Banknotes of the Australian pound were first issued by numerous private banks in Australia, starting with the Bank of New South Wales in 1817.[1][nb 1] Acceptance of private bank notes was not made compulsory by legal tender laws but they were widely used and accepted. The Queensland government issued treasury notes (1866–1869) and banknotes (1893–1910),[2] which were legal tender in Queensland. The New South Wales government issued a limited series of Treasury Notes in 1893.[2]
In 1910, the Commonwealth passed the Australian Notes Act of 1910 to initiate banking and currency reform. The Act stipulated that six months after the date of passage (16 September 1910), private banks could no longer issue any form of money, and that any note or instrument issued by a State Bank would no longer be considered legal tender.[3] The Act further established the powers of the Commonwealth to issue, re-issue, and cancel Australian notes.[4] The Act also established denominations, legal tender status, and the amount of gold coin held in reserve to secure the issues.[4] On 10 October 1910 (prior to the effective date of the Notes Act), a Bank Notes Tax Act 1910 imposed a "Ten pounds per centum" tax on all issued or re-issued bank notes.[5] A third currency reform act was passed on 22 December 1911 establishing the Commonwealth Bank.[6] The Commonwealth Bank Act of 1911 specifically stated that the bank was not to issue bills or notes for circulation.[7] The Australian Treasury issued banknotes until a 1920 amendment to the Commonwealth Bank Act of 1911. The amendment established a note-issuing department within the bank which assumed those responsibilities previously held by the Treasury.[8]
On 14 February 1966 the Australian pound was replaced by a decimal currency, the Australian dollar, which was divided into one hundred cents.[9]
- ^ Pitt 2013, p. 163.
- ^ a b Pitt 2013, p. 180.
- ^ Australian Notes Act 1910, p. 14.
- ^ a b Australian Notes Act 1910, p. 15.
- ^ Bank Notes Tax Act 1910.
- ^ Commonwealth Bank Act 1911.
- ^ Commonwealth Bank Act 1911, p. Part II(8).
- ^ Commonwealth Bank Act 1920, p. No.7(60a-60h).
- ^ Department of Foreign Affairs and Trade (November 2009). "Our currency". About Australia. Commonwealth of Australia. Archived from the original on 23 May 2012. Retrieved 12 July 2013.
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