The Australian five-dollar note was first issued on 29 May 1967, fifteen months after the currency was changed from the Australian pound to the Australian dollar on 14 February 1966. It was a new denomination with mauve colouration - the pound system had no £2½ note.
Series
The first issue was a paper note which had a gradient of mauve, with a distinct black overprint. It was designed by Gordon Andrews, with Russell Drysdale as the Reserve Bank of Australia's artistic advisor. It featured portraits of Sir Joseph Banks and Caroline Chisholm, as well as elevations of Sydney streets from Joseph Fowles' "Sydney in 1848", the cover of the Shipping Gazette, a watercolour of the Waverley, and a handbill of a meeting of the Family Colonization Loan Society. All of these images were sourced from the State Library of New South Wales.
The first Polymer banknote issue, which can be recognised for its distinct mauve colouration and numeral font, was first issued in pale mauve in 1992. A number of people found it difficult to distinguish it from the $10 banknote, especially in poor lighting conditions.
In 1995, a second polymer issue was issued, distinguishable by its deeper shade of mauve and a different font for the numeral.
A federation commemorative was issued in 2001 for that year only. Notes featured Sir Henry Parkes on the obverse and Catherine Helen Spence on the reverse.
On 1 September 2016 the Next Generation Banknote $5 was issued. The NGB series banknotes contain more security features than the previous series, including a clear top-to-bottom window and a 3D tactile feature to assist the vision impaired.
Statistics
According to Reserve Bank statistics, at the end of June 2017 there were 211 million $5 banknotes in circulation, 14% of the total banknotes in circulation; worth $1,055 million, or 1% of the total value for all denominations. Leek has the greatest value, issued for two years only; and the 1990 Fraser/Higgens being issued for less than a year. From 1967 to 1974, the title identifying the country was "Commonwealth of Australia" and there were 195,504,000 of these notes issued. The title identifying the country was then changed to "Australia" and from 1974 until the end of the issuance of paper currency for this denomination, 978,068,318 of these notes were issued.
Design
On the 1995 design, Queen Elizabeth II, Queen of Australia is on the obverse, along with eucalyptus leaves. There is a number 5 in the right hand corner of both sides. The word "Australia" is written to the left of the Queen. Parliament house appears on the reverse. On the 2001 commemorative design, Sir Henry Parkes appears on the obverse and Catherine Helen Spence on the reverse. On 12 April 2016, the Reserve Bank of Australia announced a new design for the 5-dollar banknote would be introduced into circulation on 1 September 2016. It is the first of a new series of banknotes that will feature a different species of Australian wattle and a native bird. The 5-dollar banknote has the Prickly Moses wattle and the Eastern Spinebill. An image of the Federation Pavilion was also added to the new series.
Security features
The paper design included a watermark of Captain James Cook in the white field. The same watermark was also used in the last issue of pound banknotes. A new feature of the decimal currency was metallic strip embedded within the paper of the note, first near the centre of the note, then from 1976 moved to the left side on the obverse of the note. The polymer issue includes: a shadow image of the Australian coat of arms which is visible under other printing when the note is held up to light; a pointed star with four points on the obverse and three on the reverse that come together under light; a clear window that has a stylised gum flower showing; and raised print and micro printing of the denomination value. Some features of the banknote glow under UV light. These features include the serial number and a square patch on the reverse of the note. There is also raised printing around the portraits and major design elements of the note which can be felt by rubbing the finger or fingernail against them.
