What Can You do if this happens to Your Paper Currency? Damaged Currency photo Another photo of Mutilated Paper Currency One morning, when living in San Antonio (1988), Texas, my wife and I were awakened by the sounds of a tractor-pulled lawnmower. We decided to go shopping. Upon approaching our car I spotted three pieces of a $20 bill. Must have been sliced apart by the blades of the lawnmower. The grocer wouldn't accept the damaged currency. I drove to my bank. They wouldn't exchange it for me, but the teller told me about a Federal Reserve bank located about two miles west of my bank and suggested I take the two pieces there. The teller at the Federal Reserve Bank, taped the pieces together, verified that the serial numbers matched and handed me an undamaged replacement. I wondered why my bank wouldn't exchange the damaged bill, but the Federal Reserve bank did. I discovered why. The Treasury Department’s Bureau of Engraving and Printing (BEP) in Washington, DC examines and reimburses businesses and individuals for their damaged or paper money. BEP’s free damaged currency service is prominently posted on its web site. This service is often of particular interest to victims of fires, tornadoes, floods, and other acts of nature. The BEP’s Office of Currency Standards handled more than 26,000 damaged currency claims and sent out reimbursement checks for over $ 97,000,000 in fiscal year 2005. If the money is considered mutilated (damaged by flood, fire, or insects), then you'll have to send it to the Bureau of Engraving and Printing to get it replaced. It's considered mutilated if you have less than half of the original bill or you need a special test to figure out how much it's worth. BEP urges people whose currency is only wet and not damaged in any other way to separate it as soon as possible, and place the soaked bills between paper towels. When they are dry, the notes should be taken to a local commercial bank or Federal Reserve Bank where new currency notes for the same amount will be exchanged. If your bank is a commercial bank or a Federal Reserve affiliated bank or branch, you're in luck. If not, take any damaged paper currency to any nearby commercial or Federal Reserve bank. They'll be happy to help you! If the money is considered "mutilated," then you'll have to send it to the Bureau of Engraving and Printing to get it replaced. It's considered mutilated if you have less than half of the original bill or you need a special test to figure out how much it's worth. Currency can become mutilated in any number of ways. The most common causes are: fire, water, chemicals, explosives; animal, insect or rodent damage; and petrification or deterioration by burying. Under regulations issued by the Department of the Treasury, mutilated United States currency may be exchanged at face value if: More than 50% of a note identifiable as United States currency is present; or, 50% or less of a note identifiable as United States currency is present, and the method of mutilation and supporting evidence demonstrates to the satisfaction of the Treasury that the missing portions have been totally destroyed. Just mail, or hand deliver, the money to the Bureau of Engraving and Printing with a letter estimating the value of the currency and how it became mutilated. They recommend that you try to keep it in the same condition that you found it in. If it was inside a container, keep it in the container. If it was flat, keep it flat (don't roll it). They examine it, determine it's value, and send you back new currency. Mailing address for mutilated paper currency (send by Registered Mail with Return Receipt Requested): Department of the Treasury Bureau of Engraving and Printing Office of Currency Standards P. O. Box 37048 Washington, D. C. 20013 Mailing address for mutilated coins: Superintendent U. S. Mint Post Office Box 400 Philadelphia, PA. 19105 A former manager of a large east coast bank routinely encouraged his employees to exchange damaged paper currency for the bank's customers if at least 3/4 of the bill remained and the serial numbers matched. He, further says, we never accepted burnt, bloody, moldy or chopped-up paper currency. Your bank might do the same for you, but remember, its at their discretion to do so. Bureau of Engraving and Printing Photo of Damaged Currency and how to make a claim Hope you never need to... Clinker
Excellent article! I watched a documentary about this a few years ago. The scene that stuck in my mind was where a room full of workers were separating a pile of rotted (or charred) notes with tweasers and meticulously re-assembling notes like a jigsaw puzzle. -One time I found a piece of a $20 note. The branch banks wouldn't accept it but told me to take it to the Bank Of Canada. There, a supervisor took a clear measuring template and laid it over the piece and determined how much of the note was actually there. I received $13 cash for the piece.
We sent in a clump of cash that was stored in a cardboard shoe box outside in a metal storage shed by my wife's late grandmother. She passed at 103 and had stashed her Social Security payments everywhere. She lived with us and I would never take money from her for any expenses. Anyway this stuck together wad of currency got sent in. We received a check for a little more than $4000 a few weeks later. It took some time, but it was sure welcomed. I was truly amazed that they were able to arrive at an exact amount too.
TO bobbeth87 Thanks and good to read one if your commernts again... ikandiggit: Thanks for reading, commenting and sharing your experience... 10gary22: Thanks for reading and sharing your experience... Clinker
You're welcome ! What amazed me was they came up with the amount of money there was. I have absolutely no idea how they determine it, but I am supposing the process is sophisticated enough to do it accurately ? gary
Yes, that can be detective work. Here is a short video (in German) that shows how the job is done at the German "Analysis Center" in Mainz: http://www.n-tv.de/mediathek/videos/ratgeber/Kaputte-Banknoten-article544983.html The last scene shows a note that almost got eaten by a hamster. Fortunately the animal had left enough bits and pieces over ... Christian
