1995 $1 Waltzing Matilda Silver Proof CoinIn 1895, A. B. Banjo Paterson was working as a journalist in the Queensland town of Winton. Local folklore says that during his stay he was told the story of a wanted swagman who had recently drowned by jumping into a billabong to escape arrest. This story, and other local tales about swagmen waltzing their matildas, or carrying their swags, was the basis for the now immortal words of Waltzing Matilda.