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A $2.3 billion error! Typo spotted on Australia's $50 banknote

BusinessToday.In     May 9, 2019

The Reserve Bank of Australia has confirmed that there's a typo on country's $50 note on Thursday costing the exchequer $2.3 billion. The spelling error caught people's attention only after seven months when a radio station posted a photo on social media sent by its listener.

In October, last year, Australia rolled out its 'new and improved' A$50 banknotes with multiple security features, including microprint of a speech by Australia's first female parliamentarian, Edith Cowan on one side of the note. However, the text on the note had a typo in it. It was revealed yesterday that the in text of Cowan's speech to the WA Parliament in 1921, the word responsibility has the letter 'i' missing after 'l', spelling it as 'responsibilty'.

The phrase of the speech by Cowan on the currency read "I stand here today in the unique position of being the first woman in an Australian parliament. It is a great 'responsibilty',".  

After the typo was unearthed RBS said, "The Reserve Bank of Australia is aware of it and the spelling will be corrected at the next print run."

A total of 46 million of Australia's $50 banknotes have been printed with this spelling error at a value of $2.3 billion. According to the RBA, the $50 note is the most widely circulated banknote.

The latest $50 note was unveiled in February 2018 and went into circulation in October.

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