Results from a little bit of research

Discussion in 'Banknotes' started by mmm....shiney!, Aug 21, 2012.

  1. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Nov 15, 2010
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    Just a few things I found out about Australia's so called "gold redeemable" bank notes of the early 20th Century.

    Some of you may be aware that from 1910 to 1931 , Australia produced pre-decimal bank notes that were redeemable in gold coin. Click on the thumbnail below and you'll see the promise:


    Now I always thought that meant that these early notes were an example of "honest" money, that is, notes issued by the Treasury or Commonwealth Bank that were actually backed by something of value.
    Not so apparently:

    I've written a little more at my blog.

    So we didn't have a gold backed currency after all.

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