It may be necessary to change old currency.If your currency is damaged or old, you may want to exchange it for a new one.You can own notes and coins from the old currencies.You can trade your old currency for usable cash by learning how to exchange it.
Step 1: Understand the concept of losing money.
If you own badly damaged U.S. currency, there are two ways to get it replaced.The method depends on whether or not the currency is "mutilated".If at least one half of the currency isn't present,ilated currency is any currency that is damaged to the point where it is hard to determine its value.If you have a bill that is damaged to the point where only 25% of the bill remains, it would be considered mutilated.A mutilated bill includes missing or damaged security features.Mutilation can be caused by fire, water, chemicals, burial, or animal/insect damage.
Step 2: Prepare to use the money.
The only way to redeem currency if your bill is altered is by filing a reimbursement claim with the Office of Currency Standards within the Bureau of Engraving and Printing.Before any redemption is made, the Bureau will use trained experts to determine if the currency is valid.You have to personally deliver the currency to the Bureau of Engraving and Printing.The currency must be submitted with a simple letter indicating the estimated value, contact information, and how the currency became damaged.If you want to be reimbursed via direct deposit, you should include your bank account and routing number.You should include your mailing address and payee information if you choose to be reimbursed via check.
Step 3: You can mail or deliver the currency.
You must mail the currency after you have prepared your letter.It's important to make sure procedures are taken to reduce the chance of further damage.If the currency is likely to fall apart, place the package in a secure container and pack it gently in cotton.If the currency was flat, don't attempt to roll or alter it.If the currency was in a roll, mail or deliver it as is.Mail your package to the Bureau of Engraving and Printing.The box is in Washington, DC.If you live in the Washington DC area, you can submit your claim to the Bureau of Engraving & Printing, MCD/OFM, Room 344A, 14th and C Streets SW, Washington, DC 20228, which will take between 6 and 36 months to be fully
Step 4: There is a difference between damaged and mangled currency.
Any bill that is more than half of the original bill is considered damaged.There are dirty, worn-out, slightly torn, and defaced bills.The bills can be exchanged for cash at the bank.
Step 5: You should make sure the currency you are exchanging is valid.
This is usually not a problem in the United States.It is important to make sure the currency is legal tender or exchangeable.This can be determined either by searching online for the name and value of the currency or by calling a bank and asking.
Step 6: If it is old currency, check the values.
It could be worth more than the face value.There are some notes that are more valuable than the face value.One dollar bills from the U.S. are usually sold for more than $1 in decent condition.You should always confirm its value if this is the case.If you think your currency has value, check websites that post values by searching for "collectible currency values".There will be a list of price guides.Papermoneyguide.com is a good starting resource.Before replacing the currency at the bank, it is important to consider this.It is worthwhile to confirm the value of currency from the early 1900s if you have it.The older the currency, the more valuable it could be.
Step 7: You can find a local bank that can exchange currency.
Some banks won't exchange worn, ripped or currency for their own customers.Other banks will do it for you.If you don't have an account at the bank, it is a good idea to call the branch.
Step 8: Exchange used currency at a bank.
It is possible to replace currency that is worn, torn, or in poor condition at a bank.Deposit the money into any account and the bank's relationship with the central bank will ensure that it is swapped for fresh currency.You can ask to swap it out without depositing it.
Step 9: Find out if the currency is still usable.
A new government or central bank can take over and phase out an old currency.Sometimes a merger with another currency is needed.The euro is the most common example of the latter.The final date for exchanging old currency was set by most countries that went to the Euro.The final date was in 2012 for France and Germany, the first countries to make the change.Old Francs have no value for exchange after this point.
Step 10: To make the exchange, locate a bank.
It is easy to swap the old currency for a new one if you are in the currency's home country.At this point, follow the same steps as in method 1.If you are not located in the currency's home country, you will have to call banks to see if they can make the exchange.
Step 11: The best exchange rate and lowest fees can be found at different banks.
If you are making a swap outside of the home country for a different currency, make sure to check the exchange rate and fees.Since few financial institutions will have the new notes on hand, a bank will often require you to change the money into dollars or a common currency.Every institution has a slightly different exchange rate.
Step 12: The money should be exchanged.
The exchange process is very easy to understand.The bank will accept your old notes and issue new ones.If you are exchanging a foreign currency for dollars, the bank should give you a receipt that shows the exchange rate used and any fees.
Step 13: You can find a currency exchange service.
Some banks won't accept notes for exchange, so third party moneychangers can handle them.Sometimes banks will refuse to accept money from countries that are not frequently visited.They won't change an expired currency for a new one.
Step 14: You can find the lowest fees and the best rate at a third-party service.
Currency exchanges will make money on the spread.They pay for a currency and they sell it for something else.You can find the best rate and lowest fees by calling and writing down the rates from different dealers.Don't forget to ask about the additional fees.A dealer should be able to give you an exchange rate based on the spot price.The rate is not always the rate tomorrow.
Step 15: Use a third-party service to replace old European currency.
Currency redemption can be handled by a third-party company if you can't get to a bank in the issuing country.Lithuanian litas are still convertible into Euros even if you don't hold old Francs.Travelex is a company that specializes in changing currency.Several companies provide redemption for old currency.These companies buy old money from customers at a low rate and exchange it in bulk with national banks.The Currency Commission is a company that does that.Once the government's exchange deadline has passed, using this type of service may be the only option for you.
Step 16: Deal with expired currency.
There is no option for exchanging if the currency is past its deadline.If it is rare, you may have some nice decorated paper.If it has any value to anyone, check eBay.