The Reserve Bank of Australia (RBA) has announced that an upgraded $50 banknote has entered general circulation.
The $50 is the most widely circulated banknote, accounting for nearly half of the total value of banknotes in use, and it is the denomination primarily used in ATMs.
Governor of the RBA, Philip Lowe said its release followe that of the $5 and $10 over the past two years.
The new $20 is expected to be issued in 2019 and the new $100 in 2020, Mr Lowe said.
He said the bank had been keen for the new $5 and $10 to be well accepted before launching the popular $50 note.
“This has involved working closely with businesses to assist cash handlers and cash-handling machines to identify and use the notes, which will help minimise disruption to people and businesses,” Mr Lowe said.
He said the $50 note retained the basic design elements from the previous series.
It featured portraits of Aboriginal writer and inventor, David Unaipon and Australia’s first female Member of Parliament, Edith Cowan.
“The new banknote also has the same security features as the $5 and $10 notes to deter counterfeiting,” Mr Lowe said.
“It has a top-to-bottom clear window that contains a number of dynamic features including a reversing number and flying bird, as well as microprint and a patch with a rolling colour effect.
“As with any new banknote release, it will take time for the new banknotes to be widely available.”
The Governor said that while the existing series of banknotes would be progressively withdrawn from circulation, they would retain their legal tender status and could continue to be used.
