Back from an overseas trip with pockets full of leftover currency?
Get an extra $10 when you sell $500+ AUD worth of foreign currency to any of our stores across Australia. For example, if you sell us $800 USD, you’ll receive the AUD equivalent plus an extra $10!
Simply visit any Travelex store, unlock your discount code and leave with more $$ in your wallet! Make sure you only unlock your discount when in store as you'll only have 30 minutes to show your discount code to a Travelex consultant at the time of purchase!
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The Low Down on the Australian Dollar
The fifth most-traded currency in the world, the Australian dollar is up there among the world’s most-popular. It is a commodity currency due to its extensive export of raw materials. This means that if the demand for these raw materials declines, so does the demand for Australian dollars.
Commonly written as AUD or A$ to distinguish it from other dollar currencies; the Australian dollar is also informally-known as the Aussie dollar. Up until February 1966, it was actually called the Australian pound in recognition of its British roots. In 1966 when decimalisation came in, a range of suggested names came in ranging from the original to the quirky; from the austral to the oz, the boomer to the emu, and even the roo to the kanga. In the end though, simplicity prevailed and the new name was decided as the Australian dollar.
Made from plastic (polymer), Australia’s bank notes produce the greatest security against counterfeiting. To add to this, the polymer material also prevents AUD notes from crumpling, tearing or being ruined by water damage - and have a lower environmental impact as they last longer!
Australia actually pioneered the modern polymer bank note back in 1988. More specifically it was the Reserve Bank of Australia, the Commonwealth Scientific and Industrial Research Organisation (CSIRO,) and The University of Melbourne who developed these durable Aussie notes.
The History of USD to AUD Exchange Rates
Back in 1966 when the Australian dollar was first introduced, it was actually fixed against the British pound at an equivalent value of one gram of gold. The peg was adjusted to US dollars on 9th September 1973 and set at A$1 to US$1.4875.
The Australian dollar was floated on 12th December 1983, which meant that its value could now fluctuate based on international money markets and supply and demand.
Record Highs and Lows against the US dollar
The following two decades saw the Australian dollar reach a high of 1 AUD to 0.881 USD in December of 1988, and a low of $0.477 in April 2001. By June 2008, it had risen significantly to $0.96, and continued to rise to $0.98 by the end of that same year.
On 15th October 2010, the US dollar rose higher than the Australian dollar for the first time since the AUD becoming a floating currency; trading a little above AUD$1 for a few seconds. That November, the US dollar actually traded above the Aussie dollar for several days and stayed around there well into 2011. On the 27th July the US dollar hit a record high against the Aussie, trading at $1.108.
The US dollar has been trading below the Aussie dollar since October of 2013, falling all the way to 0.69 in September of 2015.
*The information contained in this article has been compiled by Travelex from different different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.