The Australian two-dollar note was introduced in 1966 due to

decimalisation Decimalisation or decimalization (see American and British English spelling differences, spelling differences) is the conversion of a system of currency or of weights and measures to units related by Power of 10, powers of 10. Most countries have ...

, to replace the £1 note which had similar green colouration. The note was issued from its introduction in 1966 until its replacement by the two-dollar coin in 1988.

Security features

The paper design included a

watermark A watermark is an identifying image or pattern in paper that appears as various shades of lightness/darkness when viewed by transmitted light (or when viewed by reflected light, atop a dark background), caused by thickness or density variations i ...

of Captain

James Cook Captain (Royal Navy), Captain James Cook (7 November 1728 – 14 February 1779) was a British Royal Navy officer, explorer, and cartographer famous for his three voyages of exploration to the Pacific and Southern Oceans, conducted between 176 ...

in the white field which was also used in the last issue of pound banknotes. There was a metallic strip, first near the centre of the note, then from 1976 moved to the left side on the obverse of the note.

Replacement by the coin

The two dollar note was replaced by a gold-coloured coin on 14 June 1988 (Monday), due to the longer service life and cost effectiveness of coins. These notes can still be redeemed at face value by the

Reserve Bank of Australia The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the ''Reserve Bank Act 1959'' removed the central banking functions from the Commonwealth Bank. Th ...

and most commercial banks,Redemption of old Australian Banknotes , publisher= Reserve Bank of Australia
/ref> but numismatics and note collectors may pay a higher price for these notes depending on age and condition.

References

* Banknotes of Australia Currencies introduced in 1966 Two-base-unit banknotes Macarthur family (Australia) {{banknote-stub