Yahoo Finance Rare pink $50 note warning: 'Worth $400'
Misinformation is rife on social media but an expert has cut to the chase on this 'rare' pineapple.
It's a cost-of-living crisis and plenty of Australians are trying to make a quick buck. Here at Yahoo Finance, we've seen our fair share of claims that a rare coin or even banknote can be worth a small fortune.
But it can be confusing with so much misinformation online. This is what happened when a woman tried to find out more information about a 'pink $50 note' on Facebook.
"I am wondering if anyone has seen anything like this?" she asked.
Some claimed it was a limited edition run to celebrate women winning the right to vote, while others speculated it could be worth $400 — eight times its face value.
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But it's important to get to the facts right and this particular note could very well be worth nothing.
A spokesperson for the Reserve Bank of Australia confirmed to Yahoo Finance this wasn't a printing error.
"It would never have passed the RBA’s strict quality assurance," they said.
“It is more likely damaged… it does look stained from what we can see.”
The official suggested the note may have been tarnished by dye packs put in ATMs to thwart robberies and money laundering.
It could also be counterfeit or damaged, which means any business owner could refuse to accept it and the owner is now $50 behind.
Some damaged notes can be replaced at face value, or a portion of it at least, when returned to a bank or the RBA. Australians claimed back $14.3 million worth of damaged cash last year and here's a guide to how you can do it too.
Fake notes are also circulating. It’s an offence to knowingly possess counterfeit notes and there’s no reimbursement for victims who end up with them in their wallet or till.
The owner of a popular Italian bistro in Melbourne, Omar El Deek, recently told Yahoo Finance he found this out the hard way. His staff were fooled by counterfeit notes, not once, but twice.
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How can I tell if a banknote is fake?
The RBA said there were several ways to check for fake notes. You can start by holding it up to a UV light to check its security features.
Tilting a $50 note should show the bird’s wings move and change colour, the number change direction and a rolling colour effect on a spot in the top corner.
The RBA said suspect bank notes should be given to police.
If someone thinks they've ended up with a fake, try not to handle it too much, the RBA said.
Store it in an envelope with details of how you came into possession of it and report it to police.
“You are well within your rights to refuse to accept a banknote if you have concerns about it,” the RBA said.
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