Currency can become damaged as it is passed along.There are many different types of damage, from simple tears and wrinkling on paper currency to more severe damage like burn marks, water damage or chemical contamination.Money can be damaged by rodents, insects, or natural degradation from being buried in the ground.Most countries have an official procedure in place for replacing damaged or contaminated money, but that procedure may vary depending on the type of currency being replaced.The Department of the Treasury in the United States replaces damaged currency for free to all lawful holders.Knowing how to have money replaced if your currency becomes damaged can help ensure you don't suffer any losses.
Step 1: Assess the damage.
If your money is legible and usable, you should use it.If you don't want to use that currency for any reason, you can exchange it at your local bank.Money that has been damaged beyond repair should be submitted to the US Bureau of Engraving and Printing.Do not make a false claim.Both federal crimes are taken very seriously by the U.S. government.
Step 2: Measure what's left.
You have to submit at least half of the paper bill intact in the United States.People don't want to rip money in half and replace it with something else.There is only one exception to this requirement if less than 50% of the bill is intact but there is enough evidence that the rest has been destroyed.You must provide some remnant of the bill's security features if you want to submit the sufficient remains of a legible banknote.The security thread that runs vertically to the left of the portrait is a security feature.If your claim is determined to be valid, the treasury can determine how much money to reimburse you for.
Step 3: Evaluate coins.
The Bureau of Engraving and Printing doesn't replace damaged coins.Coins that have been melted or fused together can be sent to the US Mint for evaluation.The best course of action will be determined by the US Mint.
Step 4: Try to keep the money.
Even though the money has been damaged, it may still be damaged by improper handling.Ensuring that you get the equivalent amount of money back is possible if you handle the money well.If the currency was rolled up, don't try to fix it.Roll, fold, tape, or glue it if it was flat.Altering the money in any way could cause more damage to the currency, but may also count as altering/defacing money, which is against the law.
Step 5: Carefully package currency.
The package of the currency may be the difference between getting money back and suffering financial losses.Ensure a safe delivery and package the currency in a way that will prevent further damage.If the currency is brittle or may fall apart, pack the tattered money in a plastic sandwich bag with cotton to help insulate it and keep it in place.Coins and paper currency should not be shipped together.Coins with damaged paper money can cause further damage to the tattered banknote if they are packed in separate offices.
Step 6: Write a letter of explanation.
You will need to write a letter to include with your money once you've packed and preserved the damaged currency.If possible, the letter should be legible.The original value of the currency, your current contact information, and any relevant instructions should be included in the letter if you want the money to come.
Step 7: You can deliver currency in person.
If you live in or near Washington, D.C., you can deliver the damaged currency to the Bureau of Engraving and Printing.Between the hours of 8:00 am and 11:30 am, and between 12:30 pm and 2:00 pm, the Bureau accepts personal deliveries of damaged or mutilated currency.
Step 8: Mail your money.
If you don't live in Washington, D.C., or are unable to personally deliver damaged currency, you can send it through the US Postal Service.All damaged currency can be sent through Registered Mail.If the package becomes lost or damaged, you may want to purchase insurance to make sure your losses are covered.The US Bureau of Engraving & Printing should be contacted for damaged paper currency.There is a box in Washington, DC 20013.The U.S. Mint can evaluateilated coins.There are packages containing coins that should be addressed to the U.S. Mint.Coins, P.O.Box 400 in Philadelphia, PA 19105.
Step 9: Wait for your claim to be processed.
You will have to wait for the claim to be processed after you submit your damaged currency to the proper office.A qualified professional reviews each case to determine the extent of damage, confirm the banknote's value, and assess the validity of each claim.It can take anywhere from six months to 36 months for a claim to be processed.The evaluation process depends on the condition of the money, the extent of damage, and the conditions under which it was damaged.The final decision on damaged currency claims is made by the Director of the Bureau of Engraving and Printing.If you want to check the status of your claim at any time, you can call the Bureau of Engraving and Printing or email the office.