The Principality of Hutt River, previously known as the Hutt River Province, is the oldest micronation in Australia. The principality claims to be an independent sovereign state. It is unrecognized except by other micronations, but got de facto legal status on 21 April 1972. A set of low denomination banknotes was introduced in 1974. The Hutt River Dollar is tied at a one-to-one ratio with the Australian dollar.