1974 5 Dollar Type 3a Specimen Note Serial #33 Uncirculated
| We Last Sold This Item For: | $3,850.00 |
|---|---|
| Last Sold On: | 28/6/2021 |
| # Sold In Past 12 Months: | 0 |
1974 5 Dollar Type 3a Specimen Note Serial #33 Uncirculated
Signatures: Phillips / Wheeler
Front: Sir Joseph Banks at right
Back: Caroline Chisolm at left
Period on Issue: 1974
Mintage: Unknown
This is one of the rarest Australian paper $5 notes ever printed.
Nearly all specimen banknotes are produced to assist bank staff, intending migrants & tourists in identifying Australia’s paper money. Barring the incidence of theft, notes issued to public authorities hardly ever make their way onto the collector market.
Only a tiny number of specimen notes were produced solely as presentation pieces to dignitaries.
As involvement with the design & distribution of a national currency would be a true highlight of one’s lifetime; one would expect that presented specimen notes would not be parted with lightly. The very few specimen banknotes that are made available to collectors are always very ardently sought, as much for their historical importance as their rarity & exclusivity.
Reasons Why the Type 3 Decimal Specimen Notes Are Important:
1. They introduce the $50 denomination for the very first time;
2. They were the first Australian notes to have the “Commonwealth of Australia” legend replaced with the new “Australia” legend;
3. The lower denominations (apart from the $50 note) were the last of their type to feature the Gothic style of serial numbering.
The Introduction of the $50 Note
Was released to the general public on October 9th, 1973. An interesting fact is that prior to the introduction of the $50 note, RBA sources quoted that the value of the $20 notes in circulation was now 46% of the total value of notes in circulation, compared with about 26% at the date of decimal currency being introduced. The introduction of the $50 note was intended to facilitate larger business transactions, thus reducing the number of notes needed for a large transaction.
The Change from “Commonwealth of Australia” to “Australia”
The first notes to appear with the “Australia” legend were the $50 notes, issued October 9th, 1973. The last denomination released with the “Australia” legend were the $5 notes; seen September 27th, 1974. This change was brought about by the Whitlam Government, and can be seen as a tangible expression of Whitlam’s desire to see Australian move “towards a more independent stance” in international affairs. As with many of the other broader governmental reforms instituted by the Whitlam Government, this seemingly minor change did elicit a strong response among the general public. In fact, the Liberal government of Malcolm Fraser reconsidered the legend early in 1977, eventually deciding to retain the change, for cost and consistency reasons.
The Introduction of the OCR-B Serial Number Font
The first lower denomination issued with the OCR-B serial font were the R86b Notes (OCR-B Centre Thread), issued September 29th, 1976. The first $50 notes with the OCR-B serials were issued in July 1988.
Current Market Availability and Market Values
There has been no less than 16 different Type 3 specimen notes (with the Phillips Randall signature combination) offered up for sale via auction throughout 2014. Of those 16 notes, 7 actually sold - those notes made between $3,600 and $4,700 apiece. It is worth noting that all of the remaining notes had pre-sale estimates ranging between $5,000 and $7,000 each. The sole remaining note that had a pre-sale estimate of $3,000 and yet didn't sell, showed many signs of having been handled. At the peak of the previous banknote market, single Type 3 specimen notes were bringing more than $20,000 each.
I believe that at this price, this note offers excellent value for money.
SKU: 209018
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