The phrase 'awash with cash' has taken on a new meaning after a schoolboy reportedly found a "significant" amount of $50 notes floating in a NSW creek near Wollongong.

The youngster spotted the floating cash in Mullet Creek on Bong Bong Road at Dapto just after 9am on Monday.

View photos More than $2,000 worth of $50 notes were found floating in Mullet Creek at Dapto just after 9am on Monday. Source: 9 News More

He took a photo of the bounty and sent it to a relative who came down for a look before calling the police.

NSW Fire and Rescue and the SES helped retrieve the cash by scooping it out of the water with a long-handled net and using a small inflatable boat.

The money was taken to Illawarra Police Station where it is being examined "to determine authenticity".

View photos NSW Fire and Rescue and the SES helped scoop up the cash with a long-handled net and using a small inflatable boat. Source: 9 News More

The amount recovered is reportedly about $2,000, according to 9 News.

Police inquiries are continuing to determine where the cash came from, and if it was real or counterfeit.

“Wish I’d found it,” one local told 9 News.

“That’s weird, very weird,” another said as authorities spent the afternoon fishing the cash out.

Another local resident admitted they would have taken it for themselves if they happened upon the floating money.

If the case isn’t solved, the schoolboy could get to keep it.

with AAP

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