Dispose Currency Notification For Free

Currency mutilation can occur from fire, misuse, or even deterioration from burying money. The Federal Reserve does not accept deposits of mutilated currency from banks. In this case, special examination is required by pros at the Bureau of Engraving and Printing (BEP) before any exchange is made.

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.

Definition of out of circulation 1 : so as to be no longer passing from person to person or place to place coins that have gone out of circulation The magazine has been taken out of circulation; it will no longer be sold.

All you have to do is to mail the mutilated money or personally deliver the money to the Treasury Department. When mailing or delivering the money, according to U.S Treasury, you should add a letter that gives the estimated amount of the money and also an explanation on how the money got mutilated.

The definition of unfit currency, from the Federal Reserve System's Cash Product Office, is a ?note that is not suitable for further circulation because of its physical condition? due to being: torn. worn. limp.

Claims can take anywhere from six months to 36 months to process. The evaluation process depends heavily on the condition of the money, the extent of damage, and the conditions under which it was damaged. The Director of the Bureau of Engraving and Printing makes the final decision on all damaged currency claims.

How long does money last? That depends on the denomination of the note. A $1 bill lasts 5.8 years; $5 bill, 5.5 years; $10 bill, 4.5 years; $20 bill, 7.9 years; $50 bill, 8.5 years; and $100 bill, 15 years. Bills that get worn out from everyday use are taken out of circulation and replaced.