Reserve Bank of Australia Annual Report – 1960 Note Issue Department

Notes in circulation showed a net increase over 1959/60 of £27 million, to £419 million. This was the largest rise both absolutely and proportionately since 1952/53 and reflected the increased transaction needs of the economy, largely due to the substantial rise in personal consumption expenditure.

The following figures show how the note circulation has increased in recent years, and how the larger denomination notes have continued to gain in popularity.

Notes in Circulation
(£ million)
End
of June
Total
Circulation
Denominations
10/– £1 £5 £10
and over
1948 197 9 64 77 47
1951 275 9 69 117 80
1955 363 10 68 178 107
1956 372 10 75 162 125
1957 381 11 69 169 132
1958 385 11 68 171 135
1959 392 11 68 175 138
1960 419 12 69 189 149