The monetary unit of the country of Australia is known as the Australian dollar or the AUD. It is known as the currency of Australia ever since its introduction during the 14th of February 1966. The AUD is also the source of the first ever banknote ever created that is based on the anti-counterfeit polymer. Like the monetary units of other countries, the Australian dollar may be seen in the form of either banknotes or coins. The banknotes of the Australian dollar are available in fives, tens, twenties, fifties, and hundreds; while the coins are available in five cents, ten cents, twenty cents, fifty cents, one dollar, and two dollars.

Here are some reasons why the Australian Dollar is so great

• It is widely-used. Australia is not the only country that uses the Australian dollar as its major monetary unit. Other countries and island nations which also use the AUD include Christmas Island, Kiribati, Cocos Islands, Tuvalu, Norfolk Island, and Nauru.
• It is internationally-known. The Australian dollar is the fifth overall most traded monetary unit in the world foreign exchange market today. The only four currencies above the Australian dollar are the US dollar, the Euro, the Japanese yen, and the British pound sterling.
• It is a stable monetary unit. Because Australia has a relatively stable government and economy, the Australian dollar is also pretty stable. First of all, the Australian government tries its best to avoid any form of intervention in the activities of the foreign exchange market.
• It is high in value. The value of the Australian dollar is almost equal to the value of the US dollar. Upon its introduction in 1966, the Australian dollar is only rated a value of two dollars for every pound. After just one year, during the decline of the pound sterling value, the Australian dollar increased at a rate of one dollar for every 1.12 US dollars. When it comes to the Australian coins, those which are smaller in terms of size are the ones which are greater in terms of monetary value.
• It is a work of art. As mentioned earlier, Australia is the first country to ever use polymer in the creation of banknotes. The use of polymer gave birth to an innovation which provides more secured and long lasting banknotes. Because of the fact that Australians love to commemorate significant events and special occasions using their money, there is a huge variety of special edition coins that are released. This continuous tradition of releasing special edition coins is much appreciated by coin collectors and money enthusiasts.

Banknotes Information:

Paper Banknotes (1966 - 1988)

• $1.00 - Issued on 1967, the $1 is a brown and orange banknote with Queen Elizabeth II on the obverse and David Malangi on the reverse.
• $2.00 - Issued on 1966, the $2 is a green and yellow banknote with John Macarthur on the obverse and William Farrer on the reverse.
• $5.00 - Issued on 1967, the $5 is a mauve banknote with Joseph Banks on the obverse and Caroline Chisholm on the reverse.
• $10.00 - Issued on 1966, the $10 is a blue and orange banknote with Francis Greenway on the obverse and Henry Lawson on the reverse.
• $20.00 - Issued on 1966, the $20 is a red and yellow banknote with Charles Kingsford Smith on the obverse and Lawrence Hargrave on the reverse.
• $50.00 - Issued on 1973, the $50 is a combination of gold, blue, brown, and green banknote with Howard Florey on the obverse and Ian Clunies Ross on the reverse.
• $100.00 - Issued on 1984, the $100 is a light blue and grey banknote with Douglas Mawson on the obverse and John Tebutt on the reverse.

Polymer Banknotes (1991 - present)

• $5.00 - Issued on the 7th of July 1992, the $5 is a pale mauve banknote with Queen Elizabeth II on the obverse, the Parliament House on the reverse, and a gum flower in the transparent window.
• $10.00 - Issued on the 1st of November 1993, the $10 is a blue banknote with Banjo Paterson on the obverse, Dame Mary Gilmore on the reverse, and a windmill in the transparent window.
• $20.00 - Issued on the 31st of October 1994, the $20 is a red banknote with Mary Reibey on the obverse, Reverend John Flynn on the reverse, and a compass and a 20 in the transparent window.
• $50.00 - Issued on the 4th of October 1995, the $50 is a yellow banknote with David Unaipon on the obverse, Edith Cowan on the reverse, and a southern cross and a 50 in the transparent window.
• $100.00 - Issued on the 15th of May 1996, the $100 is a green banknote with Dame Nellie Melba on the obverse, Sir John Monash on the reverse, and a lyrebird and a 100 in the transparent window.

Before it became internationally known as the Australian dollar, the monetary unit of Australia went through a long list of possible names. Some of the names considered for the Australian currency include the kanga, the roo, the austral, the emu, the boomer, the kwid, the oz, the digger, and the royal. Among the mentioned names, the royal was the one chosen to be the name that will be used to describe Australian money. The royal eventually gave way to the dollar after its unpopularity was proven.