$50 note reigns supreme

The Reserve Bank of Australia is running down its stock of $100 notes manufactured in 1999 in connection with preparing for any run on cash during the "year 2000" mania of the late 1990s. The RBA said the stock of banknotes on issue at the end of June was $42.1 billion, or around $1,970 per head. The $50 note is increasingly the most important note in circulation, accounting for nearly half of the value of banknotes on issue and 43 per cent of the number of banknotes on issue. Three quarters of notes issued through ATMs are now $50 notes. The RBA annual report shows a slight rise in the incidence of counterfeiting over the year, though it remains trivial and low quality, with seven counterfeits detected per million genuine banknotes in circulation, up from around six per million a year earlier. About 7,000 counterfeits were detected with a nominal face value of around $380,000. The $50 banknote accounted for around 75 per cent of all counterfeits passed.

Source: The Sheet

Advertisement