A NEW CURRENCY: 1900–1920

Special Notes

The superscribed notes were to be withdrawn once the new Australian notes were issued but, because of a shortage of notes following the outbreak of World War I in 1914, were kept in circulation and special notes were produced.

Image showing emergency issue of one pound noteAn 'emergency issue' of the one pound note, which came to be known as the Rainbow Note, was circulated in 1914.

A more basic note, it could be printed relatively quickly and had no security features. Consequently, counterfeits soon appeared and the note was withdrawn from April 1915.

Image showing special five shilling note, 1916Another special note, a five shilling denomination, was prepared for issue during 1916 when a rise in the price of silver was expected to make the silver in the coins more expensive than the value of the coins themselves.

This note, the first to carry a portrait of the Monarch, was never issued.


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