The Federal Reserve removes nearly 150 billion dollars worth of damaged currency from circulation annually, replacing these bills with crisp new notes. While it is illegal to deface or destroy US currency, accidents do happen. If you have ripped bills, keep reading to learn what you can do.
Will Stores Still Take Ripped Money?
While some stores might accept slightly ripped money, most will not take heavily damaged or torn bills. If a bill is significantly ripped, you should take it to your local currency exchange to exchange it. You can also take bills to a bank or federal reserve to exchange for fresh notes, as long as the serial number is still legible.
What to Do About Ripped Paper 20 Bills
If you have a torn or damaged $20 bill, bring it to any bank or currency exchange location for evaluation. The staff will determine if the bill can be exchanged in-house or if it needs to be sent to the Federal Bureau of Engraving and Printing. Most $20 bills with minor tears or damage can be easily exchanged.
Is Ripping Money Illegal?
Yes, deliberately damaging or destroying U.S. currency is illegal under federal law. Title 18, Section 333 of the United States Code makes it illegal to intentionally deface, mutilate, or destroy any U.S. currency. However, this law applies only to deliberate destruction; accidentally damaged money can still be exchanged.
How Much of a Bill Can Be Missing?
You can exchange lightly damaged or torn bills at your local bank or currency exchange. For extreme cases of damage, you can send bills to the Department of the Treasury’s Bureau of Engraving and Printing (BEP) to be examined. They have a Mutilated Currency Division full of U.S. currency experts who examine mutilated bills and bent coins for free and will return an equivalent amount.
The bill(s) must meet one of two requirements in order to be eligible for an exchange from the BEP. The first is that more than 50% of the note is identifiable as United States currency. The second is if there is less than 50% of the note intact, but your evidence demonstrates, to the satisfaction of the Treasury, that the missing portions have been completely destroyed.
Speak to a Currency Expert
Visit your nearest West Suburban Currency Exchanges location today for professional guidance on handling damaged currency! With over 20 locations throughout western Chicago and 80+ years of experience, we’re here to help. Find a location near you!
