Aussies could be sitting on a small fortune with a ‘rare’ $20 note

A TikToker and money expert has revealed how Aussies can identify the special note, which is now worth up to 238 times its nominal value.

The 'rare' note is worth up to $4750. Picture: TikTok

Some Aussies could unknowingly be sitting on a small fortune, carrying in their wallets a $20 banknote worth $4750 – nearly 238 times more than the note’s nominal value.

Joel Kandiah, a Perth-based TikToker and numismatist – a person who studies or collects currency – points out the two defining features of these “rare” notes in a 15-second video.

“Here’s a $20 note that can fetch you between $1750 and $4750,” he said.

Joel Kandiah says $20 can get you thousands. Picture: TikTok

The 'rare' note is worth up to $4750. Picture: TikTok

“Look for a Fraser/Evans signature combination and a serial number starting with PE 94.”

Mr Kandiah said relatively speaking “there’s still a lot” of these notes in circulation.

“Happy hunting!” he said.

Mr Kandiah’s video has received more than 1.3 million views on his account @thehistoryofmoney.

The note has a Fraser/Evans signature combination. Picture: TikTok

The notes have a serial number starting with PE 94. Picture: TikTok

Collectors are often willing to pay thousands of dollars more than the nominal value of a banknote depending on factors such as date, condition, serial number and signature.

Designed by Garry Emery, Australia’s first $20 polymer banknote came out in October 1994, with the Next Generation polymer banknote issued on October 9, 2019.

Colonial businesswoman and trader Mary Reibey is featured on one side of the note, while a portrait of Reverend John Flynn, an Australian Presbyterian minister who founded what later became the Royal Flying Doctor Service, is on the other.

Of the 14 signature combinations printed on the $20 note since its issuance, the 1967 and 1989 issues are of the greatest value, while generally any notes printed in the first or last batch of a release often fetch top dollar with the right buyer.