Issues of $50 and $100 denominations followed later in 1973 and 1984. The $1 banknote ceased to be issued following the introduction of a $1 coin on 14 May 1984. Similarly, the issuance of a $2 banknote ceased following the introduction of a $2 coin on 20 June 1988.
The Australian one-dollar note was introduced in 1966 due to decimalisation, to replace the 10-shilling note. The note was issued from its introduction in 1966 until its replacement by the one-dollar coin in 1984. Approximately 1.7 billion one-dollar notes were printed.
The $1 notes are a consecutive AAA-prefixed pair valued at $2975. The most desirable of all are consecutively numbered pairs (or more if you're lucky). For example, a consecutive pair of 1966 $1 notes bearing the first AAA prefix is now valued at $2975.
All Australian banknotes that have previously been issued into circulation by the Reserve Bank remain legal tender and can continue to be used.
All existing Australian banknotes are legal tender.
Australian $2 notes were issued from 1966 right up until they were replaced by Australian 2 dollar coins in 1988. Some Australian 2 dollar notes can be particularly valuable with certain serial numbers or if they are in mint condition. Values can reach up to $5,000 for the rarest old Australian two dollar bill.
If the $2 bill was minted and printed before 1976, it will likely be worth more than its face value on the collectibles market. In some cases, it might be worth only $2.25. The highest value is $4,500 or more for uncirculated notes from 1890, although most of those bills range in value from $550 to $2,500.
It is U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present as per 31 U.S.C. § 5103.
American paper currency comes in seven denominations: $1, $2, $5, $10, $20, $50, and $100. The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills. But they are still legal tender and may still be in circulation.
Exchanging old banknotes
Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.
Australia's rarest one dollar coin is the 2000 $1/10c mule - this is the one to look for! A few years ago, a mint condition example sold at auction for more than $10,000.
How Rare Are 2-Dollar Bills? According to Business Insider, 2-dollar bills account for less than 0.001% of all currency in circulation. Two-dollar bills are the rarest currently produced money in the United States, and only about 1.2 billion 2-dollar bills are in current circulation.
On May 14, 1984, after 18 years in the nation's purses and wallets, the $1 note was withdrawn from circulation and replaced by a coin.
Taking out the top spot is the $50 banknote which represents 45 per cent of the country's folding money with a staggering 643 million units in circulation. There are more than a billion banknotes in circulation in Australia but what domination is most common?
Australian $10 notes have been printed since 1993. Some notes can be particularly valuable with the right serial numbers or if in mint condition, reaching up to $1500 for the rarest notes. Australia has been at the forefront of the development of polymer banknotes ever since it was first invented by CSIRO in the 1970s.
But U.S. currency paper is 75 percent cotton and 25 percent linen, so it lasts longer. Of course, some notes last longer than others. Bosco said there's no age limit on bills. If it's a good shape, any bill can circulate for years and years.
Call around to find a local bank that can exchange currency.
Some banks will only exchange worn, ripped or currency in poor condition for its own customers. Other banks are willing to do it for anyone. It is probably a good idea to call the branch to check if you are headed to a bank where you do not have an account.
The US government periodically redesigns federal reserve notes to make them easier to use, and more difficult to counterfeit. All US currency remains legal tender regardless of when it was issued.
A general rule is to have enough money safely set aside and readily accessible to cover three to six months' worth of expenses, although this exact amount will vary depending on your financial situation.
Some five dollar notes can be particularly valuable with the right serial numbers or if in mint condition, reaching up to $6,500 for the rarest Australian $5 note.
The $1 note was replaced by a $1 coin in 1984, while the $2 note was replaced by a smaller $2 coin in 1988. Although no longer printed, all previous notes of the Australian dollar are still considered legal tender.