Post by Deleted on Feb 17, 2016 13:12:19 GMT 7
JUST days ago it was mooted the future of the 5c coin, a piece of shrapnel which seems to magically multiply as soon as it hits your pocket, was looking bleak.
But while we can’t move for 5c pieces, why do we never seem to see the cash at the other end of the spectrum? Where are all Australia’s $100 notes?
The answer could threaten the future of the note.
According to the Reserve Bank of Australia (RBA), 300 million $100 notes are in circulation, almost three times the number of $5 notes. But while the average life span of an Australian banknote varies from six years for the pink one to 17 years for the yellow one, no one knows with any accuracy how long the green ones featuring Dame Nellie Melba last because so few are in active circulation.
In its discussion paper The Life of Banknotes, issued last year, the RBA said, “With such little handling [$100 notes] do not deteriorate significantly over time. Indeed, less than 10 per cent of $100 banknotes ever issued have returned to the RBA as unfit banknotes.”
Continues:
www.news.com.au/finance/economy/australian-economy/there-are-300-million-in-circulation-but-why-do-you-never-see-australias-100-notes/news-story/5e8d287d9133d03f3dd51b394709b666
But while we can’t move for 5c pieces, why do we never seem to see the cash at the other end of the spectrum? Where are all Australia’s $100 notes?
The answer could threaten the future of the note.
According to the Reserve Bank of Australia (RBA), 300 million $100 notes are in circulation, almost three times the number of $5 notes. But while the average life span of an Australian banknote varies from six years for the pink one to 17 years for the yellow one, no one knows with any accuracy how long the green ones featuring Dame Nellie Melba last because so few are in active circulation.
In its discussion paper The Life of Banknotes, issued last year, the RBA said, “With such little handling [$100 notes] do not deteriorate significantly over time. Indeed, less than 10 per cent of $100 banknotes ever issued have returned to the RBA as unfit banknotes.”
Continues:
www.news.com.au/finance/economy/australian-economy/there-are-300-million-in-circulation-but-why-do-you-never-see-australias-100-notes/news-story/5e8d287d9133d03f3dd51b394709b666
