GERMAN NEW GUINEA Paper Money,  1914-15 Issues

We gratefully acknowledge numismatist Don Cleveland IBNS Director who provided images, articles and background information used in this section.

After the capture of German New Guinea in September, 1914, one of the earliest engagements of World War I, the Australian Treasury released an emergency issue of paper money which circulated with the German currency. The notes became famous as the Rabaul Treasury banknotes. Denominations of 100, 50, 20, 10 and 5 marks were printed on poor quality paper. The conversion rate used was 1 mark = 1 shilling. A total of between £2,600 and £4,500 worth of notes were issued against gold and silver coins brought in to pay the Australian troops. The opening of a branch of the Commonwealth Bank of Australia in the area in 1916 enabled a complete change to sterling and the withdrawal of both the German currency and the emergency notes. A total of only 29 notes are known to have survived.