Redemption of Old Australian Banknotes
All previous issues of Australian banknotes retain their legal tender status. However, it is a long time since these banknotes actively circulated in Australia and many retailers and members of the public may be reluctant to accept them as they are unfamiliar with the designs and may suspect them to be counterfeit.
The Reserve Bank of Australia, and most commercial banks, will redeem old Australian banknotes at face value. If you take your old banknotes to a commercial bank they may exchange them for banknotes. Please bear in mind that a commercial bank may require time to confirm that a banknote from a previous series is genuine or may need to send such banknotes to the Reserve Bank for confirmation.
Alternatively, you can exchange your old banknotes for current banknotes by visiting the following Reserve Bank locations:
Head Office
Sydney
| Street Address |
65 Martin Place SYDNEY NSW 2000 view map |
| Hours of Business |
Monday to Thursday between 9.30 am and 4.00 pm AEDT and
Friday between 9.30 am and 5.00 pm AEDT. |
Branch
Australian Capital Territory
| Street Address |
20-22 London Circuit CANBERRA ACT 2600 view map |
| Hours of Business |
Monday to Thursday between 9.30 am and 4.00 pm AEDT and
Friday between 9.30 am and 5.00 pm AEDT. |
Both locations are closed on public and New South Wales Bank holidays.
If you are exchanging pre-decimal banknotes, the conversion to dollars is obtained by multiplying the face value of the pre-decimal banknote by two (except for a 10 shilling banknote which converts to $1). For example, a £1 banknote converts to $2, £5 converts to $10 and £10 converts to $20.
Some old banknotes may be valuable as collector items. You may wish to have your old banknotes appraised by a Banknote and Coin Dealer. Without endorsing any particular organisation, there are a number of Australian Banknote and Coin Dealers that are members of the Australasian Numismatic Dealer's Association (ANDA). For more details, please visit the ANDA website. The Reserve Bank does not provide opinions concerning the market value of old, rare or misprinted banknotes.
