Re:The Painstaking, Secretive Process of Designing New Money
by sjwright on Sunday September 11, 2016 @12:12AM
(#12471965)
Put simply, if you want to replace the currency in 2026, start doing it in 2016.
The existing notes are already difficult to counterfeit, though it has been achieved on occasion; this is primarily a defensive move by the Australian Reserve Bank to keep the goalposts shifting under the feet of would-be counterfeiters.
Banknotes have a limited lifespan, typically between 3 and 10 years depending on the handling characteristics of the denomination. At some point, old designs exit common circulation. At first, retailers will begin treating them with greater suspicion, then eventually stop accepting them even though they technically remain legal tender. Banks will still redeem old Australian banknotes at face value.
The existing notes are already difficult to counterfeit, though it has been achieved on occasion; this is primarily a defensive move by the Australian Reserve Bank to keep the goalposts shifting under the feet of would-be counterfeiters.
Banknotes have a limited lifespan, typically between 3 and 10 years depending on the handling characteristics of the denomination. At some point, old designs exit common circulation. At first, retailers will begin treating them with greater suspicion, then eventually stop accepting them even though they technically remain legal tender. Banks will still redeem old Australian banknotes at face value.