• What happens to damaged cash?

  • Dec 24 2024
  • Length: 15 mins
  • Podcast

What happens to damaged cash?

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  • Summary

  • Ever wondered what happens to torn or dog-eared banknotes, and whether Australians can get a refund for handing them in?

    This week on the Friends With Money podcast, Money’s Tom Watson is joined by Greg Dicinoski, chief scientist at the Reserve Bank’s Note Issue Department, to put damaged banknotes under the microscope.

    • Just how prevalent are cash payments in Australia?
    • What are the common, and more unusual, causes of banknote damage?
    • What should you do with damaged cash?
    • Can you get a refund for handing in damaged notes or coins?
    • How does the Reserve Bank deal with damaged banknotes?
    • Why is it important for damaged cash to be removed from circulation?

    #friendswithmoney #tomwatson #gregdicinoski #cash #rba

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