Exchanging Damaged Money
Not long ago I wrote about trading in your damaged (or laundered) stamps. As a followup to that post, I thought I'd talk about trading in damaged currency... As it turns out, "any badly soiled, dirty, defaced, disintegrated, limp, torn, or worn out currency note that is CLEARLY MORE than one-half of the original note ... should be exchanged through your local bank and processed by the Federal Reserve Bank."
If, on the other hand, you've got less than half of the bill, or it's in such a condition that the value is unclear, then it's considered to be "mutiliated," and a special examination is required to determine its value. Moreover, mutiliated currency can only be exchanged at face value if the Treasury is convinced that the missing portions have been totally destroyed.
Mutilated currency should be sent to the Bureau of Engraving and Printing (BEP) along with a letter detailing the estimated value of the currency and describing how it got damaged. The address of the BEP is:
Department of the Treasury
Bureau of Engraving and Printing
Office of Currency Standards
P.O. Box 37048
Washington, D.C. 20013
In contrast, fused, melted or otherwise mutilated coins should be sent to:
Superintendent
U.S. Mint
Post Office Box 400
Philadelphia, PA 19105
For more information, drop by the BEP website.
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"Exchanging Damaged Money" was first published at fivecentnickel.com
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