Are The Mintage Figures of Australia's Polymer Notes A Reliable Guide to Rarity?

March 1, 2025 | Andrew Crellin
Are The Mintage Figures of Australia's Polymer Notes A Reliable Guide to Rarity? main image

Believe it or not, it's been 5 short years since Australia's circulating currency notes were fully replaced by the Next Generation Banknote (NGB) series. 5 years! Now that the new series has been well and truly bedded down, I thought now is a great time to review the rarity of not just the latest notes released but also the rarity of the polymer Australian notes released under the New Note Series (NNS) that ran between 1992 and 2020.

Each NNS denomination was replaced by an equivalent NGB note in the space of a year and took place in the following order:

5 Dollar - 2016

10 Dollar - 2017

50 Dollar - 2018

20 Dollar - 2019

100 Dollar - 2020

We Didn't Have As Much Data Back in the Day

I was just starting in the numismatic industry when Australia was halfway through the switch from paper decimal notes to the NNS polymer notes (my time began around 1996). I clearly remember the anticipation back then of the new designs, the poignant way a lot of collectors related to the "old" paper notes that were being replaced, as well as the fun many collectors had in anticipating just which notes would become rare and valuable with future generations of collectors.

Despite the major change from the NNS polymer notes to the NGB polymer notes in the past 5 years, I haven't seen a buzz in the Australian note market that matches what we had back then. As soon as I write that, I can understand why - the paper notes had been in circulation with essentially the same designs for at least 25 years leading up to the NNS change from 1992, whereas even though the newfangled first generation of polymer notes had been in circulation for around the same time, they hadn't had time to enjoy the same fond regard our paper notes enjoyed.

One of the resources the average collector has in 2025 that we didn't have as ready access to back in the 90s is data. I'm thinking specifically of mintage figures here. This new resource has come about because for the past decade or so, the Reserve Bank of Australia (RBA) has been quite transparent in publishing a great deal of information online regarding Australia's circulating currency notes.

Serial prefixes, numbers and signatures covering the annual production of each Australian banknote are all posted on the RBA website. We can see which denominations were printed in which years (it's interesting to see there can be lng gaps between print runs for some denominations), who signed them as well as how many plates were used to print those notes.

Once I add that data to a spreadsheet and then add in what I know of the number of notes per sheet for each denomination of Australian banknote, I can get what I believe are mintage figures for all Australian polymer first and last prefix notes.

Are Mintage Figures A Bro Science Guide to Rarity?

In addition to notes, across the past 30 years, I've handled a wide range of gold, copper and silver coins. This experience has taught me that a mintage figure is not always a concise of neat guide to rarity. The majority of some production runs are melted down, others were released directly to overseas sources, while notes at least can remain in central bank storage for years before they're released.

Even with all of that in mind, I do think there's some merit in at least reviewing what the mintage figures of our notes are - we do it for coins without a second thought, so there's no logical reason why we don't use the same data for notes. (Even if it is unhelpful in both instances!)

The table below has been compiled using the publicly available data provided by the RBA on Australia's circulating notes on their website. I've taken the numbered print run for each prefix range and divided it by the number of notes per sheet to get the mintage for each individual prefix.

What is interesting is that not only does the serial numbered range vary from note to note, the prefix range can vary also.

For example, in some years, only one plate may be used to print a particular denomination. In other years, there might be strong demand for a particular denomination, so there might be as many as four different plates in use for some denominations.

This results in some first prefixes with a mintage of just shy of a million, whereas the last prefix from the same print run can be less than 100,000.

This data must be checked and built out, but I am warming to the idea of using mintage figure data to confirm or deny the market values we have in place at the moment. I'm starting to wonder about the patterns that might emerge. How do market values compare to rarity as expressed by a mintage figure?

Patterns and Questions Are Emerging

Which Australian polymer notes have the lowest mintage figures? Which are the top 5 rarest 5 dollar notes? 20 dollar notes? NGB notes?

In the short time since I've put this table together, I can see a few interesting points emerging;

  • Australia hasn't produced any 10 dollar notes since the first NGB notes were released in 2017;
  • There seems to have been 2 different production runs for the 20 dollar notes issued in 2013 - they have the same signatures and prefix, but are separated in the RBA's list by their serial numbers; 
  • Despite the hysteria about the move to a cashless society (apparently, production is plunging off a cliff), all of our 10 rarest polymer notes were released more than 12 years ago.

If you collect polymer banknotes, I hope you'll enjoy reviewing this table so you can draw your own conclusions. If you don't yet collect polymer notes, this data bonanza could be a great opportunity for you to take an objective position on some sleeper notes before the collector market wakes up!

DENOMINATION

SERIES

YEAR

1ST PREFIX

MINTAGE

LAST PREFIX

MINTAGE

SIGNATURES
5 NNS 1992 AA00 993,999 AB19 777,999  
5 NNS 1993 BA 93 554,999 EA 93 554,999  
10 NNS 1993 AA93 989,999 KE93 916,499  
10 NNS 1994 AA94 384,205 DF94 384,205  
20 NNS 1994 AA94 989,999 PE94 179,999  
5 NNS 1995 BA95 989,999 KC95 989,999  
20 NNS 1995 AA95 753,499 DA95 753,499  
50 NNS 1995 AA95 949,999 VG95 379,999  
5 NNS 1996 BA96 560,999 EA96 560,999 Fraser/Evans
5 NNS 1996 BA96 114,000 EA96 114,000 Macfarlane/Evans
10 NNS 1996 AA96 149,999 DF96 149,999  
20 NNS 1996 AA96 818,999 DA96 818,999  
50 NNS 1996 AA96 626,999 DA96 626,999  
100 NNS 1996 AA96 949,999 JK96 242,499  
5 NNS 1997 BA97 999,999 DN97 9,771  
10 NNS 1997 AA97 510,499 DF97 510,499  
20 NNS 1997 AA97 949,999 GB97 206,999  
50 NNS 1997 AA97 949,999 JC97 485,999  
5 NNS 1998 BA98 986,999 EA98 986,999  
10 NNS 1998 AA98 949,999 GL98 509,999  
20 NNS 1998 AA98 880,499 DA98 880,499  
50 NNS 1998 AA98 949,999 JC98 39,999  
100 NNS 1998 AA98 555,499 CF98 555,499  
50 NNS 1999 AA99 949,999 PE99 111,999  
100 NNS 1999 AA99 166,499 JK99 166,499  
5 NNS 2001 AA01 799,999 JD01 369,999  
5 NNS 2002 BA02 870,000 EA02 870,000  
10 NNS 2002 AA02 999,999 GL02 329,999  
20 NNS 2002 AA02 999,999 KM02 598,999  
5 NNS 2003 BA03 999,999 EA03 999,999  
10 NNS 2003 AA03 742,500 DF03 742,500  
20 NNS 2003 AA03 252,000 DA03 252,000  
50 NNS 2003 AA03 820,000 DA03 820,000  
50 NNS 2004 AA04 846,499 GB04 427,499  
5 NNS 2005 BA05 999,999 KC05 89,963  
20 NNS 2005 AA05 999,999 GB05 919,999  
50 NNS 2005 AA05 999,999 JC05 704,499  
5 NNS 2006 BA06 999,999 HB06 757,499  
10 NNS 2006 AA06 999,999 GL06 187,999  
20 NNS 2006 AA06 999,999 JC06 209,999  
50 NNS 2006 AA06 999,999 JC06 764,499  
5 NNS 2007 BA07 999,999 HB07 420,000  
10 NNS 2007 AA07 999,999 GL07 446,197  
20 NNS 2007 AA07 999,999 JC07 999,999  
50 NNS 2007 AA07 829,000 DA07 829,000  
5 NNS 2008 BA08 999,999 HB08 442,999  
10 NNS 2008 AA08 654,499 DF08 654,499  
20 NNS 2008 AA08 999,999 JC08 999,999  
50 NNS 2008 AA08 999,999 MD08 49,999  
100 NNS 2008 AA08 999,999 EL08 684,800  
50 NNS 2009 AA09 999,999 SF09 468401  
20 NNS 2010 AA10 840,999 DA10 840,999  
50 NNS 2010 AA10 999,999 GB10 675,499  
100 NNS 2010 AA10 999,999 EL10 57,999  
50 NNS 2011 AA11 999,000 JC11 455,999  
100 NNS 2011 AA11 999,999 EL11 69,999  
5 NNS 2012 BA12 860,500 EA12 860,500  
10 NNS 2012 AA12 721,295 DF12 721,295  
50 NNS 2012 AA12 999,999 GB12 98,999  
5 NNS 2013 BA13 576,499 EA13 576,499  
10 NNS 2013 AA13 661,999 DF13 661,999  
20 NNS 2013 AA13 28,499 DA13 28,499 Stevens/Parkinson
20 NNS 2013 AA13 808,500 DA13 808,500 Stevens/Parkinson
50 NNS 2013 AA13 999,999 JC13 270,513  
100 NNS 2013 AA13 999,999 EL13 389,499  
5 NNS 2014 BA14 572,742 EA14 572,742  
50 NNS 2014 AA14 999,999 JC14 757,978  
100 NNS 2014 AA14 999,999 JK14 352,999  
5 NNS 2015 BA15 242,886 EA15 242,886  
10 NNS 2015 AA15 525,999 DF15 525,999  
5 NGB 2016 AA16 4,063,626 EJ16 4,063,626  
50 NNS 2016 AA16 677,328 DF16 677,328  
10 NGB 2017 AA17 5,385,495 EA17 5,385,495  
100 NGB 2017 AA17 708,503 HE17 612,253  
5 NGB 2018 AA18 622,404 EJ18 622,404  
50 NGB 2018 AA18 6,494,801 IB18 6,050,277  
5 NGB 2019 AA19 196,149 EJ19 196,149  
20 NGB 2019 AA19 189,258 EA19 189,258 Lowe/Fraser
20 NGB 2019 AA19 3,270,043 EA19 3,270,043 Lowe/Gaetjens
100 NGB 2019 AA19 188,115 EA19 188,115  
5 NGB 2020 AA20 242,062 EJ20 242,062  
20 NGB 2020 AA20 2,119,019 EA20 2,119,019  
50 NGB 2020 AA20 5,361,359 EA20 1,458,931 Lowe/Gaetjens
50 NGB 2020 AA20 1,458,931 EA20 1,458,931 Lowe/Kennedy
100 NGB 2020 AA20 5,425,894 EA20 5,425,894  
5 NGB 2021 AA21 786,855 EJ21 786,855  
20 NGB 2021 AA21 347,323 EA21 347,323  
50 NGB 2021 AA21 2,184,611 EA21 3,092,427  
100 NGB 2021 AA21 1,459,420 EA21 1,459,420  
20 NGB 2022 AA22 361,445 EA22 361,445  
50 NGB 2023 AA23 1,433,185 EA23 1,433,185 Lowe/Kennedy
50 NGB 2023 AA23 1,075,873 EA23 1,075,873 Bullock/Kennedy
100 NGB 2023 AA23 1,447,328 EA23 1,447,328  

 

So What Conclusions Could We Draw?

Now that I am starting to see what the mintage figures are like for our notes across the board, I am reminded of the quote attributed to the Scottish writer Andrew Lang: “He uses statistics as a drunken man uses lamp posts—for support rather than illumination.”

One of the temptations when looking at statistics or numbers like these is to accept them as meaning something without questioning whether that is the case or not. The argument against using these statistics as an infallible guide to rarity is valid!

10 Lowest Mintages for Australian Polymer Notes
DENOMINATION YEAR PREFIX MINTAGE SIGNATURES SERIALS
5 1997 DN97 9,771    
20 2013 AA13 28,499 Stevens/Parkinson 999999 - 971501
20 2013 DA13 28,499 Stevens/Parkinson 999999 - 971501
50 1998 JC98 39,999    
50 2008 MD08 49,999    
100 2010 EL10 57,999    
100 2011 EL11 69,999    
5 2005 KC05 89,963    
50 2012 GB12 98,999    

When I look through this list, a few things become apparent.

  1. The DN97 5 dollar has long been known as a truly rare polymer note - this mintage figure explains why!
  2. The split run of 2013 20 dollar notes is interesting - this is the only note I can think of that the RBA explicitly the production run by serial number. I'm keen to find out why they've done this! All of the first and last 20 dollar notes from 2013 are scarce, but those from that tiny portion of the production run are exponentially rarer.
  3. I've sold a number of the remaining notes with apparently innocuous prefixes for prices that do not reflect the tiny mintages they have!

Let's Now Look At The Ten Lowest Mintages For Each Denomination

10 Lowest Mintages for Australian 5 Dollar Polymer Notes
DENOMINATION YEAR PREFIX MINTAGE SIGNATURES
5 1997 DN97 9,771  
5 2005 KC05 89,963  
5 1996 BA96 114,000 Macfarlane/Evans
5 1996 EA96 114,000 Macfarlane/Evans
5 2019 AA19 196,149  
5 2019 EJ19 196,149  
5 2020 AA20 242,062  
5 2020 EJ20 242,062  
5 2015 BA15 242,886  
5 2015 EA15 242,886  

Looking through the 5 dollar notes, there is at least one note that has a mintage far lower than the current market value might indicate.

10 Lowest Mintages for Australian 10 Dollar Polymer Notes
DENOMINATION YEAR PREFIX MINTAGE SIGNATURES
10 1996 AA96 149,999  
10 1996 DF96 149,999  
10 2006 GL06 187,999  
10 2002 GL02 329,999  
10 1994 AA94 384,205  
10 1994 DF94 384,205  
10 2007 GL07 446,197  
10 1998 GL98 509,999  
10 1997 AA97 510,499  
10 1997 DF97 510,499  

It's clear from these numbers that 10 dollar notes are printed in limited numbers and infrequently - the mintages for 1994, 1996 and 1997 reflect that. Last prefixes round out the remaining slots, showing the print run for the second plate was much lower than the first.

10 Lowest Mintages for Australian 20 Dollar Polymer Notes
DENOMINATION YEAR 1ST PREFIX MINTAGE SIGNATURES SERIALS
20 2013 AA13 28,499 Stevens/Parkinson 999999 - 971501
20 2013 DA13 28,499 Stevens/Parkinson 999999 - 971501
20 1994 PE94 179,999    
20 2019 AA19 189,258 Lowe/Fraser  
20 2019 EA19 189,258 Lowe/Fraser  
20 1997 GB97 206,999    
20 2006 JC06 209,999    
20 2003 AA03 252,000    
20 2003 DA03 252,000    
20 2021 AA21 347,323    

The cause of this 2013 20 dollar note is going to be interesting to reveal; some of the others are well known as being rare while a few of the NGB notes can be seen as excellent value relative to those issued decades earlier.

10 Lowest Mintages for Australian 50 Dollar Polymer Notes
DENOMINATION YEAR 1ST PREFIX MINTAGE SIGNATURES
50 1998 JC98 39,999  
50 2008 MD08 49,999  
50 2012 GB12 98,999  
50 1999 PE99 111,999  
50 2013 JC13 270,513  
50 1995 VG95 379,999  
50 2004 GB04 427,499  
50 2011 JC11 455,999  
50 2009 SF09 468,401  
50 1997 JC97 485,999  

I have a wry smile when I see the much-vaunted VG95 listed as number 6 on the 50 dollar list. It receives a lot of attention from the general public as being a note worth posting on eBay, yet there are a number of others that could well be scarcer.

10 Lowest Mintages for Australian 100 Dollar Polymer Notes
DENOMINATION YEAR 1ST PREFIX MINTAGE SIGNATURES
100 2010 EL10 57,999  
100 2011 EL11 69,999  
100 1999 AA99 166,499  
100 1999 JK99 166,499  
100 2019 AA19 188,115  
100 2019 EA19 188,115  
100 1996 JK96 242,499  
100 2014 JK14 352,999  
100 2013 EL13 389,499  
100 1998 AA98 555,499  

100 dollar notes are generally produced fairly frequently and in reasonable quantities. What makes a number of the last prefixes here scarcer than average is the disparity between the number of notes printed using the first plate and the number required from the second.

10 Lowest Mintages for Australian Polymer Notes - NGB Series
DENOMINATION SERIES YEAR PREFIX MINTAGE SIGNATURES
100 NGB 2019 AA19 188,115 Lowe/Gaetjens
100 NGB 2019 EA19 188,115 Lowe/Gaetjens
20 NGB 2019 AA19 189,258 Lowe/Fraser
20 NGB 2019 EA19 189,258 Lowe/Fraser
5 NGB 2019 AA19 196,149 Lowe/Kennedy
5 NGB 2019 EJ19 196,149 Lowe/Kennedy
5 NGB 2020 AA20 242,062 Lowe/Kennedy
5 NGB 2020 EJ20 242,062 Lowe/Kennedy
20 NGB 2021 AA21 347,323 Lowe/Kennedy
20 NGB 2021 EA21 347,323 Lowe/Kennedy

Many of the notes in this final group are still in circulation today, even if they are tough to get in Uncirculated quality.

Some of them I haven't seen yet myself, so there are clearly other factors at play.

I hope you've found these statistics to be thought-provoking, now that I've reviewed them initially I believe there are millions of reasons to collect polymer notes!

Category: Decimal Coins & Banknotes
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Comments (6)

Not quite right.

By: on 7 March 2025
Hi Andrew, As I sit here in Brisbane waiting for Cyclone Alfred to cross the coast, I have had the time to read your recent article about the first and last polymer banknotes serial numbers and review the numbers that you have calculated. I disagree with a few of your comments and numbers and I have listed them below. $5 New Note Series 1995 Fraser/Evans – General Circulation Issue Last Serial Number KC95 RBA Serial number range 999999 – 233001 Total number of notes printed 766,999 As recorded in your article 989,999 1997 Macfarlane/Evans – General Circulation Issue Last Serial Number HB97 RBA Serial number range 999999 – 864001 Total number of notes printed 135,999 As recorded in your article 0 (not included) 1997 Macfarlane/Evans – Test Notes First Serial Number AN97 RBA Serial number range 999999 – 990229 Total number of notes printed 9,771 As recorded in your article 0 (not included) Last Serial Number DN97 RBA Serial number range 999999 – 990229 Total number of notes printed 9,771 As recorded in your article 9,771 The RBA makes a clear distinction between the circulation issue and the test notes but that is not so with your review. There are different prefixes for a reason to distinguish between the normal circulation notes and the test notes and therefore they should be considered as separate categories. The circulation notes start at BA97and end at HB97 and the test notes start at AN97 and end at DN97. See layouts below Circulation Notes Sheet Layouts BA 97 BI 97 CD 97 CL 97 DG 97 BB 97 BJ 97 CE 97 CM 97 DH 97 BC 97 BK 97 CF 97 DA 97 DI 97 BD 97 BL 97 CG 97 DB 97 DJ 97 BE 97 BM 97 CH 97 DC 97 DK 97 BF 97 CA 97 CI 97 DD 97 DL 97 BG 97 CB 97 CJ 97 DE 97 DM 97 BH 97 CC 97 CK 97 DF 97 EA 97 EB 97 EJ 97 FE 97 FM 97 GH 97 EC 97 EK 97 FF 97 GA 97 GI 97 ED 97 EL 97 FG 97 GB 97 GJ 97 EE 97 EM 97 FH 97 GC 97 GK 97 EF 97 FA 97 FI 97 GD 97 GL 97 EG 97 FB 97 FJ 97 GE 97 GM 97 EH 97 FC 97 FK 97 GF 97 HA 97 EI 97 FD 97 FL 97 GG 97 HB 97 Test Notes Sheet Layout AN 97 AV 97 BQ 97 BY 97 CT 97 AO 97 AW 97 BR 97 BZ 97 CU 97 AP 97 AX 97 BS 97 CN 97 CV 97 AQ 97 AY 97 BT 97 CO 97 CW 97 AR 97 AZ 97 BU 97 CP 97 CX 97 AS 97 BN 97 BV 97 CQ 97 CY 97 AT 97 BO 97 BW 97 CR 97 CZ 97 AU 97 BP 97 BX 97 CS 97 DN 97 $50 New Note Series 2004 Macfarlane/Henry – General Circulation Issue First Serial Number AA04 RBA Serial number range 999999 – 153501 Total number of notes printed 846,499 As recorded in your article 846,499 First Serial Number AA04 RBA Serial number range 130000 – 000001 Total number of notes printed 130,000 As recorded in your article 0 (not included) This is similar to the 2013 Stevens/Parkinson $20 issue with the split serial numbers but in this case, it only affects the first prefix AA04. 2009 Stevens/Henry – General Circulation Issue Last Serial Number SF09 RBA Serial number range 999999 – 468401 Total number of notes printed 531,599 As recorded in your article 468,401 $100 New Note Series 1996 Fraser/Evans – Test Notes First Serial Number AN96 RBA Serial number range 999999 – 648001 Total number of notes printed 351,999 As recorded in your article 0 (not included) Last Serial Number CS96 RBA Serial number range 999999 – 648001 Total number of notes printed 351,999 As recorded in your article 0 (not included) You have chosen to include the $5 test notes but haven’t separated the test notes from the circulation issue. With the $100 test notes, you have omitted them completely. Test Note Sheet Layout AN 96 AV 96 BQ 96 BY 96 AO 96 AW 96 BR 96 BZ 96 AP 96 AX 96 BS 96 CN 96 AQ 96 AY 96 BT 96 CO 96 AR 96 AZ 96 BU 96 CP 96 AS 96 BN 96 BV 96 CQ 96 AT 96 BO 96 BW 96 CR 96 AU 96 BP 96 BX 96 CS 96 1999 Macfarlane/Evans – General Circulation Issue First Serial Number AA99 RBA Serial number range 999999 – 050001 Total number of notes printed 949,999 As recorded in your article 166,499 $5 Next Generation Banknote Series 2019 Lowe/Kennedy – General Circulation Issue First Serial Number AA19 RBA Serial number range 0000001 – 0218163 Total number of notes printed 218,163 As recorded in your article 196,149 2019 Lowe/Kennedy – General Circulation Issue Last Serial Number EA19 RBA Serial number range 0000001 – 0218163 Total number of notes printed 218,163 As recorded in your article 196,149 $50 Next Generation Banknote Series 2020 Lowe/Gaetjens – General Circulation Issue Last Serial Number EA20 RBA Serial number range 0000001 – 53613591

Sterling and Currency Response
Rob, I appreciate you taking the time to review the numbers in detail. I'm interested in the right numbers out there, so I'm going to review the comments you've made against the spreadsheet I prepared to see where and why the numbers diverge. Where there are errors, I'll be happy to amend them. Thanks again for taking the time to review the numbers.

Coins gone to overseas sources

By: on 3 March 2025
In the introduction you state that "others (coins) were sent directly to overseas sources". Can you elaborate on this as I thought that, other than for philatelic purposes, all coins other than precious metals would only be distributed in Australia.

Sterling and Currency Response
Ross, Thanks for your input. I'm thinking more about the gold coins (sovereigns principally) that were sent overseas during and after WWI as a way of paying down our national debt to Great Britain. The 1926 Sydney sovereign is one coin that comes to mind. Although some stocks of Australian copper and silver coins were sent to New Zealand and perhaps other parts of the Pacific, they were circulated coins and not necessarily freshly-struck coins.

wonderful help

By: on 3 March 2025
extremely helpful ! , terrific read and much better info than i could derive from rennicks ,,,,,,,,

as a drunken man needing support

By: on 3 March 2025
as a collector looking to fill a collection of first and last prefix notes thanks for doing the calculations on notes printed , i wonder if the RBA records of notes printed collates to the number of notes released into circulation dose the RBA keep records on notes prefix taken out of circulation and notes not put into circulation and held in reserve as we see some notes reach hefty values as a collector it may not be a question about how much we pay for a given note but more about can we live with having a hole in our collection ,as an investment there will be limits we sould pay.so like the dunk man contemplating move onto the next lamp post waiting for the light to show him the way thank you for any insights that you can share in your articles

Sterling and Currency Response
Robert, thanks for your feedback and observations. I have no doubt the RBA does have records on which notes have been printed but remain in storage, but they do not share them with the general public. I agree with you re-framing the question of how much to pay for the notes we collect, the equal question is which notes am I prepared to miss out on due to the risk involved? Some of the newly-released notes have eased in value since they were first released, due to the numbers available exceeding collector demand. When we check the RBA print-run numbers and compare them against market values (or indeed the notes that are not yet seen), it's pretty clear which ones are yet to be released, or perhaps released fully. I have no doubt all of the NNS polymer notes are now finalised, there'd be none held by the RBA that would now be released into circulation. We have more to think about as we digest these statistics in their summarised format!

Notes into focus

By: on 2 March 2025
Great article..I am so pleased to see this focus on the notes that I have collected for some years thankyou Pauline

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