What can I do with a damaged banknote?
Mutilated currency must be sent directly to the BEP's Mutilated Currency Division (Off-site), with a letter stating the estimated value of the currency and an explanation of how the currency became mutilated, to the correct address below based on the shipping method.
Criteria for Exchange of Damaged Banknotes
The Bank replaces damaged banknotes, including those torn or burnt, with new banknotes, according to the proportion of the part of the original banknote remaining, provided that both front and reverse sides of the banknote are maintained.
If you have damaged or mutilated currency, or need currency replaced, contact the Bureau of Engraving and Printing. If you have currency you suspect is counterfeit, contact your local Secret Service Field Office. For questions about coins, please contact the U.S. Mint.
The currency “may be exchanged at commercial banks.” You could tape the green stuff back together but be warned that merchants may not accept the bandaged bills. If you have, what the government refers to as, “mutilated money” then you can send the cash off to the Treasury for exchange.
Will Stores Still Take Ripped Money? Most stores and merchants will not take bills that are ripped in half. Some may accept bills with small rips, or bills that have been successfully taped together, but this is up to the discretion of the merchant.
Often times, even financial institutions won't accept cash if it's too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions.
Claiming for a damaged banknote
As a general rule, we will only reimburse you with the face value of a damaged banknote if you still have at least half of the banknote. To apply for a reimbursem*nt, fill out our damaged banknote application form and send it to us with all of the remains of the banknote.
These can also be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form. To suit public convenience, the exchange facility for mutilated notes is also offered through TLR(Triple Lock Receptacle) covers.
Bank of America does not distribute or accept mutilated currency of any kind. Does Bank of America exchange Iraqi dinar or Vietnamese dong currency? Bank of America, N.A. does not buy or sell Iraqi dinar banknotes or Vietnamese dong banknotes, and currently has no plans to offer this service in the future.
Comerica Bank, Bank of America, Chase, Citibank and Wells Fargo say they'll exchange your damaged bills if more than half is intact.
Can you use a ripped note?
Torn or ripped banknotes
Generally, payment for an incomplete banknote is proportional to the part of the banknote remaining. In this way, the combined value paid for all the pieces, were they to be presented, would be the face value of the original banknote.
A bank will not replace a fake bill with a good one. That is the point—removing currency that never was. The bill will be sent to the Treasury Department for inspection and destruction. If you present a bad bill at a bank, the bank is required by law to remove it from circulation.
Many banks will not exchange bills and coins for non-customers although you may find a local bank which will. Many businesses run short on small bills and coins on weekends and holidays and will gladly exchange.
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.
How long does the mutilated currency redemption process take? The amount of time needed to process each case varies with its complexity and the case workload of the examiner. Standard requests can generally take from six months to 36 months to process depending on the condition of the currency notes.
In summary, while purposefully destroying paper currency is illegal under federal law, accidentally damaging bills typically does not carry any penalties or legal consequences.
It is rare, but any money paid into your accounts can be taken if you are behind on: Loans payments. Credit cards payments.
As long as more than half of the original note is clearly present—and it doesn't take special examination to determine the note's value—a commercial bank can then include the note in its deposit to the Federal Reserve.
Take your money to be replaced at your local bank if damages are not too extensive (minor tears, stains, soilage, etc.) Send any bills that have been extremely mutilated (burns, chemical stains, extreme tears, etc.) to the Bureau of Engraving and Printing along with a letter explaining the damage.
A torn note can be taped together, and it remains valid. However, not everyone will accept it, because they may be suspicious that it is a fake. You will always ne able to exchange it for a good note at your bank.
Are damaged notes worth anything?
If between 20 and 80 per cent of the banknote is missing: Value is paid in proportion with the percentage remaining, e.g. $5 value for half of a $10 banknote. If more than 80 per cent of the banknote is missing: No value is paid.
Soiled Notes are the torn notes which are pieced together whereas Mutilated Notes have a missing piece or it is torn into multiple pieces. Soiled notes can be exchanged with new notes with the same value whereas Mutilated Notes will not get the exact value in return for new notes.
Pay them in at your high street bank or Post Office.
This includes the old paper £5, £10, £20 and £50 notes from the last series. You can swap up to £300 every two years and you will need to bring a form of ID with you.
If more than 50% of the original note remains, it can usually be exchanged at a bank for a new note of the same denomination. Here's what you typically need to do: Bring the Damaged Currency to the Bank: Take the ripped $100 bill to your bank for inspection.
If it's ripped into two pieces, tape them back together and take the bill to a bank, where they will make sure the serial numbers on both sides of the note match and give you a new one. As long as three-quarters of a bill are intact, you can exchange it for a whole bill.
