[2] In 1910, the Commonwealth passed the Australian Notes Act of 1910 to initiate banking and currency reform.
[3] The Act further established the powers of the Commonwealth to issue, re-issue, and cancel Australian notes.
[4] The Act also established denominations, legal tender status, and the amount of gold coin held in reserve to secure the issues.
The amendment established a note-issuing department within the bank which assumed those responsibilities previously held by the Treasury.
[24] A punch-cancelled specimen note was discovered in London in 1996 and subsequently sold for a sum in excess of $200,000.
Subsequently, a new series of legal tender notes were designed, once again bearing the portrait of King George V, in denominations of 10s, £1, £5 and £10.