The Reserve Bank of Australia has spent most of the day wiping proverbial egg off its face today as it emerged that the latest run of A$50 notes it has printed has a rather embarrassing typo on them. Such a blunder serves to highlight the inferiority of fiat money over Bitcoin beautifully.
The institution says that there is nothing it can do about the A$2.3 billion worth of misspelled notes. The ultimately irony is that these notes will probably end up being more valuable than A$50 in the long run – unless of course the bank decides to double down on its error and misspell all fifties from now on!
Printing Money is a Serious “Responsibilty”!
As mentioned, the Reserve Bank of Australia made quite the blunder with its latest round of currency printing. It recently ordered around 46 million new A$50 notes to be created. Rather amusingly, it has emerged today that the financial institution made a typo in the text used on the note.
Whoever’s responsibility it was to spell the word responsibility correctly was clearly not up to task. Instead of the preferred spelling, they instead opted for:
According to a BBC article, the notes were first released late last year. They depict the first female member of the Australian parliament, Edith Cowan. The typo appears in a quotation of her first ever speech in government. It should read:
“It is a great responsibility to be the only woman here, and I want to emphasise the necessity which exists for other women being here.”
What’s This Got to do With Bitcoin?
The irony with misprinted currency is that it usually ends up way more valuable than the correctly printed versions. This teaches an important lesson about the concept of value.
Fiat currency is printed paper. It has no intrinsic value. If you were stranded on a desert island and I offered you a briefcase full of $100 bills or a $50 life raft, which are you going to take?
The point is, value is subjective and the perceived value of different things…