One million dollaridoos is destroyed every hour.
Why is Australian money always crisp? Australia’s damaged bank note policy!! One million dollaridoos is destroyed every hour. It’s shredded and melted into pebbles of plastic reused to make building components, plumbing fittings, compost bins and other household and industrial products.
🏦From the reserve bank: “The Reserve Bank of Australia aims to have only good quality banknotes in circulation. This helps to maintain confidence in Australia’s currency by making it easier for people to check the security features on banknotes and make it more difficult for counterfeits to be passed or remain in circulation.
The Reserve Bank works with authorised deposit taking institutions (ADIs) and cash centre operators to remove damaged banknotes from circulation as soon as practicable.”
Something about this feels really conflicting to me. I like that our money is kept as secure as possible. I don’t like how much is being wasted, but happy to hear that’s it’s reduced since the 1990s. I like that our polymer money is easier to recycle, compared to paper money. I don’t like the inefficiency and futility of this as a workflow. Because our money is so familiar, it makes me question everything around me. What else is being deliberately destroyed for the sake of newness? Are there similar policies overseas?