Paper notes were not popular at first. Fast growth of the note issued as a result of inflation during the First World War, however, helped build wider use of the new paper currency relative to coins.

The 10 shilling notes were labelled 'Fisher's Flimsies' in criticism of Prime Minister Andrew Fisher's enthusiasm for the new paper currency. The public had become accustomed to half sovereign gold coins. In contrast, paper notes deteriorated quickly as a result of their high rate of circulation.

To emphasise that the 10 shilling note was equivalent to a half sovereign gold coin, from 1914 it was overprinted in red on the borders with the words 'Half Sovereign'.

The reverse of the first ten shilling notes featured the Goulburn Weir in Victoria built in the late 1880s as part of Australia's first big irrigation scheme. This was testimony to the key importance of water in opening up Australia's land resources for rural activities and in coping with devastating droughts, which had already proven to be a major trigger for swings in the country's economic fortunes.