Reserve Bank of Australia Annual Report

The Reserve Bank is responsible for ensuring that there are sufficient high-quality banknotes in circulation to meet the public's demand. The Bank ensures that enough banknotes are printed to meet public demand, maintains the quality of banknotes in circulation by withdrawing worn banknotes and replacing them with new banknotes and conducts research to ensure that Australian banknotes remain secure against counterfeiting. At the end of June 2013 there were 1.2 billion banknotes worth $56.9 billion in circulation. With only around 10 counterfeits detected per million genuine banknotes in circulation, the level of banknote counterfeiting is low relative to international experiences and is similar to levels experienced in Australia in recent years. In September 2012, the Bank announced plans to upgrade the security of Australia's banknotes as part of the Next Generation Banknote (NGB) program. The upgraded banknotes will retain many of the key design elements of the current banknote series and will incorporate a number of new features designed to make Australia's banknotes secure in the future.

Read the currency report here

PCGS Numerical Grading Scale



For sale at eBay – a Note that is A lot better than those Listed Uncirculated.
Many of these notes are graded as "Choice About New 58" :
A Choice About New 58 note will typically appear to be a Choice New or better note, with one or two light corner bends or folds that reach into the design of the note. A light vertical bend down the middle of an otherwise Choice New or better note would also qualify a note for this grade.

Using our system that equates to a note that grades at EF, and is selling for approx $55.

Using the PCGS Numerical Grading Scale a banknote that should be graded as average is now a super star. Grades 60 – 70 are all standards of UNC banknotes.

New 60 : A "60" note will remain strictly uncirculated with absolutely no folds or bends that extend into the design. Notes at this grade level typically will have one or more significant faults that detract from the note's appearance, such as slight loss of color, paper toning, minor foxing, two or more corner folds, flat and lifeless paper, pinholes, or a small staining spot or two. Any note with a major problem will be placed into a PCGS Currency "Apparent" grade holder with the problem described. A note in this grade will be generally unattractive, although it will technically be New or "uncirculated".

These notes are now being offered at a 99c opening bid, plus $9 postage [how do they justify that?]. Which means that anything goes. If you bid you take your chances.

I can see this grading as becoming popular with some of the charlatans that sell at eBay.
With the PCGS Numerical Grading Scale and their No Returns Accepted policy, every day will be like Christmas.

Where has the full stop gone?
My many thanks to D.A.Wood for bringing this anomaly to our attention. Dennis is the main source for all the information at this website for PIL's and First and Last issues banknotes. It seems we now have another discovery.

It concerns the full stop being printed in the design of the $50 note.
The full stop appears at the end of the title
GOVERNOR, RESERVE BANK OF AUSTRALIA .
DEPUTY GOVERNOR, RESERVE BANK OF AUSTRALIA .

It seems that $50 notes from r505 to r509b did NOT have a full stop after AUSTRALIA


The anomaly seems to start with the $50 notes having Phillips/Fraser and Fraser/Higgins signatures. There are examples of both the r511 Phillips/Fraser and r512 Fraser/Higgins banknotes that were issued with and without full stops after AUSTRALIA .



I contacted Mick Vort-Ronald regarding this matter and he replied that it was interesting, but very minor, worth a mention, but hardly enough reason to try and collect the differences, and certainly not enough to crate a new variety. It seems that someone forgot to cross the eyes and dot the tees.

As this is a new discovery research time has been very limited.
It seems to only occur in two signature series of $50 notes.
Have not found this anomaly [yet] in any other decimal paper notes of $1 – $20.
We have not [yet] found any $50 serial prefixes that are both with and without a full stop.

Auction Prices
Yes, banknote prices do go up, but not always on a slow steady incline. Take any banknote over a 15 year period and you can almost guarantee it will have benefited from a considerable price rise. However, while that banknote has benefited from a gain in value, that doesn't mean that every owner of that note experienced the same gain. It's all about timing.
And that is why I will no longer be using CV as a guide to banknote values.
CV can only be used for one thing, and that is for the insurance value of your banknotes.
I believe this method will give you a better guide on the "real sale value" of your banknote.
And also, a much better guide as to what you might pay for a banknote [at auction].

Theses are the rules I have used to determine "Auction Prices".
There obviously needs to be a guideline set, and this is what I have chosen.
All Auction Prices listed here are for banknotes that meet the following criteria:

1] Auctions are for single notes only
2] There must be 5 or more bids
3] No half grades [aEF or VF/aEF or EF++ almost aUNC]
4] No repeater or radar serial numbers
5] eBay sales must have return option
6] No sellers from Singapore

I will list the highest price attained and also [the lowest]

 FineVFEFaUNCCFU
1998 5 1015 2550
2003 7 1220 4065
2008 10 1535 6590
Auction Prices
2014 14[17] 27[21] 28[24] 3065

If you want to do your own research, try eBay Completed Listings

Half grades
As a seller you probably think they are great. You have a note that is graded VF, so you may also do what do a lot of other sellers do. They immediately offer it as a VF+, or why not try aEF. If it gets you a few more dollars all the better. As a buyer you are concerned. Is it really a great example of a VF graded banknote or is the seller just trying to rip you off. This situation will not resolve itself. Lets not forget that every seller starts as a buyer. You will often read that "grading is the most controversial component of collecting banknotes. Small differences in grade can mean significant differences in value. The process of grading is so subjective and dependant on external influences (such as lighting), that even a very experienced individual may well grade the same note differently on separate occasions". This is often posted by some traders as a defence against their lack of ability or knowledge. What that actually means is that a buyer grades it as VF then sells it as EF or even aUNC.

It will eventaully get to the stage where many will try the method used by some sellers grade a note as EF to Uncirculated and then shown a CV for an aUNC note. That's covering all your bases. I don't even mind that he copies and pastes the grading guide from this website, but at least he could have taken the time to read it. And yes, I do know that it is a recognised grading in Europe, but when done in Australia it's just a poorly baited hook.

Have a look at the number of ANDA and other brick and mortar traders at eBay who don't even give a grading for the notes they are selling. Rather than setting the standard they are running with the pack by avoiding the grading of a note entirely. The grade of a note determines its price, and zero or half grades doesn't help the buyer to make a decision.

References
The references on this website [r76b – Mc107] refer to the two print catalogues that are used as the standard by bank note collectors. The "r" numbers are from the Renniks Australian Coin and Banknote Values catalogue and the "Mc" numbers refer to The Pocket Guide to Australian Coins and Banknotes by Greg McDonald.

Copyright
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