Mutilated currency is defined as any currency that is damaged to the point where it is difficult to determine the value of the currency, or if at least one half of the currency is not present. For example, if you have a bill that is damaged to the point where only 25% of the bill remains, it would be considered mutilated. Missing or damaged security features also constitute a mutilated bill. Mutilation is typically caused by fire, water, chemicals, burial, or animal/insect damage.
You must mail or personally deliver the mutilated currency to the Bureau of Engraving and Printing. When you submit the currency, you must include a simple letter indicating the estimated value of the currency, your contact information, and how the currency became damaged. With your submission, you should also include your bank account and routing number if you want to be reimbursed via direct deposit. If you choose to be reimbursed via check, include your mailing address and payee information.
If the currency is likely to fall apart, pack it gently in cotton, and place the package in a secure container. If the currency was flat when mutilated, never attempt to roll or alter the currency in any way to preserve it. If the currency was in a roll, never attempt to unroll it, and simply mail or deliver it as is. Mail your package to: Bureau of Engraving & Printing, MCD/OFM, Room 344A, P. O. Box 37048, Washington, DC 20013. If you are in the Washington DC area, you can deliver your submission to: Bureau of Engraving & Printing, MCD/OFM, Room 344A, 14th and C Streets SW, Washington, DC 20228 Claims typically take between 6 and 36 months to be fully processed.
Damaged bills typically include dirty, worn-out, slightly torn, or defaced bills. These bills can be simply exchanged at your local bank.
This can typically be determined either by searching online for the name and value of the currency, or by calling a bank and asking.
If you think your currency is old and may have value, check websites that post values by searching “collectible currency values”. This will provide a list of price guides. Papermoneyguide. com or coinquest. com could be good starting resources. This is important to consider before simply replacing the currency at the bank. If you have currency from the early 1900s, for example, it may be worth more than the face value and is therefore worthwhile to confirm its value before exchanging. Generally, the older the currency, the more valuable it could be.
Most countries that went to the Euro set a final date to exchange old currency. For the first countries that made the change, such as France and Germany, the final date was in 2012. This means that after this point, old Francs are just paper with no value for exchange. [5] X Research source
A dealer should be able to quote you an exchange rate based on the spot price for that currency. Remember currency markets move so the rate today is not necessarily the rate tomorrow.
Several companies of this type exist to provide redemption for defunct currency. These companies work by buying old money from customers at a low rate and exchanging it in bulk with national banks. The Currency Commission is one such company. Using this type of service will provide a lower rate for your exchange, but may be your only option once the issuing government’s exchange deadline has passed.
