Mutilated currency: Now what?

It’s singed. It’s brittle. It’s moldy. It’s torn. It is disintegrating.

Let’s talk about this. Do you have a procedure for your mutilated currency? Do you even accept mutilated currency? Exchanging damaged bills (§100.5 Mutilated paper currency) for your members can enhance service. And while the public may submit their own mutilated currency for exchange to the U.S. Department of the Treasury, our members turn to us for guidance. So how can we help our members and minimize risk?

Here are some guidelines on what to look for before you accept mutilated currency (§100.7 Treasury’s redemption process):

 

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