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Friends With Money #183: What happens to damaged cash?

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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?

Friends With Money #183 What happens to damaged cash?

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Tom Watson is a senior journalist at Money magazine. He's previously worked as a journalist covering everything from property and consumer banking to financial technology. Tom has a Bachelor of Communication (Journalism) from the University of Technology, Sydney. He tweets at @TomasAKWatson.

Professor Greg Dicinoski is the head scientist at the Reserve Bank of Australia. He oversees technical aspects of banknote production and leads a team responsible for scientific research, quality assurance, counterfeit assessment and damaged banknote evaluation. He has a PhD in chemistry from Central Queensland University and has more than 30 years' experience in scientific research and education.
Comments
hardik patel
January 5, 2025 7.59pm

hi i am a console operator at service station(melbourne) your podcast is informative. nice to hear about damage cash.