We Were Paid in Collectable Banknotes

I have an old album where I tucked away circulating notes, some with just a centerfold or a corner flick to spoil the ‘crisp, flat, uncirculated’ rating.

In each pay packet there would be one or two crisp notes. When I put these notes away inflation was galloping at levels around 15 to 18 per cent and a $1 or $2 note suddenly did not have a huge amount of buying value. With inflation levels like that I smile when folks nowadays faint at an inflation level of 2.1 per cent and prophesize doom when a rise of 0.1 per cent is proposed.

To get an idea of the difference in relative value of money, in the 1970s my income was about $10,000 a year, working day and night with two jobs. Now the average income is about $100,000 for one job.

By the serial letters of the notes shown in Figure 1, collectors will place the spread in the era about 1983 to 1988, with reference to Renniks 31st edition, page 313. I’ll continue to use the Renniks Edition 31 as a reference throughout this article.

Rise of computers

In the 1970s computers were being introduced into manufacturing and warehousing. Management also looked forward to updating office procedures like having a payroll with direct bank deposit.