If you’ve ever tried making a purchase with cash that was heavily damaged, you may have gotten a funny look from the cashier—or maybe they wouldn’t accept your money at all. Often times, even financial institutions won’t accept cash if it’s too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions. So, what counts as mutilated money? And what should you do if you have mutilated money in your possession?
What is Mutilated Money?
Simply put, mutilated money is paper currency or coin that has been seriously damaged. If you have any mutilated money, you may be able to redeem it at full value. The type of damaged money you have determines who can help you process a redemption.
Who Can Redeem Mutilated Money for Me?
If you have mutilated paper currency, you will go through the Bureau of Engraving and Printing (BEP). The BEP is a part of the U.S. Department of the Treasury and is responsible for making the United States’ paper money. You may be able to mail your damaged bills to the BEP or deliver them personally. To find out their policies and instructions for redeeming mutilated currency, click HERE to be taken to the BEP’s website.
To redeem mutilated coins, you will need to go through the U.S. Mint. Like the BEP, the Mint is also part of the U.S. Department of the Treasury. The Mint is responsible for making coins for the United States. They can redeem coins that have been bent or partially destroyed. To learn about their policies and instructions for coin redemption, click HERE to be taken to the Mint’s website.
If you ever have any damaged money which you would like to redeem, always visit the websites of the BEP or U.S. Mint, or contact them before taking any action. This will ensure you are aware of their current policies and practices regarding the redemption of mutilated currency/coin, as they may change at any time.