The material or item used as money does not need tohave any value in its own right. Some forms of moneyhave had this feature (e.g. gold coins, copper ingots),while others have not (e.g. paper banknotes). Rather,money derives its value from the trust people place init. History shows, however, that this trust can be lost ifmismanaged. For example, if too much paper money isprinted and issued, the value of the money will fall; thatis, high inflation will result. In fact, hyperinflation canresult. This has happened many times through history,including in Zimbabwe in the late 2000s, resultingin the population abandoning the Zimbabwe dollar(see image 5) and switching to other, more stablecurrencies such as the US dollar.
When the colony of New South Wales wasestablished in 1788, colonists relied on barter and rum(spirits) as a makeshift currency. In 1792, a shipment ofSpanish dollars was sent to Australia for use ascurrency alongside the other international currenciesthat were used in the colony at the time. To addresspersistent coin shortages, new forms of money weredeveloped in the following decades. These includedthe creation of the holey dollar and dump byGovernor Macquarie (see images 6 and 7) (whichmade two coins out of one), the use of promissorynotes (see image 8) or IOUs, and copper tokens(see image 9) issued by businesses. IOUs and coppertokens proved an unreliable source of currency, partlybecause they had no official guarantee.
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Money has value because people trust that ithas value today and will continue having valuein the future. But history shows that this trust issometimes broken, so why do people keep onusing money? The answer is that it is incrediblyuseful for facilitating trade, which in turn has led tohigher living standards.
In brief, money makes trade with people we mightnot know or trust possible, and trade makes asociety prosperous. Trust is now placed in thevalue of money, rather than in every person wemight want to buy from or sell to.
Currency is a physical form of money, whiledeposits held in accounts with a financialinstitution are a digital form of money andcomprise the greatest share of money in a moderneconomy. (Learn more in the Bulletin article onMoney in the Australian Economy.) There is alsoa subtle difference between currency and depositaccount balances. Currency is backed by thecentral bank, which eliminates any risk of default.Deposit account balances, on the other hand, areliabilities of privately owned financial institutions(because the depositor can ask for them back) andthese institutions are at possible risk from default.Nonetheless, while this risk has materialisedin some countries, in Australia it is extremelylow. (Australia's banks are well capitalised andregulated, depositors are paid out first if a bankgets into trouble, and there is a Financial ClaimsScheme in which the government provides alimited guarantee for household deposits ofindividuals below $250,000.)
Australia's banknotes are produced by the ReserveBank of Australia, while coins are produced bythe Royal Australian Mint. Banknotes accountfor most of the value of physical money and wefocus on them in this Explainer. Under establishedagreements, commercial banks purchasebanknotes from the Reserve Bank as requiredto meet demand from their customers. Hence,growth in the value of banknotes in circulationrepresents growth in the demand for cash fromthe general public.
Deposits can also be created by the Reserve Bank, such as when the Reserve Bankpurchases government bonds (for more information, see Explainer: How the Reserve Bank ImplementsMonetary Policy). When the Reserve Bank purchases government bonds from the non-bankprivate sector, households and businesses ultimately deposit the proceeds of the saleinto the banking system, adding to total deposits.
While a single, stable form of money used byevery country in the world would help peoplespend and save with confidence and plan forthe future, it would make it harder for individualeconomies to respond to economic shocks.By having their own unit of account (i.e. theirown currency), countries have more flexibility ineconomic management. They can choose to allowthe value of their currency to fluctuate freely inresponse to economic events and to conduct theirown economic policies (in particular monetarypolicy) independently of those in other countries.Consequently, individual countries (or groups ofcountries with similar economic features, e.g. themember countries of the euro area) usually havetheir own currency.
Money has changed form many times over theyears, but for as long as complex societies haveexisted, there has been money. The only confidentprediction that can be made about money is thatas long as people want to trade with each other,money will continue to exist in some form becausethe functions it performs are central to sustainingeconomic activity.
The flat form reproduction of a coin for use in advertising or other promotional literature is normally permissible given the above
criteria is met. The stipulation that coins will be reproduced in a faithful likeness is made to prevent part of the coinage design being
used out of context. However, showing part or a segment of a coin will usually be acceptable, providing the image is used in good
taste and is clearly recognisable as depicting part of a coin. The Mint will require a copy of the advertising for clearance prior to this
being published/broadcast. Requests to use an Australian coin image produced by the Royal Australian Mint should be
emailed to hello@ramint.gov.au with details of the use of the image, channel/broadcast details and timing.
The flat form reproduction of a coin for use for commercial purposes is normally permissible given the criteria mentioned above is met.
The stipulation that coins should be reproduced in a faithful likeness is made to prevent part of the coinage design being used out of
context. However, showing part or a segment of a coin will usually be acceptable, providing the image is used in good taste and is
clearly recognisable as depicting part of a coin.
Requests to use coin designs for commercial purposes require written permission from the Royal Australian Mint. Please complete
an Application for Permission to Reproduce coin designs for commercial or 3D Format form and email it to hello@ramint.gov.au,
including the information outlined below.
At times, the Mint collaborates with entities to produce coin designs. The Mint does not own the copyright of these
designs and any requests to license the intellectual property in these designs should be directed to the brand owner/artist.
For privacy reasons, the Mint is unable to provide contact details to third parties.
Requests to reproduce 3D images of coins must meet the above-mentioned criteria and require written permission
from the Royal Australian Mint. Please complete an Application for Permission to Reproduce coin designs for
commercial or 3D Format and email your completed application to hello@ramint.gov.au
It is a criminal offence under the Crimes (Currency) Act 1981 (Cth) to deface or destroy current Australian currency
coins. It is also an offence to sell or possess current coins that have been defaced. Defacing a coin includes coating
the surface of the money with any sort of material. The penalty for defacing coins, or selling or possessing money
that has been defaced, is $11,100 or imprisonment for two years for an individual (or both), and $22,200 for a body
corporate. You may also be guilty of the offence of making counterfeit money if you alter a genuine coin.
The destruction or alteration of designs used on coins may also infringe the right of the author of the design not to
have an artistic work subject to derogatory treatment. The author's rights to 'integrity of authorship' are protected
under the Copyright Act 1968 (Cth). If you do something in relation to an artistic work that is prejudicial to the author's
honour or reputation, a court can order you to stop the infringing conduct, make a public apology, or pay damages to the artist.
It is a criminal offence under the Crimes (Currency) Act 1981 (Cth) to produce an article that resembles a genuine
coin. If you produce replica money, and it is possible that a person might be deceived into thinking that the replica
money is genuine Australian currency, you may have committed an offence under the Crimes (Currency) Act 1981 (Cth).
The penalty for making counterfeit money is imprisonment for 14 years for an individual, and $166,500 for a body
corporate. You may also be guilty of an offence if you sell or possess articles which resemble genuine coins.
We acknowledge Aboriginal & Torres Strait Islander Traditional Custodians of Country & recognise their continuing connection to land, sea, culture & community. We pay our respects to Elders past & present.
All Australian citizens must enter and exit Australia on an Australian passport. Your Australian passport must be valid (not expired) on the day of your arrival in Australia. It does not need to have six months remaining validity to enter Australia unless you are passing through a third country that requires it. Citizens are not entitled to a visa, even if you are also a citizen of another country. Please see the Department of Home Affairs website for more information.
Plan your trip with australia.com, the official Tourism Australia website, offering a wide range of travel information and planning tools including over 2000 images, a currency converter, daily weather updates, interactive maps, suggested holiday itineraries, holiday deals, specialist travel agents and more. Available in nine languages.
Australian currency images that are perfect for using in creating numeracy worksheets, games or wall displays. The set includes all of the images shown, with each coin as a drawn clipart and a photo style image, in both .jpg with a white background and .png with a transparent background, plus one single sided image of each note. See example pictures for everything that is included in the zip file. 152ee80cbc
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