Australia stopped issuing paper banknotes decades ago, first replacing the $1 and $2 with coins in the 1980s, then moving every other denomination onto polymer through the 1990s. Yet paper notes remain some of the most collected items in Australian numismatics. Most are worth exactly what they say on the front. A small number, distinguished by their signatures, serial numbers, or simple survival against the odds, are worth considerably more.
This guide walks you through the details that separate an everyday old note from a genuine rarity, with verified values for the standout examples. If you collect decimal and pre-decimal coins as well, our companion guide to rare Australian coins and their value covers the wider collectable currency picture.
What Makes an Australian Banknote Rare?
Unlike coins, banknote rarity is rarely about the total print run alone. Five key factors do most of the work in determining whether an old note is worth more than its face value.
The Rare Australian Banknotes List
These are the standout rarities across Australia's paper currency, spanning the pre-decimal pound era through to the first decimal issues. Each entry below has a verified sale price or dealer valuation attached.
The 1914 Rainbow Emergency Pound: Australia's Wartime Rarity
Issued as an interim measure during the early years of the First World War, the Rainbow Pound got its name from the unusually colourful design used to meet urgent wartime demand for banknotes. It carries the signatures of James Collins and George Allen, the same pairing found on Australia's first Commonwealth pound note.
The first-prefix examples of the Rainbow Pound are exceptionally scarce. Only seven first-prefix R.20b notes are known to survive, and a Collins/Allen Rainbow Pound has been offered by dealers for as much as $17,500, placing it among the most valuable Australian paper banknotes on record. Our own range of £1 banknotes is worth checking for comparable early pound notes.
Star Replacement Notes: The 'Glamour Notes' of Australian Numismatics
Introduced in 1948 to speed up production, Star Notes replaced faulty or damaged banknotes pulled from a printing run. Rather than reprinting the same serial number by hand, as had been done previously, the mint issued a fresh five-digit serial ending in a star (during the pre-decimal period) or an asterisk (during the decimal era).
Because Star Notes were printed in the smallest of numbers and were fully intended for circulation, most were withdrawn and destroyed once worn, and surviving examples in top condition are excessively rare.
We currently list Australia's rarest $1 Star Note, a 1968 Coombs/Randall ZAF first-prefix Star Note, as an uncirculated consecutive pair priced at $18,900. A 1966 Coombs/Wilson $10 Star Note is listed at $5,900, and a 1967 Coombs/Randall $5 Star Note has previously sold at auction for $3,200. Our Rare Banknotes collection carries a rotating range of notes including Star Notes across most decimal denominations.
Signature Rarities: The 1995 Fraser/Evans $5 First Prefix
Every Australian note carries the signatures of the Reserve Bank Governor and the Secretary to the Treasury. Some pairings were only used briefly, which limits how many notes exist bearing that exact combination. The 1995 $5 Fraser/Evans note with the HC95 first prefix is a well-documented example, with sale prices ranging from $1,200 to $5,900 depending on condition and whether the note forms part of a consecutive run.
Similarly, notes from the earliest years of decimal currency (1966 to the early 1970s) bearing the Coombs/Wilson or Coombs/Randall signature combinations are consistently the most sought after among 1966-era decimal collectors, particularly when paired with a low or first-run serial number.
Error Notes: Genuine Rarities vs Famous Common Mistakes
Genuine printing errors, such as a double-printed serial number, an inverted back print, or a significant misalignment, can turn an ordinary note into a real find. These are rare precisely because so few slip through quality control before a print run is halted.
It is worth separating genuine one-off errors from famous mistakes that were printed at scale. The best-known example is the 2018 $50 polymer note, which misspells 'responsibility' as 'responsibilty' three times in microprint taken from Edith Cowan's maiden parliamentary speech. Around 46 million of these notes entered circulation before the error was picked up, out of roughly 400 million printed with the mistake. Because the error appears on such a large volume of notes, it carries no collector premium. The Reserve Bank has confirmed the notes remain full legal tender and will not be withdrawn.
Solid and Palindrome Serial Numbers
Modern polymer notes can carry a premium purely on the strength of their serial number, no error required. 'Solid' serials, where every digit is identical (such as 888888), and palindrome serials that read the same forwards and backwards (such as 1234321), are actively sought by collectors and can be worth hundreds to thousands of dollars over face value, depending on how striking the number is and the note's condition.
From Paper to Coin to Polymer: A Quick Timeline
Understanding when each note type stopped circulating helps explain why some are scarcer than others.
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1966
14 February 1966: Decimal currency introduced ('C-Day')The $1, $2, $10 and $20 paper notes are released, designed by Gordon Andrews. Downies offers a 1966 First Decimal Banknote 4-Note Set covering all four.
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1967
1967: The $5 note followsIssued once the public had grown used to decimal currency. The $50 note was introduced in 1973, with the $100 following in 1984.
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1984
14 May 1984: The $1 paper note withdrawnReplaced by the $1 coin. The $2 paper note followed on 20 June 1988, replaced by the $2 coin. Downies' $1 & $2 Banknote 4-Note Type Set brings together examples of both from across their circulation life.
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1988
1988: The world's first polymer banknoteThe 1988 Bicentenary $10 note was the world's first polymer banknote, paving the way for all remaining denominations to transition to polymer between 1992 and 1996.
Every $1 and $2 paper note in existence today has been out of circulation for four decades or more, and every $5 to $100 paper note has been superseded by a polymer equivalent. This makes condition the single biggest value driver across the paper series: a crisp uncirculated example of any paper denomination is worth dramatically more than a well-worn one.
Rare Banknote Value Chart
The values below are indicative highs drawn from verified dealer sales and auction results. Actual value depends heavily on condition, serial number, and signature combination. Have any note you believe may be valuable assessed by a reputable dealer before selling. We carry a range of each denomination, including $5 banknotes, $10 banknotes, $20 banknotes, $50 banknotes and $100 banknotes.
*Indicative values reflect verified sales reported by Australian numismatic dealers and financial media as of July 2026.
How to Identify a Rare Australian Banknote
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1
Check the serial number for a star or asteriskThis marks a Star Replacement Note. Look at the very end of the serial for a small star (pre-decimal) or asterisk (decimal).
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2
Note the prefixFirst and last prefixes for any given series are collected in their own right. If you're unsure whether your prefix is a boundary prefix, a dealer can confirm from published prefix records.
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3
Read the signaturesTwo names appear on every note: the Reserve Bank Governor (or equivalent historical role) and the Secretary to the Treasury. Cross-reference the combination against known rare pairings such as Coombs/Randall or Fraser/Evans.
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4
Look for solid or palindrome serialsRepeating digits or a serial that reads the same both ways can add value independent of any printing error.
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5
Inspect under magnification for genuine errorsDouble printing, missing colour, or an inverted image are true one-off faults. A famous, mass-produced typo like the 2018 $50 note is not the same thing and often carries no premium.
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6
Assess the condition honestlyCrisp corners, no folds and original colour vibrancy separate an uncirculated note from a well-worn one, often by a factor of ten or more in price. Never repair or clean a note. Tape, lamination or attempts to flatten creases destroy collector value permanently.
Can You Still Use Old Australian Banknotes?
Yes. The Reserve Bank of Australia redeems all previously issued Australian banknotes at face value, and most commercial banks will do the same, though a teller unfamiliar with an older design may be reluctant. Before redeeming or spending an old note, however, it is worth having it checked, since a note worth $5 at face value could be worth thousands to a collector. The Reserve Bank does not provide valuations itself and does not endorse any particular dealer, though it notes that many Australian banknote and coin dealers are members of the Australasian Numismatic Dealers Association.
Frequently Asked Questions
Which Australian banknotes are valuable?
Star Replacement Notes, first and last prefix notes, notes with rare signature combinations, genuine printing errors, and pre-decimal paper pounds are the categories that consistently command a premium. Within decimal paper notes, the 1968 $1 Coombs/Randall Star Note and the 1995 $5 Fraser/Evans first-prefix note are two of the most reliably valuable examples. Within pre-decimal notes, the 1914 Rainbow Emergency Pound stands out.
Which Australian $100 notes are valuable?
The $100 note, introduced in 1984, is Australia's youngest paper denomination and had the shortest circulation life of the higher-value notes before the shift to polymer. Rare $100 examples typically come down to first or last prefix serials and Star Replacement variants. Verified sales have reached up to $600 for the rarest standard paper $100 notes, with true Star Notes commanding considerably more when they surface.
What Australian $50 notes are rare?
Among paper $50 notes, rarity again comes down to prefix and signature combinations, with sales reaching up to $950 for the best examples. It is worth noting that the widely publicised 2018 polymer $50 spelling error ('responsibilty') is not rare. Around 46 million of these notes entered circulation, so the typo carries no collector premium. A better target is a 2014 polymer $50 with an AA14 or JC14 prefix and the Stevens/Parkinson signatures, which has been valued at up to $1,500.
How do I check if a note is rare?
Check the serial number for a star or asterisk (indicating a Star Replacement Note), note whether the prefix is a first or last prefix for its series, and identify the two signatures printed on the note. Cross-reference these against published catalogues such as Renniks or McDonald, or have the note assessed directly by a numismatic dealer. Condition also matters enormously: the same note can be worth ten times more in crisp uncirculated condition than in well-circulated condition.
Can I still spend or redeem an old Australian banknote?
Yes. The Reserve Bank of Australia will redeem any previously issued Australian banknote at face value, and most commercial banks will accept them too. Before doing so, have it checked by a dealer if it shows any of the rarity signs above. Once redeemed or spent, a potentially valuable note is gone for good.
Build Your Australian Banknote Collection With Downies
From wartime Rainbow Pounds to the glamour notes of the decimal era, Australian paper currency carries nearly as much history as its coinage. We are happy to offer a curated range of rare Australian banknotes, including Star Replacement Notes and scarce signature combinations, alongside our broader Australian banknotes range spanning pre-decimal and decimal issues.
If you collect coins as well as notes, our guide to rare Australian coins and their value and our dedicated rare Australian 50c coins list and value cover the wider decimal picture, including key mintages and errors worth checking your change for.