Thursday, January 24, 2008
$10 buys 20 years of plastic
The polymer banknote turns 20 on Sunday, with manufacturer Securency International celebrating the release of the $10 note, which was released to commemorate Australia’s bicentenary in 1988. Following the success of the $10 note, the Reserve Bank released a full series—from $5 to $100 notes—between 1992 and 1996.
Polymer banknotes were developed after high quality counterfeits of the 1966 Australian decimal paper series were detected in circulation.
The Reserve Bank worked with the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to develop new banknote material with higher security and improved durability.