Fiat Error: Australia’s A$50 Banknote ($1.6 Billion in Circulation) Misspells the Word ‘Responsibility’
While the world of cryptocurrency is still reeling over the Binance hack, the Fiat world has its own issues to deal with. The Reserve Bank of Australia has admitted that their new A$50 ($34.9) note has a typographical error.
The word “responsibility” was misspelled on the A$50 banknote which was released last October. The total circulation of the released A$50 is around $2.3 billion (US$1.6 billion).
The A$50 bears the portrait of Edith Cowan, Australia's first female parliamentarian and features a microprint excerpt from her first speech to the Western Australian Parliament. The error which was noticed by a keen observer was on the word “Responsibility” which was missing an “i.”
The A$50 were billed as the next generation banknotes and has anti-counterfeiting measures. The note also has the holograph of the number 50 which will reverse every time the note is moved as well as the image of a Swan that seems to fly.
About 400 million new notes of the A$50 were printed and according to the RBA, 46 million of the notes are in circulation. The RBA also acknowledged that it had been aware of the issue since December last year.
They also added that the spelling error would be corrected sometime this year during the next print. A spokesperson for the RBA explains to CNN that the notes are still legal tenders and can still function as usual. She also reveals that plans to ensure such a mistake never occurs again are underway.
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