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The surprising ingredient found in Aussie banknotes

<p>Although Australia was the first country in the world to produce banknotes from plastic (polymer), one surprising ingredient has been confirmed by the Reserve Bank of Australia.</p> <p>Our currency uses tallow, which is rendered animal fat from sheep, pigs and cows, as a “slip agent” to prevent static and friction.</p> <p>The Reserve Bank of Australia confirmed that a tiny amount of animal fat is used.</p> <p>While the secret ingredient has been used since the mid-1990s, it only became known when Britain adopted the same technology to produce its £5 note last year, resulting in various protests.</p> <p>The use of tallow in banknotes has been slammed by vegans and some religions, including Hindus, Muslims, Jews, Sikhs and Jains.</p> <p><iframe src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2FProjectNightfall%2Fvideos%2F2124531027609840%2F&amp;show_text=0&amp;width=380" width="380" height="476" style="border: none; overflow: hidden;" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true"></iframe></p> <p>A recent video by social commentators Project Night revealed that tallow is used to make banknotes in 23 countries, such as Canada, Malaysia and Singapore.</p> <p>The video has since had 5000 shares and over 679,000 views on social media.</p> <p>After watching the video, one user wrote: “That is really horrible to hear. But, we can all limit cruelty of animals in our daily life by going vegan and using cruelty free products. It’s sooo easy.”</p> <p>“Hopefully spreading this video will help people know more about it!”</p> <p>However, others shared a different point of view.</p> <p>“Isn’t it better to just use natural animal parts rather than creating synthetic versions of it? We are part of this giant ecosystem, if we don’t eat animals, someone else / some other animals do.”</p> <p>One orthodox Jew said they found no issue with using tallow in money.</p> <p>They wrote: “As an orthodox jew … we are not allowed to EAT pork. We can touch it and use it. It being in money is not a problem at all.”</p> <p>Tallow is found in a number of household items including soap, candles, plastic bags, moisturisers and some fabric softeners.</p> <p>Animal by-products can also be found in some clothing and cosmetic lines.</p> <p>There has been no suggestion that there will be a revision of the production of banknotes.</p> <p>Do you think an alternative ingredient should be used in the production of banknotes? Let us know in the comments below. </p>

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Damaged money: Can you still use torn banknotes to buy things?

<p>We're sure the situation seems familiar. You forgot to take your cash out of your pockets before throwing it in the wash, and out comes damaged notes. Or maybe, you ended up receiving a torn bill in change.</p> <p>The question is, is it worth anything? According to the Reserve Bank of Australia (RBA), it depends on how badly it’s damaged.</p> <p>In 1988, Australia phased out paper notes and replaced them with hi-tech plastic bills made from polymer. But while they are tougher, they aren’t completely foolproof with around $2 billion worth of "unfit" money getting disposed of each year.</p> <p>The RBA receives money that has been ripped, graffitied or have slowly worn out with time, but what happens if you have one in your wallet?</p> <p>If it’s less than 20 per cent missing, you’ll be paid the full value when you take it into your local bank. If the damage is more than 20 per cent but less than 80 per cent, then a value is paid in proportion to what remains.</p> <p>For example, if a quarter of a $20 note has been damaged then you’ll get $15 when you hand it in. But if more than 80 per cent is missing, then you’ll receive nothing in return.</p> <p>“These banknotes may not be worth full value because the Reserve Bank needs to take into account the possibility that pieces of the banknote may be presented for value separately,” said the RBA.</p> <p>When it comes to notes that are “unfit”, the RBA encourages banks to send it directly to them, as they want it taken out of circulation.</p> <p>“A banknote that has become worn or sustained minor damage is classified as unfit,” it says.</p> <p>“Even though these banknotes can continue to be used, to maintain the high quality of banknotes in circulation, the Reserve Bank has asked (banks and other deposit points) to remove any unfit banknotes from circulation.”</p> <p>Notes that are vandalised with graffiti, have signs of heat damage, tears or worn ink are considered to be unfit.</p> <p>And it’s not to ensure that the notes look good, but more to prevent counterfeiting as good quality money makes the fakes easier to spot.</p> <p>If you have money that fits the description above, head to your bank, otherwise, you can get in touch with the <em><a rel="noopener" href="https://banknotes.rba.gov.au/damaged-banknotes/redeeming-damaged-banknotes/" target="_blank">RBA for assistance</a></em>.</p>

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There’s a huge problem with the new $5 banknote

<p>As the newly-designed $5 note continues to be rolled out around the country, shoppers have expressed major concerns as their money is continually rejected. </p> <p>The reason? Well, it’s all in the design.</p> <p>The new $5 features a distinctive transparent strip that’s designed to thwart counterfeiters. But it’s also causing automated note readers at shops and vending machines to reject cash at certain locations and outlets around Australia.</p> <p>Nick Aronis, president of the National Vending Association, told <a href="http://www.dailytelegraph.com.au/" target="_blank"><span style="text-decoration: underline;"><strong>The Daily Telegraph</strong></span></a>, “The note reader starts to read the note and sees the clear strip, it identifies that as the end of the note and of course it can’t recognise it, so it spits it back out.”</p> <p>Supermarkets are currently scrambling to get check-outs up to speed. Woolworths, for example, has had to recalibrate devices at self-serves across the country, and up to 100,000 vending machines nationwide reportedly require an update.</p> <p>But while some consumers are reeling, Erin Turner from consumer advocacy group Choice told <a href="http://www.dailytelegraph.com.au/" target="_blank"><span style="text-decoration: underline;"><strong>The Daily Telegraph</strong></span></a> businesses have been aware of the changes for more than 12 months and have no excuses for not being ready. Turner said, “This clearly seems to be a failure of planning and there is no reason why they shouldn’t be accepting the new $5 note. They need to get their act together and fix it as quickly as possible.”</p> <p>Do you think major supermarkets have been dragging their heels on the new $5 note? And what do you think of the new design? Share your thoughts in the comments. </p> <p><em>Image credit: Reserve Bank of Australia</em></p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><em><a href="http://www.oversixty.com.au/news/news/2016/09/new-five-dollar-banknote-to-hit-aussie-wallets-today/"><strong>New $5 banknote to hit Aussie wallets today</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><a href="http://www.oversixty.com.au/news/news/2016/01/petition-to-put-fred-hollows-on-5-dollar-note/"><strong>Petition to put Fred Hollows on $5 note gains support from high profile Aussies</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><a href="http://www.oversixty.com.au/finance/money-banking/2016/03/the-story-behind-australia-money-notes/"><strong>The story behind Australia money notes</strong></a></em></span></p>

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New $5 banknote to hit Aussie wallets today

<p>Australian wallets will look a little bit different from today on, as the new five dollar banknote is introduced to the public, with a range of new design features.</p> <p>The new currency features a ‘flashier’ design, more tactile construction, as well as a boost in security features designed to help curb the occurrence of counterfeiting.</p> <p>Reserve Bank of Australia's (RBA) <span>assistant governor <span>for business services </span></span>Michele Bullock, told <a href="http://www.smh.com.au/" target="_blank"><span style="text-decoration: underline;"><strong>Fairfax</strong></span></a>, “People can look at this bank note and the thing they'll see is a clear strip right down the middle. This is a world first. When people look at this they can immediately see the big clear strip and think that this is an authentic banknote.”</p> <p><img width="500" height="250" src="https://oversixtydev.blob.core.windows.net/media/26825/five-dollar-note-one_500x250.jpg" alt="Five -Dollar -Note -One" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p> <img width="499" height="250" src="https://oversixtydev.blob.core.windows.net/media/26831/five-dollar-note-two_499x250.jpg" alt="Five -Dollar -Note -Two (2)" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p>While the redesign of the note was originally panned by some critics, others have been impressed by the new tactile features that differentiate it from other denominations, in a move expected to help blind and visually impaired people manage their money.</p> <p>The new $5 is set to be followed by new designs of the 10, $20, $50 and $100 notes in the coming years, with the RBA expected to release a new note once a year.</p> <p>The old $5 note will remain legal tender.</p> <p>What’s your take on the new note? Do you think it’s an improvement on the old design?</p> <p>Let us know in the comments. </p> <p><em>Image credit: Reserve Bank of Australia</em></p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><em><a href="/news/news/2016/01/petition-to-put-fred-hollows-on-5-dollar-note/"><strong>Petition to put Fred Hollows on $5 note gains support from high profile Aussies</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><a href="/finance/money-banking/2016/03/the-story-behind-australia-money-notes/"><strong>The story behind Australia money notes</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><a href="/news/news/2016/05/the-new-fred-hollows-foundation-ad-will-make-you-cry/"><strong>The new Fred Hollows Foundation ad will make you cry</strong></a></em></span></p>

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How to spot a fake banknote every time

<p>Outsmart the counterfeiters and make sure you never get stuck holding a stack of funny money.</p> <p>Counterfeiting has been around since the invention of currency as criminals try to create something out of nothing. The problem today is that counterfeiters are using the latest technology (often the same kind that is used by genuine money printers) and they are creating a product that is almost impossible to identify.</p> <p>Differences vary between the currencies, but there are a few common things to watch out for. Look for poor print quality with blurred images or indistinct edges. Paper quality is important and counterfeit bills will often be thicker than real ones. Genuine bills will also have coloured fibres woven into the paper rather than printed on it. Run your fingers over the images or logos on the bills to check for ridges or raised lines. These are hard to replicate and generally won’t appear on counterfeit bills.</p> <p>Here are some specific tips for finding fake notes in common currencies.</p> <p><strong>Australian dollar</strong></p> <ul> <li>Hold the note up to the light and you should be able to see the Australian coat of arms in the paper and a seven-pointed star will become visible in the circle.</li> <li>Feel for raised ink used on the dark areas of printing.</li> </ul> <p><strong>US dollar</strong></p> <ul> <li>Hold a magnet over the denomination number in the bottom corners of the note. A genuine bill will move with the force of the magnet.</li> <li>The outside border should be clear and unbroken.</li> <li>Check the serial number against the Federal Reserve Seal. The letter (from A to L) inside the seal must match the first letter of the serial number.</li> </ul> <p><strong>Japanese yen</strong></p> <ul> <li>Notes are printed with a hologram of the Japanese cherry blossom. The hologram should change colour when the note is tilted.</li> <li>Look at the note from an angle and you should be able to see the value on the bottom left of the front side and the word NIPPON on the top right of the back.</li> <li>Under ultraviolet light, the Governor’s seal will glow orange.</li> </ul> <p><strong>Canadian dollar</strong></p> <ul> <li>The metallic portrait of the Queen and a building underneath her should both be transparent. The maple leaf to the left of the Queen should also be transparent.</li> <li>The metallic image of the building should change colour when the note is tilted.</li> </ul> <p><strong>Euro</strong></p> <ul> <li>Tilt the note and the large numbers of the denomination will change colour.</li> <li>Run your fingers over the note to feel for small bumps of raised print. It should feel similar to an Australian note.</li> </ul> <p>Have you ever run into counterfeit money while you’ve been travelling? Or have you fallen victim to any other type of travel scam? Let us know in the comments.</p> <p><strong>Related links:</strong></p> <p><a href="/travel/travel-tips/2016/06/10-secret-travel-tips-that-will-save-you-money/"><strong><em><span style="text-decoration: underline;">10 secret travel tips that will save you money</span></em></strong></a></p> <p><a href="http://www.oversixty.co.nz/travel/travel-tips/2016/06/7-tips-for-healthy-eating-while-travelling/"><strong><em><span style="text-decoration: underline;">7 tips for healthy eating while travelling</span></em></strong></a></p> <p><a href="http://www.oversixty.co.nz/travel/travel-tips/2016/03/how-to-keep-money-safe-while-travelling/"><span style="text-decoration: underline;"><em><strong>How to keep your money safe while travelling</strong></em></span></a></p>

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New Zealand $5 note named “Banknote of the year”

<p>New Zealand’s five-dollar note has been named “banknote of the year” by the International Bank Note Society, beating 40 other eligible designs from 20 countries.</p> <p>For a design to be eligible, it must be issued for the first time and in general circulation during the year of the award. Banknotes are assessed by a panel on “artistic merit and/or innovative security features” as well as use of colour, contrast and balance.</p> <p><img width="500" height="244" src="https://oversixtydev.blob.core.windows.net/media/19187/nz-in-text-one_500x244.jpg" alt="NZ In Text One" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p>Almost 150 new banknotes were released last year, with the International Bank Note Society deeming over three dozen eligible for nomination.</p> <p>New Zealand’s five-dollar note was described as the “clear winner” with Sweden’s new 20 kronor note, Russian’s 100 ruble note, Kazakhstan’s 20,000 tenge note and Scotland’s five-pound polymer note named as runners-up.</p> <p><img width="495" height="240" src="https://oversixtydev.blob.core.windows.net/media/19188/nz-in-text-two_495x240.jpg" alt="NZ In Text Two" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p>Geoff Bascand, the deputy governor of the Reserve Bank of New Zealand, said “We are proud of all of New Zealand’s new banknotes, but to have our $5 note recognised internationally is very special. The note incorporates some of the world’s most advanced security features, yet still beautifully showcases New Zealand’s history, culture and heritage.”</p> <p>What do you think of the winning design?</p> <p><em>Image credit: International Bank Note Society</em></p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><em><strong><a href="/news/news/2016/04/cat-meets-dogs-at-dog-show/" target="_blank">Watch this friendly cat meet 50 dogs at a dog show</a></strong></em></span></p> <p><span style="text-decoration: underline;"><em><strong><a href="/news/news/2016/04/prince-george-president-barack-obama-photos/" target="_blank">The story behind Prince George’s presidential photos</a></strong></em></span></p> <p><span style="text-decoration: underline;"><em><strong><a href="/news/news/2016/04/lifeguard-helps-wheelchair-bound-veteran-surf/" target="_blank">Lifeguard helps make wheelchair-bound army vet's dream come true</a></strong></em></span></p>

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Australia’s new $5 banknote will arrive in September

<p>Australia’s new five-dollar banknote could be in your wallet in less than seven months.</p> <p>The next generations of fivers will fitting be released on National Wattle Day, September 1, as the new notes will feature native wattle.</p> <p>Reserve Bank of Australia governor Glenn Stevens said the notes will have a range of new security features.</p> <p>"The new series will also include a `tactile' feature to help the vision-impaired community distinguish between different denominations of banknotes," he said in a statement.</p> <p>The notes will still have the same colour, size and people portrayed on each denomination.</p> <p>"The public will recognise the new banknotes," Mr Stevens said.</p> <p>The release of the new notes marks the 50th anniversary year of Australia's conversion to the decimal currency system, where the nation switched to dollars and cents from pounds, shillings and pence.</p> <p>The full details of the new notes will be revealed in the middle of the year.</p> <p><strong>Related links: </strong></p> <p><span style="text-decoration: underline;"><strong><em><a href="/finance/money-banking/2016/01/financial-risks-of-finding-love-later-in-life/">The financial risks of finding love later in life</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="/finance/money-banking/2016/01/app-shows-you-where-the-rich-invest/">New app reveals where rich people invest</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="/finance/money-banking/2016/01/differences-in-how-we-use-credit-cards-and-cash/">Surprising differences in how we use credit cards and cash</a></em></strong></span></p>

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13-year-old blind boy gets Australia to finally introduce “tactile banknotes” to help visually impaired

<p>Thirteen-year-old Connor McLeod campaign to get the Reserve Bank of Australia (RBA) to print tactile banknotes has finally paid off.</p><p>The legally blind boy began his campaign last year after he received money for Christmas but felt embarrassed because he could not tell how much it was.</p><p>“I received some notes at Christmas time and I kept having to ask Mum what they had given me,” said Connor, continuing, “I didn't touch notes because it was really annoying and embarrassing that I couldn't differentiate between them, but I could differentiate coins so I used to go around with only coins in my wallet getting stuff from the canteen with them.</p><p>“And then it just sort of hit me that my life isn’t going to be all coins, so I thought I’d better make things a little easier, and easier for others as well.”</p><p>The teenager started a petition, and backed by the Human Rights Commission and Vision Australia, Connor’s campaign received 57,000 signatures. Last November, Connor himself had a meeting with the RBA where he argued passionately and articulately that tactile banknotes were needed for the 300,000 visually impaired people in Australia.</p><p>This week the RBA announced they will add a tactile feature to their bank notes to help visually impaired people tell the difference between the notes.</p><p>Vision Australia advocacy general manager Maryanne Diamond said Connor should be proud of himself for making such a big difference in many people’s lives.</p><p>“What we found in Vision Australia in a recent survey is that 50 per cent of people who are totally blind are telling us that they feel that at times they have been short-changed, or given the wrong change when they’ve purchased something, simply because they can't quickly and easily and effectively distinguish notes,” Ms Diamond said.</p><p><em>Image credit: ABC TV</em></p><p><strong>Related link:&nbsp;</strong></p><p><a href="http://oversixty.com.au/news/news/2015/02/adelaide-fringe-for-vision-impaired/" target="_blank"><span style="text-decoration: underline;"><em><strong>Adelaide Fringe festival caters to the vision-impaired</strong></em></span></a></p><p><span style="text-decoration: underline;"><em><strong><a href="http://oversixty.com.au/health/eye-care/2014/11/what-your-family-history-says-about-your-eyesight/" target="_blank">What your family history says about your eyesight</a><br></strong></em></span></p><p><a href="http://oversixty.com.au/health/eye-care/2014/09/six-ways-to-keep-your-eyes-healthy/" target="_blank"><span style="text-decoration: underline;"><em><strong>Six ways to keep your eyes healthy</strong></em></span></a></p>

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