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May 7

Australian Money: How It’s Made plus Fun Facts

Posted by on May 7, 2016 at 8:36 AM

Australian Money: How Its Made plus Fun Facts

 

There is no denying that Buckscoop focuses much of its energy on saving money and how to get better value on purchases. Our specialist deal hunters scan the Internet to find the best local, national and international online deals so the Buckscoop community can benefit financially.

However, not once in our history have we spoken about money itself and how it’s produced. I think you’d be surprised at exactly how much thought and attention to detail gets put into its production. Did you know that Australia, for example, was the first country in the world to produce their bank notes from a polymer compound which is a form of plastic. This means that our bank notes are fully recyclable, a very forward thinking move from our government.

Personally, I was particularly interested in the actual process of making money. It’s a bit of a long winded affair, so I’ve decided to keep the explanation as short and sweet as possible by condensing all the information for you into the infographic above.

 

If you are one of the few readers who has already read up on how money is made and prefer to find out what deals are hot right now or how to save money, then please visit our deals page or Buckscoop blog respectively.

Those of you who want to know a little bit more about the notes and coins in your wallet, then here are some of the most interesting Australian money facts that you may not have known:

  1. If you remember those burdensome 1¢ and 2¢ coins being discontinued like it was “not that long ago”, it was actually back in 1992.
  2. The bronze melted down from those 1¢ and 2¢ coins was used to create the bronze medals handed out in the 2000 Sydney Olympics.
  3. When European travellers first settled in Australia in 1788, they created their own currency under a barter system which included rum as normal tender.
  4. Australia was the first country to pioneer the creation of plastic bank notes and which last as much as 4x longer than paper versions. Our notes can even withstand runs in the washing machine.
  5. Sir Robert Menzies, the prime minister of Australia in 1965 was responsible for the transition of leaving the Great British Pound and renaming our new currency. These were some of the hysterical suggestions he had to consider: the Roo, the Digger, the Boomer, the Kanga, the Kwid, the Austral, the Koala and the Dinkum, plus many more.
  6. The $50 note has become one of the most circulated counterfeit notes in Australia. Although impossible to duplicate, certain criminals have managed to create exceptional replicas. To find out if your note is fake, scratch with a coin over the see-through window, if the printed star comes off it’s a fake.
  7. The government funds the production of money and damaging it is a criminal action. Any intent to willingly damage or deface coins or notes could wind you up with a $10,000 fine or 2 years in prison.
  8. Australia’s pioneering with plastic money now means that we produce polymer currency for 15 different countries that include Mexico, Thailand, Romania, Singapore and Indonesia.
  9. If someone ever refers to the ‘Pacific Peso’ then that person is meaning the Australian dollar.

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