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After the launch of the $5 and $10 notes over the past two years, the Reserve Bank of Australia has announced the new $50 bank note will now be available for general circulation.
The new $50 notes mark a milestone upgrade of Australia’s Next Generation banknotes, with the new $20 expected to be issued in 2019 and the new $100 in 2020.
The $50 is the most widely circulated banknote in Australia, accounting for nearly half the total value of other banknotes in use, mostly coming from ATMs, according to the RBA.
Governor Philip Lowe said ‘We were keen for the new $5 and $10 to be well accepted before we launched the most popular note, the $50.
This has involved working closely with businesses to assist cash handlers and cash-handling machines to identify and use the notes, which will help minimize disruption to people and businesses.’
Security features on the $50 bank note are the same as the $5 and $10, designed to deter counterfeiting with its unique design. It includes a top-to-bottom clear window that contains several dynamic features including a reversing number and flying bird, as well as microprint and a patch to differentiate the new $50 from counterfeits.
The upgraded note also has a feature to help the vision-impaired community, with a tactile feature to help distinguish between notes. The $50 has four raised bumps on each of the edges to help identify it from other notes.
The note will gradually be available for use as early as tomorrow.