From Printer to Collector: The Story of Note Printing Australia’s Numismatic Issues

The period from 1988 to 2001 was particularly significant for the Australian numismatic market as this was the period during which Australia led the world in a transition to polymer banknotes. NPA, recognizing collector interest around the world in this revolutionary technology, created a range of collectible numismatic products that granted collectors unique insights into the banknote production process.

Range of Collectible Products

Some of the products that NPA released during this period were:
- Uncut sheets, strips, blocks and pairs;
- Special commemorative individual note folders and sets;
- Hyrbrid collectibles such as note and coin sets, note and phonecard sets and note and stamp sets;
- Official specimen notes, even though they were not intended to be collectibles primarily, also became hugely popular.

The Hybrid Collectibles

The hybrid sets typically combined polymer banknotes or banknote-related items with commemorative coins (through collaborations with the Royal Australian Mint); Phonecards (working with Telecom/Telstra); Postage stamps (in conjunction with Australia Post). 

These products were particularly interesting because they: Created cross-market appeal by attracting collectors from different fields; Often commemorated significant events or themes in Australian history; Combined different types of Australian government-produced collectibles; Sometimes included special versions or variants of the included items; Were often presented in special packaging designed to house the different elements.

The Market Structure

The market for these numismatic products has some interesting characteristics:
Initial prices were set by NPA when products were first released, then secondary market values developed quickly based on collector demand relative to the limited supply available.

Short-Lived Excitement and Innovation

One of the characteristics that marks this area of the Australian numismatic market is that it was short-lived. This limited lifespan came about for several reasons - collectors were both excited by the new products that repeatedly came out and were also exhausted by them. Innovation caused them to become popular, but also meant the demand was short-lived.

The rise and fall of NPA collectible products illustrates an interesting paradox in collector markets. There was an initial excitement phase: 
The novelty of polymer technology created genuine excitement
Each new product offered fresh insights into banknote production
Collectors were eager to acquire pieces of this revolutionary currency development
The variety of products appealed to different collecting interests
The official nature of the products gave them inherent credibility

A range of factors lead to market fatigue:

The rapid pace of new releases put pressure on collectors' budgets
Some collectors felt overwhelmed trying to keep up with all variants
The innovative aspects that initially drew interest became commonplace
Market saturation as more products entered the secondary market
Some collectors began to question the long-term investment value

What made these products initially appealing - their novelty and innovation - ultimately contributed to market fatigue. While collectors were fascinated by polymer technology and production techniques, there was a limit to how many different ways this could be presented before the novelty wore off.

Enduring Collector Appeal Decades After They Were Released

Decades later, these nuimsimatic items remain popular with collectors for a range of reasons:
- They represent official products from the actual printer of Australia's banknotes;
- Many sheets and folders are unique to this specific period in Australian currency history - they are either the first, last or only examples of their type;
- They represent the entire breadth of Australia's circulating currency notes - each denomination and type is represented;
- Some items demonstrate security features or printing techniques in ways regular notes cannot
- All of these products have mintage figures that are incredibly low when compared to the equivalent coin products from the same year ( Uncirculated mint coin sets, proof coin sets of Masterpieces in Silver sets as an example), yet the current prices don't relfect that.

It's quite possible for a collector today to build a collection of rare numismatic products that are excellent value for money and capture a snapshot of Australia's numismatic history at a time when it led the world in technological innovation.