The surprising reason why the $ 20 banknote is being replaced – and not because of counterfeiting
- The $ 20 banknote will be replaced next month after 25 years in circulation
- The Reserve Bank of Australia revealed that the old banknote only lasted 10 years
- Convicted twisted businesswoman Mary Reibey will continue to appear at $ 20
- That also applies to Presbyterian minister John Flynn who started the flying doctor's service
Australia's $ 20 banknote will be replaced after 25 years in circulation next month – and this is not due to counterfeiting.
Mary Reibey, a convict born in England, will continue to appear, along with Presbyterian minister Reverend John Flynn, who founded what is now known as the Royal Flying Doctor Service.
The old $ 20 banknote, first put into circulation in October 1994, will be retired next month.
Australia's $ 20 banknote will be replaced after 25 years in circulation next month – and this is not due to counterfeiting. The old $ 20 banknote, first put into circulation in October 1994, will be retired next month
Who was Mary Reibey?
The convicted-born businesswoman was only 13 when she was convicted in July 1790 of stealing a horse in the town of Stafford in the West Midlands.
She was also dressed as a boy when she was arrested and disguised herself as James Burrow.
The convicted felon was transported to the New South Wales colony.
The girl, then known as Mary Haydock, arrived in Sydney in October 1792 and two years later married the Irish free settler Thomas Reibey, who worked for the East India Company.
When her husband died in 1811, Mary Reibey was left behind with seven children and many business interests, as ship owner, importer, hotel permit holder and farmer.
The former convict became one of the most respected citizens of the colony.
Source: Australian National University
Although the new ticket will have a new top-to-bottom window to prevent counterfeiting, the Reserve Bank of Australia has revealed the main reason why the old ticket is being replaced.
Shane Aves, a central bank analyst, said the existing $ 20 bill lasted an average of ten years due to daily use.
& # 39; For these banknotes, the end of their useful life can be due to an accumulation of ink clothing, or because the series to which they belong is finally retired, & he said in an RBA bulletin this week.
& # 39; After about 25 years of using the previous series of polymer banknotes, this banknote upgrade program provides a good opportunity to evaluate how our banknotes are worn in use. & # 39;
The previous $ 5 and $ 10 bills, replaced in 2016 and 2017 respectively, had a lifetime of five years.
"This is consistent with banknotes with a lower face value that show more wear due to more use for transactions," Aves said.
The old $ 50 bill, which was replaced last year, lasted 15 years.
The convict born in England, businesswoman Mary Reibey, will continue to appear
& # 39; In general, I think that during their period of use, the average life of old-series polymer banknotes increases as the denomination becomes higher, & # 39; said Mr. Aves.
The move toward paper money replacement began in 1988 when a $ 10 banknote circulated in limited edition to commemorate the 200th anniversary.
Less than four years later, a $ 5 banknote with the queen permanently replaced a paper banknote with the humanitarian Caroline Chisholm.
Australia had replaced all its paper banknotes in 1998, making it the first country in the world with a polymer-based currency to prevent counterfeiting.
Presbyterian minister John Flynn, who founded what is now known as the Royal Flying Doctor Service, will also appear on the new $ 20 bill
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