After World War I, the Australian Government needed to raise money to help recover some of the costs of waging war, and to assist ex-servicemen with resettlement, vocational training, employment and housing. Some support was also offered to war widows and returned nurses.

To fund these efforts, the Commonwealth Bank of Australia (which from 1912 to 1960 served as Australia’s central bank) issued peace bonds on behalf of the government. This was a method of raising loans from the public: individuals and organisations bought bonds, which could be redeemed with interest. All Australians – even children – were encouraged to subscribe, to help their compatriots who had served to return to civilian life.