Reserve Bank of Australia

Question & Answers

About Banknotes

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

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

Australia’s banknotes 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 banknotes.

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

The Crimes (Currency) Act 1981 prohibits reproduction or representations of banknotes which might mislead people to believe they are genuine banknotes.

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

If the damage to the banknote consists of wear, tears, tape or staples, marks or graffiti, small holes or missing pieces accounting for less than 20 per cent of the banknote or heat damage affecting less than 20 per cent of the banknote, it can continue to be used. The damage has no impact on the value of the banknote. The Reserve Bank asks banks, other deposit-taking institutions such as building societies and credit unions, and cash centre operators to remove these (unfit) banknotes from circulation.

If 20 per cent or more of the banknote is missing, the banknote is incomplete. For these banknotes, banks and other deposit-taking institutions are encouraged to accept, assess and reimburse a percentage of the banknote's face value equal to the percentage of the banknote remaining. Alternatively, the banknote may be sent to the Reserve Bank for assessment but must be accompanied with a completed Incomplete/Badly Damaged/Contaminated Banknote(s) Claim Form – Individuals.

If the banknote is badly damaged, e.g. severely heat affected, or contaminated, it needs to be assessed by the Reserve Bank. The appropriate value for the banknote will be paid after evaluation based on visual evidence. All banks, building societies and credit unions can forward the banknote to the Reserve Bank. The Reserve Bank provides different forms depending on how the claim is submitted – a claim form for ADIs where the claim is lodged through a bank, credit union or building society and a claim form for individuals where the claim is lodged directly with the Reserve Bank

Damaged banknotes may also be presented at the Reserve Bank's Sydney head office (65 Martin Place) or Canberra branch (20-22 London Circuit).

More information is available on our Damaged banknotes page, or by calling the Reserve Bank's toll free number (1800 633 220).

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

Damaged banknotes can be accepted where there is less than 20 per cent of the banknote missing, regardless of other damage to the banknote. If you believe that 20 per cent or more of the banknote is missing, you should refuse to accept the banknote on the grounds that it is incomplete.

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

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

These are categories of worn and damaged banknotes which are defined in the Reserve Bank's Damaged Banknotes Policy.

6. Are damaged banknotes worth full face value?

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

When a piece of a banknote is missing, i.e. the banknote is incomplete, the RBA needs to take into account the possibility that both pieces may be presented for value separately. If two people have pieces of the same banknote, the Reserve Bank's policy is for each piece to be worth a share of the value in proportion to its size. The combined value paid should be the face value of the original banknote.

The value of incomplete banknotes is determined as follows:

If less than 20 per cent of the banknote is missing:	Full face value is paid.
If between 20 and 80 per cent of the banknote is missing:	Value is paid in proportion with the percentage remaining, e.g. half face value if half the banknote is present.
If more than 80 per cent of the banknote is missing:	No value is paid.

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

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

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

8. How can I obtain value for my 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 if they are not familiar with the designs and may suspect them to be counterfeit.

The RBA, 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 current banknotes. Please bear in mind that a commercial bank may require time to confirm that a banknote from a previous banknote series is genuine or may need to send such banknotes to the RBA for confirmation.

Alternatively, you can exchange your old banknotes for current banknotes by visiting the following RBA 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.

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

The conversion of pre-decimal Australian banknotes 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.

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

The RBA does not provide opinions concerning the market value of old, rare or misprinted banknotes. If you wish to have your banknotes appraised, it is recommended that you contact a number of Australian banknote and coin dealers. 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.

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

Printed names were added to the design of Australia’s banknotes to make it easier for the public to identify the famous Australians featured on banknotes. In 2002, printed names were added to $10 and $20 banknotes. In 2003 printed names were added to $50 banknotes, and in 2008 they were added to $100 banknotes. You can determine the year a banknote 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 banknote is genuine. Australia’s banknotes 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 banknotes.

Warning: The Bank is aware of an e-mail circulating that incorrectly suggests banknotes without the printed name are counterfeit (see example). This is not the case. See details of the warning on inaccurate information about banknotes for more information. See also security features on banknotes which should be used to determine if a banknote is genuine.

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

When Australian polymer banknotes 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 banknotes when they were printed. You can determine the year a banknote 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 banknote is genuine. Australia’s banknotes 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 banknotes.

Warning: The Bank is aware of an e-mail circulating that incorrectly suggests banknotes with the Treasury Secretary's signature above that of the Governor are counterfeit (see example). This is not the case. See details of the warning on inaccurate information about banknotes for more information. See also security features on banknotes which should be used to determine if a banknote is genuine.

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

The first two numbers of a serial number identify the year a banknote was manufactured. For example, a $50 banknote with a serial number DB 99 572038 indicates the banknote was manufactured in 1999. Whereas a $50 banknote with a serial number DB 03 572038 indicates the banknote was manufactured in 2003. If you would like to learn more about how serial numbers are allocated, read our Serial Numbering 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 banknotes last in circulation compared to paper banknotes?

The life of banknotes varies by denomination. Low denomination banknotes, handled more frequently and roughly in day-to-day transactions, do not last as long as higher denominations.

In the course of being used, banknotes are subjected to quite harsh treatment. For example, banknotes 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 banknotes are no longer fit for further use they are replaced with new banknotes using strict criteria that the RBA has set to maintain the high quality of banknotes in circulation.

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

Further details on damaged banknotes are published on the RBA’s web page on Damaged Banknotes Policy.

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

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

17. Who are the people on our banknotes?

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

18. Who decides which people feature on banknotes?

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