Australian Money Information

Australians are noted the world over for doing things just a little bit differently. When it comes to their money, however, the Australian difference has been one of performance and innovation, making it a valued global currency. Like most world currencies, it comes in different denominations, and like American currency it operates on a simple system of dollars and cents (literally).

Global Usage

The Australian dollar is the national currency of Australia and its territories, including places such as Christmas Island. In addition to these locales, it is also the currency for three Pacific Island nations: Kiribati, Tuvalu and Nauru. Of those three, the Australian dollar operates alongside local coinage for the first two nations, but is the sole official currency of Nauru. It is written as either $, A$ or AU$.

Coins

The dollar is divided into 100 cents, much like the American dollar. Coins come in cent denominations of $.05, $.10, $.20, and $.50. Initially, there were also a one- and two-cent coin, but these were eventually discontinued in the early 1990s. A $1 and $2 coin were introduced in the 1980s. The 50-cent coin is often used to commemorate special events, such as the Australian Bicentenary in 1988.

Paper Currency

Australian banknotes are no longer actually printed on paper, instead being made from a polymer. They are of different sizes, by length rather than height, to aid the visually impaired in distinguishing the different denominations. The smallest denomination and smallest size is the $5, followed by the $10, $20, $50 and the largest, the $100. The notes are also color coded pink, blue, red, yellow and green in denomination order.

Markings

Because Australia, like Canada, is still part of the British Commonwealth, all coins bear a likeness of Queen Elizabeth II on one side. The banknotes contain a transparent window that contains an image of Captain James Cook (who also got his own commemorative 50-cent piece). There is also a seven pointed star, which only has printing on one side, and a watermarking of the Australian Coat of Arms. These security features were the first such measures of any world currency.

Trade and Exchange

The Australian dollar is a fairly popular currency for investors, being the sixth most traded currency in the world. It sits behind the U.S. Dollar, the Euro, the Japanese Yen, the British Pound Sterling, and the Swiss Franc. As it is linked more prominently to the Asian markets, it makes an attractive option for currency traders. On average, the Australian dollar exchanges just a little behind the American dollar, though that can fluctuate broadly with respect to the markets.