Most Expensive and Valuable Australian Banknotes - 10 shillings 1913
By CAA | Friday, 5 December 2025
At Federation, nearly 90% of currency in circulation in Australia comprised British coins. In 1910, Prime Minister Alfred Deakin had 4 denominations (3 Pence, 6 Pence, Shilling and Florin) of silver coins struck by the Royal Mint to replace the British coins. The remaining 10% of circulating currency was in the form of banknotes issued by private banks.
As long as the issuing bank's assets were believed to be sufficient to cover the value of the notes it printed, the notes would be honoured. When there was a panic, banks would fail and take the assets of their depositors with them. There were bank collapses in most decades of the 19th century; the most serious occurring in 1893 in Victoria when, in the space of six weeks, 12 banks, accounting for 2/3 of all banking assets in Australia, closed their doors.
The Australian Notes Act of 1910 transferred the authority to print paper money to the Australian Government, which, from 1911 to 1913, circulated the old private banknotes overprinted by Treasury with the words Australian Note. These repurposed notes, dubbed Fisher's Flimsies, initially raised fears about the value of paper currency. The 31 December 1911 issue of Perth's Sunday Times newspaper carried the headline, Will Fisher's Flimsies depreciate?
These 10/- notes issued by the Australian Commonwealth Treasury were the first Australian banknotes which were entirely produced in Australia. They were stamped with its serial number at a ceremony on 1 May 1913 at the Kings Warehouse, Melbourne.
The first Australian notes issued by the Treasury some three years earlier had been the superscribed notes, and while the overprinting of these notes had been carried out in this country, and some of the note forms which were superscribed were also produced in Australia, a significant proportion of note forms which had been used for that issue had been designed and printed in Great Britain.
The first 10/- note were predominantly blue in colour with an ornate design on the front featuring the Australian Coat-of-Arms and the Goulburn Weir on the back. It was a totally Australian production, the design was the result of a competition, the printing plates were engraved locally and the notes were printed in Melbourne.
It was incidentally the first 10/- note issued in the then British Empire and preceded the release of a 10/- note in the United Kingdom.
Notes number M000001, M000002 and M000003 were donated to Governor-General Lord Denman, her daughter Judith Denman (6 years old at the time) and his son. No 1 was sold privatley in January 2000 by Monetarium (Barry Winsor) to a Sydney collector for a reported $1,000,000 dollars. It sold again in March 2008 for $1,900,000 and in 2014 for $825,000 (was estimated at $3,500,000). These notes are among the most valuable and expensive Australian ones and M000001 is often called The Holey Grail of Australian Banknotes. M000001 was in the hands of Coinworks director Belinda Downie and was exposed at the ANDA Expos throughout 2016.
M000004 and M000005 were donated to Andrew Fisher, Prime Minister, and were first sold at auction in London in 1976. These Presentation Notes also both sold at the same auction in 2005.
19 February 1913, during an interview with Prime Minister Fisher, published in the West Australian, he said:
Next month I hope to see the new Australian Note Issue printed in the Commonwealth. When the ten-shilling note is issued I believe it will be very popular, and probably will add about £1,000,000 to the circulation, and it will also be a great convenience to the public. They are beautiful notes of Australian design, and I feel sure that when the people see them they will appreciate them from an artistic, as well as a currency, point of view.
M000004 and M000005 notes were accompanied by an official envelope and a letter. The envelope is a Government issue from the Prime Minister's office, on which Andrew Fisher has written:
Private/Australian notes/Nos 4 and 5 10/- denomination / Andrew Fisher 20/6/13.
The hand-written note inside is on small size official paper from the Prime Minister printed in red with the Australian Coat of Arms on which Andrew Fisher has written:
The Nos 1,2 and 3 of the first issue of Australian ten shilling notes were presented to the Governor General's daughter, himself and his young son. The two enclosed herewith are the following numbers 4 and 5, Mrs Fisher holds No 28. Andrew Fisher 20/6/13.
The ownership of these two notes from the time they were issued to Andrew Fisher to their appearance in a Stanley Gibbons banknote auction is not known but presumably they were held by a family descendent of Mr. Fisher.
- M000004 - 2005 - Sold for $245,000. It was described as Two small stains on back, otherwise nearly uncirculated.
- M000005 - 2005 - Sold for $255,000. It was described as Uncirculated.
The notes from M000006 to around M000102 were donated to parliamentarians who had to pay for them (decided by ballot). These notes were posted with a letter pinned to them to notify the recipient. M000103 to M000500 were either destroyed or put into circulation.
Recent sales for these serial numbers:
- M000006 - 2018 - Sold for $42,000. It was described as Several pin holes, flattened of creases, very fine. This note was one of 11 successfully balloted for by Senator Edward Findley (1864-1947), an Honorary Minister in the Fisher Government taking responsibility in the Senate for home affairs and Postmaster-General. Ex Athol Tiver Collection.
- M000054 - 2016 - Sold for $90,000. Ex M.P. Vort-Ronald Collection. It previously sold in 2012 for $103,000.
- M000055 - 2012 - Sold for $110,000. Was a private purchase from M.R. Roberts, December 1988 which bought with the previous numbered note made a pair. B. Winsor located the second note and the presentation letter in Western Australia per Joel Jeffrey. Never sold before 2012 at any auction.
- M000076 - 1995 - Sold for $26,000. Was sold with the presentation note. It later sold for $90,000 in 2020. Ex Evan Mackley, Ex Dr Alan Nicholson.
- M000077 - 2001 - Sold for $48,000. Two corner folds, three vertical folds but no pinholes, slightly yellow toned on the whiste otherwise nearly extremely fine.
- M000089 - 2021 - Sold for $52,225. PMG AU-53. Also sold in 2018 for $33,600 and in 2001 for $48,000 (ungraded).
- M000091 - 2000 - Sold for $93,000. The note is autographed on the back by Andrew Fisher, the Prime Minister at the time. It is believed to be the only banknote so signed by Fisher.
- M000097 - 2014 - Sold for $30,000. Three vertical folds, centre one dominant, no pin holes, a few minor creases on edge, otherwise nearly extremely fine.
The first 500 banknotes were categorised as A list by Greg McDonald. The B list are notes above M000500.
Various sales for the B list:
- M000501 - 1994 - Sold for $21,100.
- M000504 - 1994 - Sold for $20,000.
- M002085 - 2024 - Sold for $25,000.
- M068225 - 2013 - Sold for $60,000.
- M070322 - 2000 - Sold for $35,000.
- M287482 - 2002 - Sold for $26,800.
- M413653 - 2019 - Sold for $33,000.
Approximately 502,667 of the 1913-1914 ten shilling note were printed. Following the detection of forgeries of this note, the design was changed in 1915.
The front of each banknote in the first series showed the Commonwealth coat of arms with the badges of the country's six states. The images selected for the back of the banknotes displayed diverse views of regional Australia – coastal, pastoral and, for mining, subterranean – and identified sources of the country's prosperity.
The succession of scenes complemented the coat of arms' badges and constituted a type of panoramic mural of the federated nation, encompassing the majority of its states.
Between 1913 and 1915 other denominations of currency notes, ranging from £1 to £1000, were printed. With the Australian economy heavily reliant on mining and rural production, gold and wool accounting for 60% of all exports, each of the new notes featured designs of the industries and infrastructure that would build the nation's wealth. The notes also carried the words: The Treasurer of the Commonwealth of Australia promises to pay the Bearer in gold coin on Demand at the Commonwealth Treasury at the Seat of Government, words intended to still fears of depreciation.
Billy Hughes and M000033 to M000042
Born in London in 1862 to Welsh parents, he emigrated to Australia in 1884. He worked in various unskilled jobs before becoming a prominent figure in the labour movement, organising and leading unions like the Waterside Workers Federation of Australia.
William Morris Hughes accepted the notes from M000033 to M000042. He was an Australian politician who served as the seventh Prime Minister of Australia from 1915 to 1923.
He is best known for leading the nation during the First World War. He committed to a vigorous win-the-war policy and was nicknamed the little Digger, a term of affection from the servicemen. He continuously served in federal parliament for over 51 years (from Federation in 1901 until his death in 1952), a record that still stands.
Denison Miller and M000517 and more
Miller, Governor of the Commonwealth Bank from 1912 to 1923, accepted the note M000517 as well as a run of notes from M000520 to M000526.
Miller is born in March 8, 1860, at Fairy Meadow, New South Wales. He worked for the Bank of New South Wales (BNSW) from the age of 16, rising to senior roles before his appointment to the Commonwealth Bank.
He played a significant part during the First World War in supporting the government's financial needs, including managing War Loans that raised substantial funds. He died suddenly in Sydney on June 6, 1923, at the age of 63. In 1920, was knighted (KCMG) for his services to banking and Australia.
William Noah Hedges and Serial Numbers M000054 and M000055
As federal member for Fremantle, William Hedges applied for and paid for his note. Note numbers M000054 and M000055 were issued to him together with an accompanying letter from one of the note signatories, George T. Allen, who was Secretary to the Treasury.
William Noah Hedges, originally baptised Noah William Hedges, was born in Hertfordshire, England on 16 July 1856. In 1878 he migrated to Australia where he worked as a contractor in stone quarries. Later he contracted as a builder and building repairer in Mount Barker, South Australia where he served on the Mount Barker District Council and Road Board. On 4 April 1884 he married Elizabeth Paterson at Wistow and they had three sons and three daughters. After several years of building wharves and other works for railways and ports he moved to Western Australia in 1893 where he once again was involved in public works before acquiring a large share in a timber and firewood company of which he became managing director. He also acquired farming properties including Koolberrin near Narembeen and a farm in South Australia near Lake Alexandrina.
In 1897 Hedges constructed the Karalee rock catchment and reservoir. This was the fourth largest of the railway catchment reservoirs and was used by the goldfields steam trains between Southern Cross and Coolgardie. It held 48.3 million litres of water in an earth dam and was used by steam locomotives until 1953 when diesel locomotives were introduced. In 1999, this area was vested in the National Trust (WA) and is an attraction for visitors, picnickers and campers.
Also, there is a railway siding named Hedges Siding. Located on the cross country line from Merredin to Narrogin via Kondinin, situated between Narembeen and South Kumminin it was originally called Koolberrin after Hedges farm a few miles west of the railway line. This farm was about 22,000 acres at its peak. As well as producing wheat and running sheep, Hedges also used the farm to produce chaff for feeding his horses used on the WA Goldfields Firewood Supply Company woodline.
In 1904 Hedges made an unsuccessful attempt to enter parliament contesting the Legislative Assembly seat of Yilgarn running as a Ministerial Party candidate. This loss did not deter him and in 1906 running as a candidate for the Western Australian Party he won the seat of Fremantle in the House of Representatives. He retained this seat in 1910 as a representative of the newly formed Commonwealth Liberal Party but lost it in 1913 to Labor's Reginald Burchell. There is a printed version of one of his speeches made during parliamentary debates on 21 November 1912 on the subject of supply (Kalgoorlie to Port Augusta Railway). It was published in book format by the Government Printer, Melbourne. Following the death of John Forrest in 1918 Hedges made two unsuccessful attempts in 1918 and again in 1919 to win Forrest's federal seat of Swan as a Nationalist candidate. When Burchell retired in 1922 Hedges tried to regain the seat of Fremantle that he had held until 1913 but failed. In that same year his wife died. Thereafter he began to commute regularly to South Australia and Victoria.
In 1922 Hedges authored a book titled, A practical scheme for land settlement in Western Australia which was published by R S Sampson in Perth. In 1923 he built the homestead, Highland Valley, in the southwest of Western Australia. The property unique in its style was the hub of the 4,916 hectare property with extensive landscaping and gardens and one of the finest lawn tennis courts in the southwest. Hedges was appointed President of the Western Australian Employers Federation in 1929 and at one time was also President of the Central Council of Employers of Australia. William Noah Hedges died in a private hospital in Claremont on 21 November 1935 and is buried at Karrakatta Cemetery. Representatives of almost every commercial, professional and administrative activity including many prominent political figures in Western Australia attended his funeral.
