the RBA’s web page on damaged notes.

..................................................................................................................................

6. Are damaged notes worth full face value?

A genuine note that has become worn or sustained minor damage in circulation, i.e. an unfit note, can be exchanged for its full face value.

When a piece of a note is missing, i.e. the note is incomplete, the RBA needs to take into account the possibility that both pieces may be presented for value separately. It is clearly not sustainable to exchange each of the pieces for full face value. If two people have two pieces of the same note, the RBA’s policy is that the most equitable outcome is for each person to receive a share of the value equal to the proportion of the note they hold. The combined value paid should be the face value of the original note.

The RBA adopts the following policy for determining the value of damaged notes where pieces are missing:

If less than 20 per cent is missing:	The note is regarded as unfit and full face value is paid.
If between 20 per cent and 80 per cent is missing:	The note is regarded as incomplete and value is paid in proportion with the percentage remaining, e.g. half face value if half the note is present.
If more than 80 per cent is missing:	No value is paid.

The assessment of value for incomplete notes depends only on the surface area remaining. Other badly damaged/contaminated notes need to be returned to the RBA for assessment.

..................................................................................................................................

7. Is the serial number used when assessing the value of damaged notes?

The presence or absence of a serial number or other specific feature is not a determining factor when assessing damaged notes for value.

..................................................................................................................................

8. How can I obtain value for my old Australian notes?

All previous issues of Australian notes retain their legal tender status. However, it is a long time since these notes actively circulated in Australia and most retailers and members of the public would be reluctant to accept them as they are not familiar with the designs and may suspect them to be counterfeit.

The RBA, and most commercial banks, will redeem old Australian notes at face value. If you take your old notes to a commercial bank they may exchange them for current notes. Please bear in mind that a commercial bank may require time to confirm that a note from a previous note series is genuine or may need to send such notes to the RBA for confirmation.

Alternatively, you can exchange your old notes for current notes by visiting the following RBA locations:

Location	Street Address	Hours of Business
Head Office
Sydney	65 Martin Place SYDNEY NSW 2000 Map of Head Office	Monday to Thursday between 9.30 am and 4.00 pm AEST and Friday between 9.30 am and 5.00 pm AEST.
Branch
Australian Capital Territory	20-22 London Circuit CANBERRA ACT 2600 Map of Canberra Branch	Monday to Thursday between 9.30 am and 4.00 pm AEST and Friday between 9.30 am and 5.00 pm AEST.

Both locations are closed on public and New South Wales Bank holidays.

..................................................................................................................................

9. What is my pre-decimal Australian note worth in dollars?

The conversion of pre-decimal Australian notes to dollars is obtained by multiplying the face value of the pre-decimal note by two (except for a 10 shilling note which converts to $1).  For example, a ₤1 note converts to $2, ₤5 converts to $10 and ₤10 converts to $20.

..................................................................................................................................

10. Are my old, rare or misprinted Australian notes worth more than their face value?

The RBA does not provide opinions concerning the market value of old, rare or misprinted notes. If you wish to have your notes appraised, it is recommended that you contact a number of Note and Coin Dealers. Without endorsing any particular organisation, there are a number of Australian note and coin dealers that are members of the Australian Numismatics Dealers Association (ANDA). For more details, please visit the ANDA website.

..................................................................................................................................

11. Why are printed names of people featured on some currency notes and not others?

Printed names were added to the design of Australia’s currency notes to make it easier for the public to identify the famous Australians featured on notes. In 2002, printed names were added to $10 and $20 notes. In 2003 printed names were added to $50 notes, and they will be added to $100 notes when they are next reprinted. You can determine the year a note was manufactured by looking at the first two numbers of the serial number.

The presence or absence of a printed name is not a determining factor when assessing whether a note is genuine. Australia’s currency notes have many features designed to combat counterfeiting and the Reserve Bank of Australia has produced a Counterfeit Detection Guide to assist the public to detect and deal with counterfeit notes.

..................................................................................................................................

12. Are the signatures of the RBA Governor and Secretary to the Treasurer in a different order on some notes?

When Australian polymer notes were first printed, the signature of the Secretary to the Treasury appeared above that of the Governor of the RBA. However, from 2002 the signatures were reversed on new notes when they were printed. You can determine the year a note was manufactured by looking at the first two numbers of the serial number.

The order of the signatures is not a determining factor when assessing whether a note is genuine. Australia’s currency notes have many features designed to combat counterfeiting and the Reserve Bank of Australia has produced a Counterfeit Detection Guide to assist the public to detect and deal with counterfeit notes.

..................................................................................................................................

13. How can I determine the year a currency note was manufactured?

The first two numbers of a serial number identify the year a note was manufactured. For example, a $50 note with a serial number DB 99 572038 indicates the note was manufactured in 1999. Whereas a $50 note with a serial number DB 03 572038 indicates the note was manufactured in 2003. If you would like to learn more about how serial numbers are allocated, read our Numbering Australia’s Notes page.

..................................................................................................................................

14. Who makes Australia’s coins?

The Royal Australian Mint in Canberra is responsible for the production of Australia’s circulating coins.

..................................................................................................................................

15. How long do polymer notes last in circulation compared to paper notes?

The RBA estimates that polymer notes stay in circulation in Australia around four times longer than paper notes. The life of notes varies by denomination. Low denomination notes, handled more frequently and roughly in day-to-day transactions, do not last as long as higher denominations.

In the course of being used, notes are subjected to quite harsh treatment. For example, notes are often folded, crumpled, exposed to moisture or heat, stapled and so on. This ultimately leads to signs of wear such as holes, tears and ink wear. When notes are no longer fit for further use they are replaced with new notes using strict criteria that the RBA has set to maintain the high quality of notes in circulation.

Polymer notes last longer than paper notes because of the non-porous, non-fibrous nature of polymer, and the overcoating of polymer notes with a clear varnish. As a result, polymer notes do not absorb moisture, nor do they stain or accumulate dirt as easily as paper notes do. Polymer does not physically break down with repeated folding, as occurs with fibrous, paper notes, which become limp. Unlike paper notes, significant force is required to tear a polymer banknote. However, polymer notes will, once a tear is started, tear more easily than a paper note.

Further details on damaged notes are published on the RBA’s web page on damaged notes.

..................................................................................................................................

16. What does the RBA do to assist people with a vision impairment to differentiate notes?

The RBA assists people with a vision impairment by producing currency denominations of different sizes, using strong colour contrasts and other means.

..................................................................................................................................

17. Who are the people on our notes?

Her Majesty Queen Elizabeth II is represented on the $5 note with prominent Australians featured on the Federation $5, $10, $20, $50 and $100 notes.

..................................................................................................................................

18. Who decides which people feature on notes?

The design, production and issue of currency notes is the responsibility of the RBA. In deciding on the people to feature on a currency note, the RBA is assisted by a panel of consultants as well as suggestions from the public.