About Australian Decimal Paper Banknotes
Magazine Feature: The Last of a Decimal Era...
Magazine Feature: The Last of a Decimal Era — 1991 Fraser/Cole $10 Note, Serial MRR 477214
By roBBie Kovak — Specialist in Australian Decimal Banknotes
In the landscape of Australian banknote collecting, "last prefix" notes represent the final chapter of a print run — and in many cases, the close of an era. One standout example is the 1991 $10 Fraser/Cole note bearing the MRR prefix — the very last of its series before decimal paper ten-dollar notes ceased production altogether.
Historical Snapshot
Issued under the Reserve Bank of Australia during the final years of paper currency, the 1991 Fraser/Cole $10 note is particularly notable for several reasons:
- It was the last paper $10 issued before the switch to polymer in 1993.
- Fraser/Cole signatures mark the final pairing before the Cole era ended.
- The MRR prefix is the concluding sequence in the entire decimal paper $10 series, placing it among the rarest and most symbolic issues for collectors.
Design & Production
Like its earlier counterparts, the 1991 $10 note features:
- Front: Portrait of Francis Greenway, colonial architect.
- Back: Portrait of Henry Lawson, poet and short-story writer.
- Intaglio printing and vibrant orange/ochre tones, distinguishable from the drab hues of earlier notes.
- Printed on rag-based paper with a metal security thread — the last of this kind for the denomination.
The note with serial MRR 477214 signifies its place close to the absolute end of the production run, a detail that adds significant numismatic value.
Collector Value & Investment Outlook (As of 2025)
UNC (Uncirculated) $550–$700 Highly sought after for last-prefix status.
Why Collectors/Investors Are Taking Notice
The MRR $10 has become a cornerstone in short-hold flipping strategies and long-term set building. With paper note populations shrinking and last-prefix issues increasingly slabbed and archived, availability on the open market is tightening.
- Low print numbers (as prefix MRR was short-lived).
- Symbolic closure of Australia's paper $10 banknote era.
- Rising appeal from global collectors of Commonwealth currency transitions.
Conclusion
The 1991 Fraser/Cole $10 note with the MRR prefix is more than just a last run — it's the end of a cultural and technological period in Australian banknote history. For collectors, it’s a key piece to complete a prefix set; for investors, it represents undervalued potential with strong growth indicators.
Whether you’re a seasoned trader or a newcomer to Australian banknotes, acquiring an MRR serial from this final paper $10 issue is a decisive step in building a future-proof portfolio.
eBay Auction $60
Sold for $234
ROI @ 290%