You could have a counterfeit note in your wallet and not even know 32



View Profile

Australian bank notes seem pretty bulletproof – they’re made of polymer and they have so many security features – however organised crime syndicates haven’t been put off, and the country is now flooded with counterfeit $50 notes.

Shockingly, more than 33,000 fake $50 have been detected and removed from circulation in the last year, which is triple what was detected in previous years.

However the government warns there are plenty more notes being used every day in Australia that are not legitimate currency.

People who are making replicas of our bills are using equipment readily available to the public, a worrying fact when you consider how high-quality technology has become.

“While counterfeiting rates have been rising over the past few years, particularly of the $50 banknote, counterfeiting rates remain fairly low by international standards,” a RBA spokeswoman said.

According to Victoria’s Crime Statistics Agency, a police investigation revealed the serial numbers from one batch of fake $50 notes had been used more than 760 times around the country.

“This court sees matters where hundreds of thousands of dollars of extremely good quality notes are often produced,” County Court Judge John Smallwood said during a 2015 trial.

The Age reports, a RBA counterfeiting expert testified that $32,000 worth of finished $50 notes seized by police were “fairly sophisticated” fakes produced on a commercial grade inkjet printer.

“The quality of the $50 notes tendered in evidence was such that I was unable to tell them apart from real currency,” NSW District Court Judge Ross Letherbarrow commented at the 2013 trial.

As we reported last month, the RBA are upgrading the security features of Australia’s currency, an almost 10-year project, however it doesn’t erase the fact that counterfeits do and still will exist.

So how can you tell if your notes are counterfeit? And what can you do?

The RBA have a fact sheet about how to do so, and recommend checking the following:

Australian banknotes are printed on plastic and have a distinct feel. A suspect banknote may feel excessively thick or thin compared to a genuine banknote. It is difficult to start a tear along the edge of a genuine banknote. You can also try scrunching the banknote in your hand – a genuine banknote should spring back.
If you hold the banknote to the light, you should see the Australian Coat of Arms.
Diamond-shaped patterns are printed inside a circle on both sides of the banknote. If you hold the banknote up to the light, the patterns should line up perfectly to form a seven-pointed star.
The clear window should be an integral part of the banknote and not an addition. Check that the white image printed on the window cannot be easily rubbed off. Also look for the embossing – there is a wave pattern in the window of the $10 banknote, and the value of the banknote in the windows of $20, $50 and $100 banknotes.
Other security features to check if you suspect a banknote might be counterfeit:
An example of microprint.
It is produced with a special raised ink that can be felt with your finger.
The background printing should be sharp. Check for irregularities such as less clearly defined patterns, thicker or thinner lines, or colour differences.
Under a magnifying glass you will see tiny, clearly defined words on the top left corner of the $5 banknote and near the portraits on the other banknotes.
An example of text glowing under a UV light.
Most of the banknote should not fluoresce. The exceptions are the serial numbers, a patch on the $5 banknote and a patch on the $20, $50 and $100 banknotes that also shows the value (e.g. 50).

If you come across a banknote that you suspect is counterfeit:

Handle the suspect banknote as little as possible and store it in an envelope.
Note any relevant information, such as how it came into your possession.
Report the matter immediately to State or Federal police

Tell us, are you worried about this issue?

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. There was a scruffy looking guy at Southern Cross station in Melbourne a couple of weeks ago asking people if they can change a $50 note…I was suspicious straight away as there are plenty of shops there. I told him to ask a shop keeper or go to the bank..he got aggressive and started hassling others…it had to be a fake note

    2 REPLY
    • That is scary and good work for being suspicious. They probably think over 60’s are a good target.

    • He was asking all ages..I made it clear to people around me that it was probably a fake. If there was a cop around at the time I would have told them but no cop, and we only had a few minutes before our train left

  2. Importantly, you might also have mentioned that if you hand in a suspect/counterfeit note that you ‘do your dough’!

  3. So if we have one and unknowingly hand one over at the bank or shop do we get charged for it.the cop of today dont give a shit as long as they get an arrest

  4. Our local CBA branch said that they do NOT check for counterfeit notes at all and thus are equally to blame in their circulation.

  5. The only $50 notes I ever get are straight out of an ATM so they should be fine. I try to hardly ever use cash but have to sometimes for the places that don’t take cards.

    2 REPLY
    • I withdrew one from inside the bank on their Atm. I went to the teller to get smaller change, that’s when they realised it was a fake note. She repeatedly and loudly kept saying ‘this is a fake note’ I insisted they looked at their camera to prove where I got the note from. I waited 40 minutes for their decision to replace it. It was very embarrassing .

Leave a Reply

Your email address will not be published. Required fields are marked *