Open trading account 
When I first saw the topic of this challenge I must admit I was a little perplexed. My favourite currency? Do most people have a favourite?
As soon as I asked my self that question though I realised I really do have a favourite- the Aussie battler. Subconsciously, I've been rooting for the Aussie Dollar ever since it hit the 80c mark a few years back (can't believe that the one time I had the pleasure of visiting the US, it was only 60c!!) These days though, every time I hear that the AUD value is on the rise I can't help but feel a confusing sense of pride. Confusing because a high Aussie dollar isn't great for our economy at all!
For those of you not fortunate enough to have visited us down under here's a quick guide to the 5th most traded currency in the world.
With only a small quantity of English and foreign coins brought with the First Fleet in 1788, most of the dealings in the first few years consisted of bartering. Rum was the main means of exchange...shame palm trees aren't endemic to Australia, with so much beach and rum I'm sure some coconuts wouldn't have hurt!
Handwritten notes of credit were common but easily counterfeited and subject to devaluation so in 1817 the Bank of New South Wales was established and the first issues of local shillings were released. It wasn't until 1910, almost ten years after Federation that Australian Commonwealth coins and notes began to appear.
Decimal currency was introduced only in 1966. The Prime Minister, Sir Robert Menzies, a monarchist, wished to name the currency the royal. Other proposed names included more exotic suggestions such as the austral, the oz, the boomer, the roo, the kanga, the emu, the digger, the kwid, the dinkum and the ming (Menzies's nickname). Menzies's influence resulted in the selection of royal, but the name proved unpopular and was later dropped in favour of the dollar.
The rate of conversion for the new decimal currency was two dollars per Australian pound, or ten Australian shillings per dollar. The exchange rate was pegged to the pound sterling at a rate of $1 = 8 shillings ($2.50 = UK £1).In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12.
Today, the AUD trades in the world foreign exchange markets behind the US dollar, the euro, the yen and the pound sterling. The Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle. The currency is commonly referred to by foreign-exchange traders as the "Aussie".
In 2005, The Reserve Bank of Australia opened the Museum of Australian Currency Notes to the public. The Governor of the Reserve Bank, Mr Ian Macfarlane, said the objectives of the Museum are to:
- display to the public, currency notes and related material held in the Bank's archives; and
- tell the story of how Australia's currency notes have reflected the country's economic and political development.
Australia's currency notes are an everyday symbol of our nation, mirroring who we are and how we have seen ourselves over the years. You can visit the museum online here: http://www.rba.gov.au/Museum/About/
In September 2012, the Reserve Bank of Australia stated that they had ordered work on a project to upgrade security features of the current notes.
In the photo I'm holding the $50 note which features Edith Dircksey Cowan who was an Australian politician, social campaigner and the first woman elected to any Australian parliament.