Timeline of Australian Money By Daniel :() Jan 1, 1901 Australian Government given responsibility for banking and the issue of currency notes. Period: Jan 1, 1901 to Dec 31, 2001 Timeline of Australian Money Jan 1, 1905 Private bank notes continued to circulate as a paper currency. Jan 1, 1924 The Commonwealth Bank is given control of the note issuing Jan 1, 1932 The Commonwealth Bank Act 1932 abolishes the convertibility of currency notes into gold and specifies them as legal tender. Jan 1, 1953 The 1953/54 series of currency notes is issued. Jan 1, 1966 Australia converts from pounds, shillings and pence to decimal currency. The first series of decimal notes is issued. The new notes capture the emerging diversity of Australian society including its literature. Jan 1, 1973 A $50 decimal currency note is issued. Jan 1, 1984 A $100 decimal currency note is issued. Jan 1, 1993 A $10 polymer note is issued. Jan 1, 1994 A $20 polymer note is issued.