Discover six interesting and memorable facts about the Australian currency that set it apart from other dollar currencies.

Australia is one of several countries in the world that uses the dollar as its official unit of currency. But Australian currency differs from other dollars in several ways, including its design, its history, and its exchange rate.

With its colorful banknotes and distinct coinage, Australian currency clearly stands out from other dollar currencies.

Although it uses the same symbol as the U.S. dollar, you can identify it by the letters AUD on your favorite currency converter. But did you know that there are many other interesting facts about the Australian dollar that set it apart from other currencies?

Here are six memorable facts about Australian currency.

1. Australia’s currency features British royalty.

Australia is part of the British Commonwealth, which means that the British monarch is technically its “head of state.” Australia acknowledges this on its currency, with the late Queen Elizabeth II depicted on some coins and banknotes. New coins featuring King Charles III are on their way and will arrive sometime in 2023.

2. Australian currency could have been called the “koala.”

Australia’s central bank “decimalized” its currency in 1966, replacing Australian pounds and shillings with a much simpler decimal currency.

But the name “dollar” wasn’t a shoe-in. The Prime Minister wanted to call it the “royal,” while members of the public suggested the “dinkum,” “roo,” “kanga,” and “koala.”

Eventually, “dollar” won out, and the Australian dollar—or the “Aussie dollar”, as the locals call it—has been legal tender ever since.

3. The AUD is the official currency of several other countries.

Head to Singapore or New Zealand—two other countries that use the dollar—and you’ll have to trade in your Aussie dollars for the local currency.

But there are a few countries that accept the Australian dollar as legal tender. Nauru uses the Australian dollar as its official currency, while Tuvalu and Kiribati have their own coins that are pegged to the AUD and used along with it.

The Australian dollar is also used in several overseas territories, including Christmas Island, the Cocos (Keeling) Island, and Norfolk Island. And for several years in the 1960s and 1970s, it was the official currency of Papua New Guinea and the Solomon Islands.

4. Australia introduced the world’s first polymer banknotes.

Australia leads the way when it comes to the security and durability of its money. It was the first country to issue polymer banknotes in 1988, which are cleaner and last longer than traditional paper banknotes. They also have advanced security features, including fluorescent ink, microprint, and other attributes to prevent fraud and counterfeiting.

5. The Australian dollar is the sixth-most-traded currency.

The Australian dollar was the sixth-most-traded currency in 2022, behind the euro (EUR), the United States dollar (USD), the Japanese yen (JPY), the British pound (GBP), and the Chinese yuan (CNY). It accounted for 6% of foreign exchange transactions.

6. Australia has a high-tech banking sector.

Australia has one of the most advanced banking systems in the world, with its biggest banks connected by an instant payment system called Osko.

Its financial center is based in Sydney, followed closely by Melbourne, with Sydney ranking top 13 and Melbourne ranking top 31 financial centers in the world in 2022. The country is also home to over 775 fintech companies developing new tools in the fields of lending, insurance, and personal finance.

In conclusion, the Australian dollar is a fascinating currency with a rich history and many unique features. From its ties to British royalty and its distinctive name to its innovative polymer banknotes and advanced banking system, the Australian dollar is truly one-of-a-kind.

Reference

Remitly.com