POCKET GUIDE TO AUSTRALIAN BANKNOTES 3 A Decimal Reformation THE INTRODUCTION OF DECIMAL CURRENCY TO AUSTRALIA

A Decimal Reformation

The name of the new currency unit became the subject of a public competition that elicited nearly 1,000 suggestions. They ranged from the sober recommendations of the Austral, Dollar, Crown, Pound, Regal, Royal and Tasman, to more outlandish ideas based on fauna (Goanna and Magpie), Australian pastimes (Phar Lap and Schooner) and national identities whose names might lend drama to the currency, such as bushranger Ned Kelly. Prime Minister Menzies announced in June 1963 that the new banknotes would be known as the Royal, so maintaining a link with the United Kingdom and shared aspects of British culture. The choice of the term proved to be unpopular with the public and, in September 1963, the decision was reached to call the new unit the Dollar.

The Reserve Bank began operations on 14 January 1960 as the nation's central bank. The new Head Office in Sydney's Martin Place was completed in 1965. Dr HC (Nugget) Coombs, Governor of the Commonwealth Bank since 1949, was appointed the Reserve Bank's first Governor.

Four Australian designers were selected to prepare preliminary designs for the decimal currency banknotes: Gordon Andrews, Richard Beck, Max Forbes and George Hamori. They were advised by the prominent artist, Russell Drysdale. The designers were required to include Queen Elizabeth II on the $1 banknote, but they were otherwise free to choose historical figures and themes in consultation with the Bank.

While Max Forbes' designs were admired as being ‘quite beautiful’ and ‘romantic’, the individuality of Gordon Andrews' banknotes was considered better suited to the new currency and he was announced as the winning designer in April 1964.¹ ‘We believe that the climate of visual opinion in Australia has changed profoundly during the past few years ... to a nation which likes to think of itself as progressive,’ wrote Alistair Morrison, Chairman of the Design Committee, in support of the choice of Andrews' designs. He commended the designs for their ‘qualities of freshness, originality, elegance and technical competence’.²

Design work began with the specialist firm, Organisation Giori in Milan, Italy, and new note printing machinery was obtained from the United Kingdom. Gordon Andrews continued to receive advice from a design panel, comprising distinguished fellow designers, Alistair Morrison and Douglas Annand, and the director of the Art Gallery of New South Wales, Hal Missingham. The artist Russell Drysdale remained as artistic adviser for the panel and consultant for the Bank.

Max Forbes' design for the $10 banknote relates to the theme of flight and aviation, featuring a portrait of Sir Charles Kingsford Smith with Australian birds on the back.

References

1. Alistair Morrison, Chairman of the Design Committee, to AC McPherson, Secretary of the Reserve Bank of Australia, 6 April 1964. Reserve Bank of Australia Archives, S-a-768.

2. Ibid.

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