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Banknotes of the Australian pound were first issued by numerous private banks in Australia, starting with the Bank of New South Wales in 1817. Acceptance of private bank notes was not made compulsory by legal tender laws but they were widely used and accepted. The Queensland government issued treasury notes (1866–1869) and banknotes (1893–1910) which were legal tender in Queensland. The New South Wales government issued a limited series of Treasury Notes in 1893. The Commonwealth government passed an Act in 1910 which prohibited the issue of banknotes by private banks, and established Commonwealth powers to issue, re-issue, and cancel Australian notes. These notes were initially issued by the Australian Treasury, and then by the Commonwealth Bank from 1920. The Australian pound was replaced by the Australian dollar in 1966.

This note, denominated five pounds, is part of the 1924 series.

See other denominations: 10 shillings (1918) · £1 (1918) · £5 (1918) · £10 (1918) · £20 (1918) · £50 (1918) · £100 (1918) · Half sovereign (1923) · £1 (1923) · £10 (1925)Banknote: Commonwealth Bank of Australia.