It has been 100 years since the first Commonwealth of Australia banknote was issued. The 10 shilling note is now being put up for sale for a staggering price of more than $3 million. It is being exhibited during May in Melbourne, at the World Stamp Expo Hall of Honour.
The note is symbolic of an important period of Australia’s history, with the Commonwealth of Australia being established in 1901. The note, serial M000001, was numbered by hand at the original Melbourne Government Printing House. It was then presented to Judith Denman, the Governor General’s young daughter, by Australian Prime Minister Andrew Fisher. It was found amongst her belongings after she died in 1987.
The note has since changed hands twice: first in 2000 for $1 million, and then in 2008 for $1.9 million.
Prior to official banknote printing in Australia, colonists utilised makeshift currencies and valuables, including rum, as bartering tools. In 1851, gold was discovered, which stimulated development, with banks issuing notes backed up by gold stocks. Unfortunately, many of those banks failed in 1893.
In 1910, the issue of banknotes was formerly passed on to the Commonwealth Treasury, thereby withdrawing the authority of separate states to produce their own legal tender.
The original printing works of Australia was situated in Melbourne’s Flinders Street. The fascinating history of Australia’s banknotes is now big business. Melbourne Print companies can create quality displays for banknotes and collectable documents, and even provide poster or brochure printers’ expertise for the advertising or sale of iconic Australian treasures.
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