Australian Money - A work of art, design and a history story

Thank you to all who made it to the Reserve Bank of Australia (RBA) on November 7 in Sydney. And for those of you who couldn't make it - we saved some fun - take a look at the Dollar Bill - The Decimal Currency Jingle created by the RBA to support the changeover from the imperial to the decimal currency system.

'Out with the old and in with the new' (Lyrics by Ted Roberts) In come the dollars and in come the cents to replace the pounds and the shillings and the pence. Be prepared folks when the coins begin to mix on the 14th of February 1966.

Despite the fact it was a working, rainy day, ASOP's presence was 13 people strong - an excellent turn out. The chuckle in the room was a testament to the interesting facts shared with us by the RBA staff. We learnt a great deal about monetary notes and their place in the Australian history, with the security features on the notes being particularly impressive (and so was touching a money sheet of $2,000 worth in $50 notes). There was a healthy dose of pride in the room, with recognition that Australian money really is something special (and more than just looks!). Why is that?

• Australia developed the world-first polymer ('plastic') bank notes back in the '60s.

• The most recent edition of the notes is a world-first to have the top to bottom windows.

• The damaged notes are recycled and can find their way into containers used in fish and chips shops. The attached photo shows one such container; it was made from $50,000 worth of $20 notes.

• Unlike many other countries in the world, our notes feature predominantly women. Read more here about the faces on our bank notes.

The RBA museum visit that followed was equally insightful (another few photos attached), displaying a lot of historical facts and money sheets that are printed in layers until they receive their final look.  The hour long visit ended with the obligatory photo, some parting gifts from the RBA and a commitment to returning to further explore the exibits (lunch break is too short for the wealth of information presented at the museum). 

Team ASOP

P.S.
Unfortunately the Economist who was going to present to us had to pull out at the last minute, but here's the answer you've all been looking for. Why is the appropriate/required inflration rate between 2% and 3%? It is actually based on historical behaviour and responsiveness of the Australian economy. Not some complicated economic model. Just is. Simple :)