Redeeming Damaged Money Paper money that has been mutilated or partially destroyed may in some cases be redeemable at full face value. Any badly soiled, defaced, torn, or worn-out currency that is clearly more than half of the original note can be exchanged at a commercial bank, which processes the note through a Federal Reserve Bank. More seriously damaged notes—those with clearly less than half of the original surface or those requiring special examination to determine their value—must be sent to the Department of the Treasury for redemption.
I don't know Dougee. Looks like you got the two "less than half" portions. She could have at least given you two opposite 48% halves that could be taped together in such a way that they would LOOK like a full dollar. Which brings me to my next great idea. how to turn 10 $20 bills into $300! You don't think the Fed will be suspicious if you send them, say, 10 $20 bills that are all 51-54% of the bill, do you?
I'm afraid you're right Zack. I think the reason you've got to send it in to the treasury is so they can account for the serial numbers - now I know why they started putting serial numbers on both sides of the dollar.
As for your money expansion plan, I'm gonna let you try that out on your own first. You let me know how that goes :-)
12:02 PM
[Image] A customer just gave me 2 split dollar bill's - without their second halves. She gave me 2 pieces and apologized, then said "they should work out to a dollar somehow". I thought to myself "with some tape I'm sure they will" and thanked her for the tip. When I started dropping my cash in the safe at the store I realized what I had been handed. It wasn't as simple as "this paper should be worth a dollar."
I hope I can get someone to honor these, if I can, then I actually got more than this customer originally intended to give. Anyone know if there is a standard for accepting damaged bills?Update: 6/25/2008 18:40 Here is the information I dug up from the Federal Reserve website about the value of damaged currency: Redeeming Damaged Money Paper money that has been mutilated or partially destroyed may in some cases be redeemable at full face value. Any badly soiled, defaced, torn, or worn-out currency that is clearly more than half of the original note can be exchanged at a commercial bank, which processes the note through a Federal Reserve Bank. More seriously damaged notes—those with clearly less than half of the original surface or those requiring special examination to determine their value—must be sent to the Department of the Treasury for redemption. From Federal Reserve Bank of Atlanta. Emphasis added.
posted by Doug - The JeepCruzer at 2:02 PM on Jun 25, 2008
3 Comments
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Redeeming Damaged Money
Paper money that has been mutilated or partially destroyed may in some cases be redeemable at full face value. Any badly soiled, defaced, torn, or worn-out currency that is clearly more than half of the original note can be exchanged at a commercial bank, which processes the note through a Federal Reserve Bank. More seriously damaged notes—those with clearly less than half of the original surface or those requiring special examination to determine their value—must be sent to the Department of the Treasury for redemption.
5:50 PM
I don't know Dougee. Looks like you got the two "less than half" portions. She could have at least given you two opposite 48% halves that could be taped together in such a way that they would LOOK like a full dollar. Which brings me to my next great idea. how to turn 10 $20 bills into $300! You don't think the Fed will be suspicious if you send them, say, 10 $20 bills that are all 51-54% of the bill, do you?
5:21 PM
I'm afraid you're right Zack. I think the reason you've got to send it in to the treasury is so they can account for the serial numbers - now I know why they started putting serial numbers on both sides of the dollar.
As for your money expansion plan, I'm gonna let you try that out on your own first. You let me know how that goes :-)
12:02 PM