Ultimate Guide to Australian Star Notes: Serial Numbers, Mintage, Rarity, Value and 2026 Price Guide

Australian star notes are among the most fascinating and desirable banknotes in Australian numismatics. Also called replacement notes, these special banknotes were produced to replace ordinary notes that became damaged, incorrectly printed or otherwise unsuitable during the manufacturing process. Instead of allowing a defective note to interrupt the required sequence or quantity of banknotes in a production batch, the printer inserted a specially identifiable replacement.

For collectors today, the small star or asterisk appearing at the end of the serial number can transform an apparently ordinary old Australian banknote into a much scarcer collectible. Some Australian star notes remain relatively obtainable, while others are exceptionally difficult to find, particularly in original Extremely Fine, Almost Uncirculated or Uncirculated condition.

Australian replacement notes exist in both the pre-decimal and early decimal currency periods. Decimal replacement notes were produced for the paper $1, $2, $5, $10 and $20 denominations. No traditional star-note series was produced for the later Australian $50 and $100 paper notes or for modern polymer banknotes under the same system.

What Is an Australian Star Note?

A star note is a replacement banknote printed for use when a normal banknote was rejected during production. Problems could include damaged sheets, printing faults, numbering problems, torn paper or other manufacturing defects.

Australian pre-decimal replacement notes normally display a five-pointed star after the serial number. Early decimal replacement notes use a distinctive asterisk-like star symbol in the final position of the serial.

For example, a normal serial might appear as a conventional prefix followed by six digits, while a decimal replacement note may appear in a form such as:

ZAA 12345*

The star is not simply decorative. It identifies the banknote as part of a special replacement-note production system.

Because replacement notes were required only when ordinary notes were rejected, considerably fewer were normally produced than standard banknotes. That difference in availability is one of the main reasons genuine Australian star notes attract strong collector interest.

History of Australian Replacement Banknotes

Australia used replacement-note systems before decimal currency was introduced. Star notes are known among later pre-decimal issues of 10 shillings, £1 and £5.

Australia converted to decimal currency on 14 February 1966. The initial decimal banknotes consisted of $1, $2, $10 and $20 denominations, followed by the $5 banknote in 1967. Early decimal replacement notes continued the star-note principle.

The star replacement system was comparatively short-lived. Australian decimal star notes are associated mainly with early paper issues of the late 1960s and early 1970s. Later production and serial-numbering procedures removed the need for this easily recognisable replacement format.

Modern Australian polymer banknotes therefore should not be confused with the classic Australian star notes sought by collectors.

Complete Australian Decimal Star Note Prefix List

Collectors generally identify decimal star notes by denomination, signature combination, prefix and serial range. There are 44 distinct prefix codes in the principal decimal replacement series, with some prefixes crossing different signature issues and therefore creating additional catalogue varieties.

These prefix groups form the foundation of Australian decimal star-note collecting. The exact serial number remains important because certain prefixes contain only partial production ranges, making some varieties substantially scarcer than others.

Australian $1 Star Notes and Mintage

The $1 denomination provides one of the largest and most accessible areas of Australian replacement-note collecting.

The 1966 Coombs–Wilson star issue used serials beginning with ZAA and continued into ZAF. Approximately 535,000 Coombs–Wilson $1 replacement notes were produced, compared with more than 130 million standard notes of the corresponding issue.

The short-lived Coombs–Randall issue followed in 1968. Its star-note production was approximately 172,000 notes, making this signature combination particularly desirable.

The Phillips–Randall replacement issue followed and had an estimated mintage of approximately 683,000 star notes. Prefixes eventually continued through ZAQ. Although the overall printing quantity was higher, individual prefixes, low serials and high-grade examples can still be scarce.

In the 2026 collector market, circulated Phillips–Randall $1 star notes may sometimes trade from a few hundred Australian dollars, while superior examples can rise above A$1,000. Scarcer Coombs–Randall examples can command several thousand dollars in high grades, with premium Uncirculated specimens potentially considerably higher.

Australian $2 Star Notes and Mintage

The Australian $2 replacement-note series contains more distinct star prefixes than any other early decimal denomination.

Coombs–Wilson replacements extend approximately from ZFA into ZFH, with reported production of about 718,299 notes. Coombs–Randall replacement serials occupy parts of ZFH through ZFK, with approximately 270,000 produced. Phillips–Randall replacements continue from part of ZFK through ZFS, with around 607,107 notes reported.

Condition has a dramatic influence on $2 star-note prices. Worn examples of some varieties may be available for several hundred dollars, but scarcer signature combinations in VF, EF or better grades can move into four-figure territory. Premium Uncirculated Coombs–Randall examples can command several thousand Australian dollars.

Australian $5 Star Notes: Among the Rarest Decimal Replacements

The $5 star-note series is particularly important because several varieties are considerably scarcer than replacement notes of other denominations.

Coombs–Randall $5 star notes use the ZNA, ZNB and part of the ZNC prefix range. Approximately 204,000 notes are reported for the main ZNA-to-ZNC production group.

Phillips–Randall replacement notes occupy later ZNC numbers and ZND. Only about 101,619 examples are reported for this group, making these notes among the key rarities of Australian decimal paper currency. ZND itself represents a very small partial prefix range.

A genuine Phillips–Randall $5 star note can be worth thousands of Australian dollars even when circulated. Premium original examples, especially scarce serial ranges and high-grade pieces, can reach five-figure prices in a strong specialist market.

Australian $10 Star Notes

Australian $10 replacement notes begin with ZSA and continue through ZSJ.

Early Coombs–Wilson replacement notes use ZSA through the ZSD area. Reported production for the main ZSA-to-ZSD group was approximately 333,000 notes.

Coombs–Randall notes followed across the ZSD/ZSE area, while Phillips–Randall replacement notes extend through ZSF, ZSG, ZSH and ZSJ. Specialist records indicate approximately 348,004 replacement notes in the ZSF-to-ZSJ Phillips–Randall group.

Depending on prefix and condition, a circulated $10 star note can be worth several hundred dollars. Scarcer examples in EF or AU can reach well into four figures, while original Uncirculated notes from difficult signature combinations can command several thousand dollars.

Australian $20 ZXA Star Note

The Australian $20 replacement note is especially easy to recognise because only one main decimal star prefix was used: ZXA.

The documented replacement range extends to approximately ZXA 62500*, giving a reported production of just 62,500 notes. This is substantially lower than the replacement production totals of most $1, $2 and $10 varieties.

Consequently, the $20 ZXA star is one of the most desirable early decimal replacement notes. Heavily circulated examples may still command hundreds of dollars, while attractive VF or EF notes can reach several thousand. Premium original high-grade specimens can potentially approach or exceed A$10,000 depending on grading, serial number, provenance and market competition.

Pre-Decimal Australian Star Note Prefixes

Australian replacement-note collecting is not limited to decimal currency. Important pre-decimal star-note families include:

10 shillings: A, G, AC, AE and AG prefix families.

£1: I, K, W, HA, HC and HE prefix families.

£5: TC replacement prefix.

Many surviving pre-decimal star notes are significantly rarer than their decimal counterparts. Their values depend heavily on the monarch, signatures, prefix, serial range and preservation. Fine examples can sell for hundreds or thousands of dollars, while exceptional rare varieties in superior grades may achieve substantially more.

Australian Star Note Price Guide for 2026

The following figures are broad collector-market estimates rather than guaranteed selling prices.

These ranges should be treated only as indicative 2026 values. Recent specialist offerings and auction estimates demonstrate that the difference between a worn example and a premium original note can amount to thousands of dollars.

What Makes an Australian Star Note Valuable?

Condition is usually the most important factor after rarity. A crisp banknote with original paper, strong colour, sharp corners and no folds is considerably more desirable than the same variety with tears, stains or heavy circulation.

Signature combinations also matter. A prefix that occurs under two different signature combinations can have completely different scarcity levels.

The exact serial number can add another premium. Very low numbers, radar numbers, solid numbers, repeaters and other attractive patterns may appeal to both star-note and fancy-serial collectors.

Originality is equally important. A note that has been washed, pressed, repaired, chemically cleaned or artificially flattened may appear attractive but can be worth considerably less than an untouched example.

How to Authenticate an Australian Star Note

Begin by confirming that the star is printed as part of the original serial number rather than being added later. Compare the font, alignment, ink and spacing with known genuine examples from the same issue.

Next, verify that the prefix belongs to a documented replacement range. A star symbol added to an ordinary prefix does not create a genuine replacement note.

Check the Governor and Secretary to the Treasury signatures because the combination helps establish the issue period. Paper quality, watermark, intaglio printing, design details and serial-number typography should also be consistent with genuine Australian currency.

For expensive notes, professional third-party grading or examination by a respected Australian banknote specialist can provide additional confidence.

Final Thoughts

Australian star notes represent a distinctive period in the history of Australian currency production. They were never created primarily for collectors; they were practical replacements for defective notes encountered during printing. Their limited production and low survival rates, however, have turned them into highly desirable numismatic collectibles decades later.

The most important decimal groups range from ZAA-series $1 notes through the sole ZXA $20 replacement issue, while earlier 10-shilling, £1 and £5 star notes provide an additional challenge for advanced collectors.

Anyone discovering an Australian banknote with a star or asterisk beside its serial number should avoid folding, cleaning, pressing or writing on it. Identify the denomination, prefix, complete serial number, signatures and condition before estimating value. A seemingly ordinary piece of old Australian paper money could belong to one of the scarcer replacement-note varieties and may be worth many times its original face value.

List of Australian Star Notes (2026 Updated)

Australian Star Notes are among the most desirable and collectible banknotes in the country's numismatic history. These replacement notes were printed to replace damaged or defective notes during production and can be identified by special prefixes, suffixes, or replacement numbering systems depending on the series and year of issue. Because far fewer Star Notes were produced than standard banknotes, they often command significant premiums in the collector market. Rare denominations, low print runs, early decimal issues, and notes preserved in Gem Uncirculated condition are particularly valuable. In 2026, Australian Star Notes continue to attract strong demand from collectors seeking scarce replacement banknotes and unique serial-number varieties.

Australian Star Notes Value Table (2026)

Year-Wise Australian Star Notes Price Guide

Most Valuable Australian Star Notes

Australian Star Notes remain one of the most specialized areas of banknote collecting in 2026. Their rarity, limited production numbers, and strong collector demand make them considerably more valuable than standard banknotes of the same denomination and year. Notes with exceptional condition, replacement status, and desirable serial numbers consistently achieve the highest prices in the market.

🌟 What Are Star Notes in Australian Currency?

Star notes are banknotes that were issued by the Reserve Bank of Australia (RBA) to replace damaged or defective notes during production. Instead of reprinting a full batch, the RBA would insert a replacement note with a star (*) symbol in the serial number, usually at the end.

These notes are now rare and valuable because:

• Only a limited number were printed.

• They were used only until the early 1970s, after which a Z-prefix system was introduced.

• Most were pulled from circulation, leaving only a few in existence.

Star notes are seen today as a part of Australian currency history and are actively sought after by both domestic and international collectors.

📜 History of Australian Star Notes (1940s–1970s)

📅 Timeline of Issuance

• 1940s–1965 (Pre-Decimal Period): Star notes printed in denominations of £1, £5, £10, 10/- (ten shillings), etc.

• 1966–1972 (Early Decimal Period): Replacement notes issued for $1, $2, $5, $10, and $20 notes.

• Post-1972: Star system discontinued and replaced with Z-prefix replacement serial numbers.

🔎 Key Facts:

• Printed by Note Printing Australia (NPA).

• Primarily paper-based banknotes, before the introduction of polymer notes.

• Star notes were meant to be indistinguishable in function, but were distinguished visually by the asterisk.

📄 Complete List of Australian Star Notes with Serial Numbers (By Year and Denomination)

🔹 Pre-Decimal Star Notes (Before 1966)

🔹 Decimal Star Notes (1966–1972)

❌ $50 and $100 notes were introduced after the star note system ended. No star notes exist for these denominations.

💰 Current Market Price and Collector Value (2025 Guide)

The value of star notes depends on:

• Denomination

• Year

• Condition (UNC, EF, VF, etc.)

• Rarity

• Auction trends and collector demand

🏷️ Estimated 2025 Prices (AUD)

💡 Pro Tip: Always cross-check with latest auction data before buying or selling star notes.

🔍 How to Identify a Star Note

• Look at the serial number, usually found on the top/bottom left and top/bottom right of the note.

• If there’s an asterisk (*) or star at the end, it’s a replacement note.

• Confirm denomination, issue year, and verify with Australian banknote catalogs.

🧠 Why Are Star Notes Important to Collectors?

• Historical Value: Each note reflects a unique period in Australia’s economic and printing history.

• Visual Uniqueness: The star in the serial number adds charm and distinction.

• Market Demand: With limited surviving numbers, their value keeps increasing.

• Investment Potential: Prices for top-condition star notes have risen steadily over the last decade.

🏆 Famous Australian Star Notes Sold at Auction

• $10 star note (1972, UNC) sold for $1,450 in a 2024 auction.

• £5 star note (1950s, EF) sold for $2,300 in Melbourne.

• $2 star note (1966, UNC) reached $870 on eBay in late 2023.

🧾 Where to Buy or Sell Star Notes in 2025

• eBay Australia: Active star note listings

• Downies Collectibles: Trusted rare note dealer

• Roxbury’s Auction House: Regular numismatic auctions

• Local coin and currency fairs in Sydney, Melbourne, Adelaide

• Australian Numismatic Dealers Association (ANDA) certified stores

✅ Expert Tips for Star Note Collectors

1. Buy certified graded notes (PCGS or PMG recommended).

2. Keep in acid-free sleeves or PVC-free plastic holders.

3. Avoid touching the note with bare hands—use gloves.

4. Monitor auction trends and price updates.

5. Beware of forgeries and doctored notes with fake stars.

📘 Final Thoughts: A Star Worth Chasing

Australian star notes are much more than obsolete currency—they are historical artifacts, collectors’ dreams, and long-term investment vehicles. As we move further away from the star-note era, their rarity will only increase.

If you're looking to start or expand a currency collection, owning a piece of Australia's star note legacy is a smart and rewarding move.

List of FAQs about Australian Star Notes

Australian Star Notes hold a special place in the history of Australian currency and numismatics. These rare and fascinating banknotes were issued during the pre-decimal and early decimal periods of Australia’s monetary system. Unlike regular notes, Star Notes were printed only as replacements for defective banknotes discovered during production, making them unique and highly collectible. Below is a comprehensive list of frequently asked questions (FAQs) about Australian Star Notes — including their origin, identification, value, rarity, and the stories behind these historical treasures.

1. What are Australian Star Notes?

Australian Star Notes are replacement banknotes issued by the Commonwealth Bank and later the Reserve Bank of Australia. They were printed to replace faulty or damaged notes discovered during the production process. Instead of reprinting the same serial number, these replacement notes were marked with an asterisk (*) or star symbol at the end of their serial number. This simple star symbol made them instantly recognizable to collectors and banking officials alike.

2. When were Star Notes introduced in Australia?

Star Notes were first introduced during the pre-decimal era and continued into the early decimal period. They were primarily used from the 1940s through the late 1970s. Their introduction coincided with the need to maintain accurate serial numbering in note production while replacing damaged sheets without disrupting sequential numbering systems.

3. Why were Star Notes created?

Star Notes were introduced to maintain the continuity of serial numbering when a defective note was detected during printing. Since every Australian banknote has a unique serial number, reprinting the same number was impractical. Instead, printers used a new note with a similar serial number ending in a star symbol (*) to indicate that it was a replacement note. This method ensured accounting accuracy and minimized production waste.

4. How can I identify an Australian Star Note?

An Australian Star Note can be identified by looking at the serial number printed on the note. Regular notes have a serial number that ends in a letter or digit, but Star Notes feature an asterisk (*) at the end. For example, a normal note might read “D28 456321,” while a Star Note would appear as “D28 456321*.” This small star is the defining feature that distinguishes it from standard banknotes.

5. Which Australian banknotes have Star Note versions?

Star Notes exist for several denominations across both pre-decimal and early decimal Australian currency. They include denominations such as:

• £1, £5, £10, and £50 (pre-decimal notes)

• $1, $2, $5, $10, and $20 (early decimal notes, issued after 1966)
  However, not all series contained Star Notes, and some denominations had only a few replacement batches printed, making certain types far rarer than others.

6. Who printed Australian Star Notes?

All Australian Star Notes were printed by the Note Printing Branch of the Commonwealth Bank of Australia, which later became Note Printing Australia (NPA) under the Reserve Bank of Australia (RBA). These specialized printing facilities maintained strict quality control standards, ensuring that Star Notes matched the design and features of standard notes except for the star symbol.

7. When did Australia stop issuing Star Notes?

Australia discontinued the Star Note system in the late 1970s, replacing it with a Z-prefix replacement system for decimal notes. Instead of using an asterisk, replacement notes were identified by serial numbers beginning with the letter “Z” (for example, “ZAA 000001”). The discontinuation of Star Notes marked the end of a historic era in Australian banknote printing.

8. What is the value of an Australian Star Note today?

The value of an Australian Star Note depends on several factors, including its denomination, year of issue, condition (grade), rarity, and serial prefix. Some common Star Notes may sell for $100–$300, while rare or high-grade specimens can fetch $5,000 to over $20,000 at numismatic auctions. The 1954 £10 and 1966 $1 Star Notes are particularly valuable to collectors.

9. Why are Australian Star Notes so valuable to collectors?

Star Notes are valuable because they were printed in very limited quantities — typically less than 0.5% of total note production. They were never intended for public attention, making surviving examples scarce. Their distinctive serial marking, combined with their connection to Australia’s early currency history, makes them highly sought after by collectors and investors worldwide.

10. What is the rarest Australian Star Note?

Some of the rarest Australian Star Notes include the 1966 $1 Coombs/Wilson Star Note and the 1954 £10 Star Note. These notes are extremely rare due to limited print runs and low survival rates. Collectors also prize early Star Notes from the Commonwealth of Australia pre-decimal series, particularly those in uncirculated or near-uncirculated condition.

11. How many Australian Star Notes were produced?

Exact production numbers are not always available, as replacement notes were printed in small, controlled batches. Typically, for every 10,000 notes printed, only 3 to 5 Star Notes might be needed to replace faulty ones. This low production ratio contributes to their extreme rarity and high market value today.

12. What materials were used to make Australian Star Notes?

Like standard notes of their time, Australian Star Notes were printed on cotton-based paper, not the modern polymer substrate. These paper notes featured watermarks, security threads, and fine engraving work to prevent counterfeiting. The material gives vintage Star Notes a distinctive texture and aged appearance compared to modern polymer banknotes.

13. Can Star Notes still be used as legal tender?

While Star Notes were legal tender when first issued, most are now withdrawn from circulation. Technically, they can still be exchanged at the Reserve Bank of Australia for their face value. However, due to their collector value, it would be unwise to redeem them for face value, as they are often worth hundreds or thousands of dollars more to collectors.

14. How can I check if my note is a genuine Star Note?

To confirm authenticity, examine the note carefully:

• Look for the asterisk (*) symbol at the end of the serial number.

• Check for standard design features like watermarks and security threads.

• Ensure printing quality matches other notes of the same series.
  If you are unsure, consult a professional numismatist or use grading services such as PMG (Paper Money Guaranty) or PCGS Banknote to authenticate and grade your note.

15. Are Australian Decimal Star Notes different from Pre-Decimal Star Notes?

Yes. Pre-decimal Star Notes were denominated in pounds (£) and shillings (s), whereas Decimal Star Notes, introduced in 1966, were denominated in dollars ($) and cents (¢). The designs, portraits, and colors differ significantly. However, both types used the star symbol in the serial number to denote replacement notes.

16. What is the best way to store Australian Star Notes?

Proper storage is essential for preserving their value. Keep Star Notes in acid-free sleeves or Mylar holders, away from humidity, sunlight, and heat. Avoid folding, handling with bare hands, or placing them in PVC plastic, as it can damage the paper over time. Serious collectors often use banknote albums or archival boxes to ensure long-term preservation.

17. How do collectors grade the condition of Star Notes?

Star Notes, like other collectible banknotes, are graded using the International Bank Note Society (IBNS) or PMG Grading Scale, which ranges from Poor (P) to Gem Uncirculated (UNC 70). Even a small crease or mark can significantly affect value. An uncirculated Star Note in pristine condition can be worth ten times more than a circulated one.

18. Where can I buy or sell Australian Star Notes?

You can buy or sell Star Notes through numismatic dealers, auction houses, and collector fairs. Online platforms such as eBay, Downies, and Stack’s Bowers often list rare Star Notes for sale. Before purchasing, always verify authenticity and check dealer reputations to avoid counterfeits or inflated prices.

19. Are there fake Australian Star Notes?

Yes, but they are rare. Some counterfeiters attempt to alter regular notes by adding a star symbol. Genuine Star Notes will always have the star printed in the same ink and alignment as the rest of the serial number. Fake additions often look misaligned or use a different ink shade. Authentication by a reputable expert is recommended for valuable notes.

20. What is the future of Star Notes in numismatics?

Australian Star Notes continue to gain prominence in numismatic collections. As fewer examples remain in good condition, their value and demand are expected to rise. Collectors worldwide appreciate their rarity, historical importance, and charm as tangible reminders of Australia’s evolving currency system.

Conclusion

Australian Star Notes are a captivating part of Australia’s currency history. From their humble role as replacement notes to their present status as rare collectibles, these notes symbolize precision, rarity, and craftsmanship. Identified by their distinctive star symbol, they represent an era when meticulous care was taken to maintain serial accuracy and quality control. Whether you are a seasoned collector or a newcomer to numismatics, learning about Australian Star Notes opens a fascinating window into the art and science of banknote production. Their legacy continues to shine as a cornerstone of Australia’s numismatic heritage, treasured by enthusiasts across the globe.

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