Complete Guide to $1 Commonwealth of Australia Banknotes (1966–1984): History, Mintage, Price List and Collector Value

Australian $1 paper banknotes are an important part of the country's modern currency history. Introduced with decimal currency in 1966, the one-dollar note remained in circulation until the introduction of the $1 coin in 1984. Although millions were printed, surviving notes can vary enormously in collector value depending on their signature combination, serial number, prefix, condition and rarity.

For collectors, the Australian $1 note series is particularly interesting because it covers the transition from notes carrying the wording Commonwealth of Australia to those displaying simply Australia. It also includes scarce star replacement notes, first and last prefixes, unusual serial numbers, security-thread variations and the well-known 1976 DBP test notes.

Unlike coins, banknotes are technically printed rather than minted. However, collectors frequently use the term "mintage" when referring to the number of notes produced. The printing figures below therefore serve as the mintage figures for each major issue.

History of the Australian $1 Banknote

Australia officially changed from pounds, shillings and pence to decimal currency on 14 February 1966, commonly known as Decimal Currency Day or C-Day. The new currency system introduced dollars and cents, and the first decimal banknotes included denominations of $1, $2, $10 and $20.

The $1 note became one of the most frequently handled denominations in everyday Australian commerce. It replaced the old ten-shilling note and continued circulating for approximately eighteen years.

The design remained broadly consistent throughout its life, although signatures, serial prefixes, security-thread placement and the wording of the issuing authority changed.

By the early 1980s, the relatively short life of heavily circulated $1 paper notes made them expensive to replace continually. A durable one-dollar coin was therefore introduced on 14 May 1984, after which the production and issue of $1 paper notes ceased.

Australian $1 Note Design

The Australian $1 banknote was designed by Gordon Andrews and is instantly recognisable to collectors.

The front features a portrait of Queen Elizabeth II, together with Australia's national Coat of Arms and intricate geometric patterns designed both for appearance and security.

The reverse is particularly significant because it incorporates Indigenous Australian artistic imagery. Part of the design was based on a bark painting by Aboriginal artist David Malangi Daymirringu, depicting elements connected with the mortuary ceremony of the ancestral figure Gurrmirringu.

The note also contained a watermark of Captain James Cook, one of the security features used across Australia's early decimal banknotes.

The combination of royal portraiture, Australian national symbols and Indigenous artwork gives the note considerable historical and cultural interest beyond its monetary value.

Australian $1 Banknote Mintage and Issue List

The $1 notes were not issued as a completely new dated design every calendar year. Instead, collectors identify major issues mainly through the signatures, wording, serial numbers and printing characteristics.

Combined production across the major standard issues was approximately 1.67 billion $1 notes. Despite this large total, individual varieties can be scarce because some signature combinations had much smaller print runs.

1966 Coombs–Wilson $1 Note

The Coombs–Wilson note is the original Australian decimal $1 banknote and is therefore particularly popular with collectors.

Approximately 130.21 million standard notes were printed. Normal serial prefixes began with AAA, while scarce first and last prefixes can attract significant premiums.

A normal circulated example may be worth around A$5 to A$25, depending on condition. Attractive uncirculated standard examples commonly occupy roughly the A$70 to A$100 range, while rare prefixes and exceptional graded pieces can sell for considerably more.

The most important variety is the star replacement note. Only about 535,000 Coombs–Wilson $1 star notes were produced. Depending on grade and serial prefix, values may range from several hundred dollars to around A$3,000 or more for premium uncirculated examples.

1968 Coombs–Randall $1 Note

The Coombs–Randall issue is the key standard note in the series because production was dramatically lower than most other $1 issues.

Only around 37.69 million standard notes were printed.

Because of this low production figure, even circulated examples attract collector attention. Depending on grade, ordinary examples may trade from approximately A$60 to A$200, while strong uncirculated examples can reach roughly A$300 to A$700 or more.

The Coombs–Randall star note is substantially scarcer. Only about 172,000 replacement notes were produced. High-quality examples are major Australian decimal banknote rarities and may command several thousand dollars.

1969 Phillips–Randall $1 Note

The Phillips–Randall issue had a considerably larger production of approximately 299.1 million standard notes.

Because more survived, normal examples are more affordable. Circulated notes may sell for around A$8 to A$25, while ordinary uncirculated pieces can range approximately from A$30 to A$80.

Collectors should pay particular attention to star replacement notes. Approximately 683,000 Phillips–Randall star notes were printed. High-grade examples can be worth hundreds or even thousands of dollars, especially when combined with desirable prefixes or exceptional preservation.

1972 Phillips–Wheeler Commonwealth of Australia $1 Note

The 1972 Phillips–Wheeler issue is historically important because it represents the final major $1 type carrying the Commonwealth of Australia wording.

Approximately 190.77 million notes were produced.

Typical circulated examples may be worth around A$8 to A$20, while uncirculated examples commonly fall around A$50 to A$75, although premium prefixes and certified high-grade notes may achieve higher prices.

Unlike the earlier issues, collectors should not automatically expect a star replacement version from this period. Australia's use of star notes was discontinued during the early decimal era.

1974 Phillips–Wheeler Australia $1 Note

A major design-text change occurred in 1974 when the wording was simplified from Commonwealth of Australia to Australia.

The Phillips–Wheeler Australia issue had a production of approximately 210.23 million notes.

Because relatively large numbers survive, ordinary circulated examples are generally affordable at around A$3 to A$15. Uncirculated notes may sell in approximately the A$40 to A$60 range, with first prefixes, last prefixes and unusual serial numbers attracting additional premiums.

For collectors building a complete type set, having both the Commonwealth and Australia Phillips–Wheeler versions is important.

1976 Knight–Wheeler $1 Notes

The Knight–Wheeler period is one of the most interesting sections of the Australian $1 series because several printing varieties exist.

Standard production across the issue was roughly 315 million notes, but collectors distinguish between centre-thread and side-thread varieties.

Ordinary circulated examples can often be obtained for around A$5 to A$15. Standard uncirculated examples may be approximately A$20 to A$35.

The most interesting variety is the DBP test note. These notes are connected with experimental paper and printing trials and use the DBP serial prefix. Approximately one million DBP-prefix positions were associated with the test series, with individual subtypes distinguished according to paper characteristics and serial range.

Uncirculated DBP examples can command around A$150 to A$250 or more, depending on the particular variety and condition.

1979 Knight–Stone $1 Note

The Knight–Stone issue was produced in very large quantities, with approximately 350 million notes printed.

As a result, it remains one of the more accessible types for beginning collectors. Normal circulated examples generally have only a modest premium above face value and may sell for approximately A$3 to A$10.

Standard uncirculated examples can often be found for around A$8 to A$15.

However, special serial numbers can transform an otherwise common Knight–Stone note into a significantly more desirable collectible. Solid numbers, radar numbers, low serials and unusual printing errors may command much higher prices.

1982–1984 Johnston–Stone $1 Note

The Johnston–Stone issue was the final signature combination used on Australia's paper $1 denomination.

Approximately 140 million notes were produced before the denomination was replaced by the $1 coin.

Because substantial quantities were saved when the paper denomination disappeared, normal Johnston–Stone notes remain common. Circulated examples may be worth only A$2 to A$5, while normal uncirculated notes can often be found for approximately A$5 to A$10.

The first prefix DGJ and especially the final prefix DPS are more collectible. Depending on grade, premium-prefix notes can sell for roughly A$20 to A$60 or more.

2026 Australian $1 Banknote Price Guide

These figures are indicative collector-market ranges rather than guaranteed selling prices. Certification, eye appeal, originality, dealer margins and auction demand can all affect the final price.

What Makes an Australian $1 Note Valuable?

Condition is usually the first factor to check. An uncirculated note with crisp paper, sharp corners and no folds can be worth many times more than an otherwise identical heavily circulated example.

Serial numbers are equally important. Collectors may pay premiums for very low numbers such as 000001, solid numbers such as 777777, radar or palindrome numbers, repeating patterns and other visually attractive combinations.

First and last prefixes can also be valuable because they mark the beginning or end of a particular print run.

Star notes are among the most desirable varieties. The star symbol indicates that the note was produced as a replacement for a defective note removed during production. Because replacement quantities were much smaller than normal print runs, surviving examples can command substantial premiums.

Printing errors can also be valuable when genuine. Missing print, major misalignment, mismatched serials, folds occurring during printing and other production mistakes may appeal strongly to specialist collectors.

How to Protect Old Australian $1 Notes

Never wash, iron, press, laminate or attempt to repair an old banknote. Even apparently harmless cleaning can reduce collector value significantly.

Store notes flat in archival-quality, PVC-free banknote holders and protect them from moisture, direct sunlight, excessive heat and unnecessary handling.

Potentially valuable star notes, rare prefixes, errors and exceptionally high-grade notes may benefit from professional authentication and grading.

Final Thoughts

Australian $1 paper banknotes tell the story of the country's transition to decimal currency and the gradual development of its modern monetary system. From the first Coombs–Wilson notes of 1966 to the final Johnston–Stone issues withdrawn after the arrival of the $1 coin in 1984, the series contains something for almost every level of collector.

Most ordinary circulated $1 notes remain inexpensive, but rarity can increase dramatically when a note has a scarce signature combination, star replacement serial, first or last prefix, unusual serial number, printing error or exceptional uncirculated condition.

The 1968 Coombs–Randall issue stands out among the regular circulation notes because of its much smaller printing quantity, while early star notes rank among the most desirable specialised varieties. Anyone finding old Australian $1 notes should therefore examine the signatures, prefix, serial number and condition carefully before assuming the note is worth only one dollar.

List of $1 Commonwealth of Australia Banknotes (1966–1984) (2026 Updated)

The $1 Commonwealth of Australia banknote was introduced in 1966 with Australia's transition to decimal currency and remained in circulation until 1984, when it was replaced by the Australian one-dollar coin. Featuring the portrait of Queen Elizabeth II on the front and Aboriginal cultural artwork on the reverse, the note has become one of the most collected Australian banknotes. Collectors value these notes for their historical significance, signature combinations, replacement notes, low serial numbers, and pristine uncirculated condition. While common circulated examples are affordable, rare replacement notes and high-grade uncirculated specimens can command substantial premiums. The following 2026 updated value guide provides a detailed year-wise price list for Commonwealth of Australia $1 banknotes issued between 1966 and 1984.

Commonwealth of Australia $1 Banknotes Value List (2026)

Signature Combination Value Guide

Replacement Note Values

Most Valuable Commonwealth of Australia $1 Notes

Complete Commonwealth of Australia $1 Note Collection Values

The Commonwealth of Australia $1 banknotes issued from 1966 to 1984 remain among the most popular Australian paper money collectibles. Collectors particularly seek first-year issues, replacement notes, rare signature combinations, low serial numbers, and the final 1984 issue. In the 2026 collector market, high-grade uncirculated examples and scarce replacement notes continue to achieve the strongest prices and represent key pieces of Australia's decimal currency history.

📜 Historical Overview of the $1 Note

➤ Transition to Decimal Currency

Australia officially adopted decimal currency on 14 February 1966, marking the end of the imperial pound system. The new $1 note replaced the 10-shilling note.

➤ Legal Tender Period

The $1 note remained in active circulation until 1984, when the more durable and cost-effective $1 coin was introduced.

🎨 Design Features of the $1 Note

✒️ Signature Combinations and Prefix List

Each $1 note issue can be identified by the signature pair of the Reserve Bank officials and specific serial number prefixes. These are essential for determining the note's year and rarity.

🗂️ Chronological List of $1 Commonwealth of Australia Notes (1966–1984)

🔹 1966 – Coombs/Wilson

• Prefixes: AAA – AHK

• Estimated Value: $10 – $150+

• Notes: First decimal issue; highly sought after by collectors.

🔹 1967 – Coombs/Randall

• Prefixes: AHL – AMR

• Estimated Value: $30 – $500+

• Notes: Scarcer issue; higher demand in UNC condition.

🔹 1968–1972 – Phillips/Randall

• Prefixes: AMS – AUE

• Estimated Value: $10 – $120

🔹 1972–1974 – Phillips/Wheeler

• Prefixes: AUF – AZF

• Estimated Value: $8 – $80

🔹 1974–1976 – Knight/Wheeler

• Prefixes: AZG – BBG

• Estimated Value: $5 – $70

🔹 1976–1979 – Knight/Stone

• Prefixes: BBH – BUN

• Estimated Value: $5 – $65

🔹 1979–1982 – Johnston/Stone

• Prefixes: BUO – CBN

• Estimated Value: $5 – $40

🔹 1982–1984 – Johnston/Fraser

• Prefixes: CBO – CLZ

• Estimated Value: $5 – $35

• Notes: Final issue before transition to $1 coin.

⭐ Rare Star Notes (Replacement Notes)

Star notes were produced to replace misprinted notes during production. These have a ‘★’ symbol replacing one digit in the serial number and are extremely valuable.

💵 Collector Price Guide Based on Condition

🔍 What Makes a $1 Note Valuable?

✅ Serial Number Prefix

• First & Last Prefixes: (e.g., AAA, CLZ)

• Low serial numbers: (e.g., 000001)

• Special sequences: Radars (1234321), Repeaters (777777), Ladders (123456)

✅ Signature Combinations

• Rare pairings like Coombs/Randall are more valuable.

✅ Star Notes

• Highest premium due to limited circulation.

✅ Note Condition

• UNC notes have exponentially higher value.

🛒 Where to Buy or Sell $1 Australian Notes

🧠 Did You Know?

• The Aboriginal design on the reverse is based on a bark painting by David Malangi, symbolizing the inclusion of indigenous culture in national identity.

• The portrait of Queen Elizabeth II was based on a 1960 photograph by Douglas Glass.

🧾 Sample Pricing Chart: Top $1 Notes

List of FAQs about $1 Commonwealth of Australia Banknotes

The $1 Commonwealth of Australia banknotes are among the most fascinating and historically significant pieces in Australia’s numismatic heritage. Issued during the transition from the pound to the dollar system, these notes represent an important era in the evolution of Australian currency. Even though they are no longer in circulation, they remain highly sought after by collectors, historians, and currency enthusiasts worldwide. Below is a comprehensive list of FAQs about $1 Commonwealth of Australia banknotes, covering everything from their design and issue dates to their current value and collectible status.

1. When were the $1 Commonwealth of Australia banknotes first issued?

The $1 Commonwealth of Australia banknote was first issued on 14 February 1966, the day Australia officially adopted the decimal currency system, replacing the old Australian pound. It marked the beginning of a new monetary era, where £1 became equivalent to $2, and 10 shillings became $1. These notes circulated under the title “Commonwealth of Australia” before later issues switched to “Australia” under the Reserve Bank.

2. Why was the $1 note introduced in 1966?

The $1 note replaced the 10-shilling note from the pre-decimal era. Its introduction aligned with Australia’s move toward decimalization to simplify currency transactions and align with international standards. The $1 note became a symbol of modernization and financial reform in Australia’s economy.

3. Who designed the $1 Commonwealth of Australia banknote?

The $1 note was designed by Gordon Andrews, a renowned Australian artist and designer who created the entire series of first decimal banknotes. His designs emphasized national identity, culture, and heritage, combining traditional motifs with modern design elements.

4. What is featured on the front of the $1 Commonwealth of Australia banknote?

The front side of the note displays a portrait of Queen Elizabeth II, based on a photograph taken by Douglas Glass. The background features patterns inspired by Aboriginal art, reflecting Australia’s Indigenous culture. This blend of royal imagery and native symbolism represented the unity of tradition and modern identity.

5. What appears on the back of the $1 note?

The reverse side features Aboriginal motifs inspired by bark paintings from Arnhem Land, created under the guidance of artist David Malangi. These designs were among the first to celebrate Indigenous art on Australian currency, marking a historic acknowledgment of Aboriginal heritage.

6. Why do some $1 notes say “Commonwealth of Australia” and others just “Australia”?

Initially, all banknotes issued between 1966 and 1974 bore the title “Commonwealth of Australia.” After the Reserve Bank updated printing protocols in 1974, the title was shortened to “Australia.” Notes with the earlier “Commonwealth of Australia” text are generally more collectible due to their historical significance.

7. When was the $1 Commonwealth of Australia note discontinued?

The $1 note was withdrawn from circulation in 1984, replaced by the $1 coin. The transition aimed to reduce printing costs since coins last much longer than paper notes. However, many Australians fondly remember the colorful $1 notes from their youth.

8. Is the $1 Commonwealth of Australia banknote still legal tender?

Technically, no. While it is no longer legal tender, the Reserve Bank of Australia (RBA) will still honor the face value of any old note presented for exchange. However, collectors generally prefer keeping them due to their numismatic value, which can exceed $1 by a significant margin.

9. How much is a $1 Commonwealth of Australia banknote worth today?

The value of a $1 Commonwealth of Australia note depends on its condition, rarity, and serial number. A circulated note may sell for $3 to $10, while uncirculated or rare serial-numbered examples can reach $100 to $500. Notes with unique features like ‘star replacement notes’ or low serial numbers are especially valuable.

10. What materials were used to print these $1 notes?

The notes were printed on cotton-based paper with embedded metallic security threads and watermarks. This provided durability and security against counterfeiting. Later, Australia pioneered polymer banknotes in 1988, but the early $1 paper notes remain a nostalgic relic of the pre-polymer era.

11. How can you identify rare varieties of $1 Commonwealth notes?

Rare varieties include:

• First prefix notes (e.g., AAA or AA01 series)

• Star replacement notes (marked with a star symbol)

• Misprinted or error notes

• Special signature combinations
  Collectors often use catalogs like Renniks Australian Coin & Banknote Guide to identify specific valuable variants.

12. What are the signatures on the $1 Commonwealth of Australia notes?

The notes feature combinations of Governor and Secretary to the Treasury signatures. Early versions include Coombs/Wilson (1966) and Phillips/Randall (1968–1972). Different signature pairs help determine the note’s year and rarity, influencing its collectible value.

13. What security features were included in these notes?

Security features of the $1 Commonwealth of Australia note included:

• Watermark of Captain James Cook

• Metallic thread

• Microprinting

• Fine-line engraving
  These features were advanced for their time, making counterfeiting extremely difficult.

14. Why are these notes popular among collectors?

Collectors love the $1 Commonwealth notes for their historic significance, artistic design, and connection to the introduction of decimal currency. They are also relatively affordable entry points for new numismatists, making them popular in both domestic and international markets.

15. What is a “star note” and why is it valuable?

A star note was issued as a replacement for a damaged note during printing. Instead of a regular serial number, it includes a star symbol at the end. These are rare because only small quantities were printed, making them highly desirable among collectors.

16. How long did the $1 Commonwealth notes remain in circulation?

The notes were actively circulated for about 18 years (1966–1984). Due to frequent use and wear, few have survived in perfect condition, which contributes to the premium placed on uncirculated examples today.

17. Are there counterfeit $1 Commonwealth notes?

Although rare, counterfeit versions have been found. Genuine notes can be verified through:

• Watermark check

• Paper texture

• Accurate printing quality
  For high-value collections, professional authentication from certified grading services like PMG (Paper Money Guaranty) is recommended.

18. Can you still exchange old $1 notes at banks?

Yes. Most Australian banks will accept the old $1 note and exchange it for the equivalent in coins. However, collectors often advise not to exchange them since the numismatic value can far exceed face value, especially for early or pristine issues.

19. What is the difference between the Commonwealth and Reserve Bank issues?

The Commonwealth of Australia notes were produced during the early phase (1966–1974) of decimal currency. Afterward, the Reserve Bank of Australia took full control, updating the note’s inscription to “Australia.” Thus, Commonwealth issues represent the first generation of Australian decimal notes, adding to their historic value.

20. Where can you sell or buy $1 Commonwealth of Australia notes?

Collectors can buy or sell these notes through:

• Numismatic dealers

• Coin fairs and auctions

• Online platforms (eBay, Downies, Noble Numismatics)
  Always ensure authenticity and deal with reputable sources to avoid counterfeits or undervalued sales.

21. What is the highest recorded sale of a $1 Commonwealth note?

Exceptional examples, such as first-prefix uncirculated notes or star replacements, have fetched up to $1,000 AUD or more at numismatic auctions. The price depends heavily on rarity, condition, and collector demand.

22. How do collectors grade $1 Commonwealth notes?

Grading is crucial for determining value. Common grading terms include:

• UNC (Uncirculated): Perfect note with no folds or marks

• EF (Extremely Fine): Light handling, no major flaws

• VF (Very Fine): Moderate folds, still crisp

• F (Fine): Well-circulated, visible wear
  Professional grading adds authenticity and enhances resale value.

23. What is the significance of Gordon Andrews’ design work?

Gordon Andrews revolutionized Australian banknote design by combining cultural symbolism with modern art techniques. His work on the $1 Commonwealth note is celebrated for introducing Indigenous Australian motifs to national currency, setting a precedent for future designs.

24. Are there any commemorative editions of the $1 note?

No official commemorative $1 paper notes were issued. However, collectors sometimes create presentation sets or framed displays featuring both the original 1966 $1 note and the 1984 $1 coin, symbolizing the transition from paper to metal currency.

25. How should collectors store $1 Commonwealth notes?

Preserve the notes in acid-free sleeves, kept in a cool, dark, and dry environment. Avoid folding or exposing them to light or moisture. Handling should be done with cotton gloves to prevent oil transfer, ensuring the note’s longevity.

26. Why are these notes considered a good investment?

Because of their historical and cultural importance, as well as increasing rarity, these notes continue to appreciate over time. Uncirculated or rare serial-numbered notes, in particular, have shown consistent value growth in the collectors’ market.

27. What cultural themes do the $1 Commonwealth notes represent?

The notes symbolize Australia’s national transformation, embracing Indigenous heritage and modern identity during the post-colonial period. They serve as artistic and historical documentation of mid-20th-century Australia.

28. How many $1 Commonwealth of Australia notes were printed?

Millions were printed between 1966 and 1974, but few remain in mint condition today. Exact production numbers vary by signature combination, with some print runs significantly smaller than others — adding to their collectible rarity.

29. What was public reaction when the $1 note was withdrawn?

Many Australians initially resisted the replacement with coins, preferring the lightweight paper notes. However, over time, the durability and convenience of coins made the transition widely accepted.

30. Why do collectors treasure the $1 Commonwealth of Australia note today?

Collectors cherish these notes for their artistic design, historical value, and symbolic connection to Australia’s monetary evolution. They represent the first steps into the decimal era and remain an essential part of any serious Australian banknote collection.

🏁 Final Thoughts

The $1 Commonwealth of Australia note is a cornerstone of Australian numismatics. Whether you are a beginner, enthusiast, or professional collector, these notes offer insight into Australia's monetary, political, and cultural evolution. From scarce star notes to unique serials and first-issue editions, there are numerous opportunities to build a valuable collection or make a profitable investment.

If you own one of these $1 notes, it could be worth much more than its face value—especially if it’s a star note, low serial number, or uncirculated condition.

Conclusion

The $1 Commonwealth of Australia banknote remains a treasured relic of the nation’s monetary journey. With its elegant design, cultural depth, and historical relevance, it stands as a symbol of Australia’s transformation into a modern economy. Whether kept as a nostalgic keepsake, an artistic collectible, or a financial investment, this note continues to captivate collectors around the world.

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