The last print run produced 46 million of the misspelled notes.
Whoever's responsibility it was to spell the word responsibility correctly was clearly not up to task. Printed on the back of the note is an excerpt from a speech by Cowan, and one from a book by Unaipon.
It features a photo of Edith Cowan, the first woman elected to an Australian legislature, who served from 1921 to 1924. "It is a great "responsibilty",". The RBA confirmed the mistake on Thursday and assured that it would be corrected in all future prints of the bill.
According to the RBA, the $50 note is the most widely circulated banknote.
The amusing money - a "new and improved" yellow $50 (US$35), the country's most widely circulated banknote - was released last October. The Reserve Bank of Australia told local publications that it would fix the mistake.
Around 400 million notes of $50 were printed and 46 million of them are in circulation. The quote, Business Insider explained, is an extract of a speech given by Australia's first female member of parliament as she entered office.
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While the RBA became aware of the error a year ago, it wasn't revealed to the public until Melbourne-based radio station Triple M received a tip and uploaded a picture of the mistake to their Instagram page, where it then received hundreds of likes.
Next generation $10 and $5 notes are also in circulation.
The bank said they found out about the typo in December.
According to a BBC article, the notes were first released late previous year.
Rare currency dealer Jim Noble said notes with the misprint will not be worth more as there are millions.