You can use your cash as is if a corner is missing. If it's ripped into two pieces, tape them back together and take the bill to a bank, where they will make sure the serial numbers on both sides of the note match and give you a new one.
As a general rule, we will only reimburse you with the face value of a damaged banknote if you still have at least half of the banknote. To apply for a reimbursement, fill out our damaged banknote application form and send it to us with all of the remains of the banknote.
The Bank replaces damaged banknotes, including those torn or burnt, with new banknotes, according to the proportion of the part of the original banknote remaining, provided that both front and reverse sides of the banknote are maintained.
If less than 20 per cent of the banknote is missing: Full face value is paid. If between 20 and 80 per cent of the banknote is missing: Value is paid in proportion with the percentage remaining, e.g. $5 value for half of a $10 banknote.
As said, you send whatever remains of the note you have off to the Department of Mutilated Notes with a form. They judge whether your claim is genuine, and usually transfer the face value of the note directly into your bank account.
Many stores and merchants will not take torn or drawn-on bills, and even vending machines struggle to take heavily wrinkled ones. The good news is that even if a bill is torn in half, you can tape them together and exchange them at a Federal Reserve bank for fresh notes, as long as the serial numbers match.
Currency Procedures
Under regulations issued by the Department of the Treasury, mutilated United States currency may be exchanged at face value if: More than 50% of a note identifiable as United States currency is present.
The good news is these scarred notes aren't worthless. In fact, the Reserve Bank of Australia (RBA) happily takes damaged cash and reimburses you for your trouble.
The nation's banknotes are totally waterproof, hard to counterfeit and relatively cleaner because they are resistant to moisture and dirt. Australian dollar notes are made of a polymer, which has a waxy feel, while the banknotes of the U.S. and several other countries are made of cotton fiber paper.
Yes, 1c and 2c pieces are still Australian legal tender, but they are not considered as 'currency' (or, money that is officially released for circulation). This means that you can take your old 1c and 2c coins to the bank and exchange them for currency totalling the same face value.
Credit institutions and post offices shall accept such incomplete or damaged banknotes the surface of which is smaller than 50% of the original surface with no payment made and forward them to the MNB for the purpose of withdrawal and destruction.
Local coin dealers buy mixed uncleaned coins and sort them out by denomination, country and the quality of the coins. Good quality coins are cleaned and sold, badly damaged coins are melted down as scrap metal to recycle.
As per the latest RBI guidelines, anybody who has mutilated notes can exchange them from the nearest central bank regional office. Anybody who has mutilated currency notes can visit the central bank regional office and deposit the notes.
At your bank
The Post Office Opens in a new window will accept withdrawn notes as a deposit into any bank account you can access with them.
The use of polymer — a form of plastic — marks the end of 320 years of the use of cotton paper in Britain's bank notes. It has been introduced to increase the durability of the notes, as they are now waterproof and harder to tear.
To achieve this we change the design of our notes from time to time. The latest development is to print new notes on polymer – a thin, flexible plastic. We released the new £5 note in September 2016 and the new £10 note a year later. The new polymer £20 note will enter circulation in 2020.
It is an offence under the Crimes (Currency) Act 1981 to intentionally deface, disfigure, mutilate or destroy Australian banknotes without the consent of the Reserve Bank or Treasury.
The Reserve Bank recommends that people take damaged banknotes to their bank or another authorised deposit-taking institution (ADI). These institutions are encouraged by the Reserve Bank to accept all claims.
When a bank fails, the Federal Deposit Insurance Corporation (FDIC) will arrange the sale of the bank customer's assets to a healthy bank, or, less commonly, the FDIC will pay the bank deposits back directly.
July 1892 – Victoria Mutual Building and Investment Society. February 1893 – Federal Bank, and the Queensland Deposit Bank. April/May 1893 – Within seventeen days, three banks collapsed: the Australian Joint Stock Bank, the Commercial Bank of Australia, and the English, Scottish and Australian Chartered Bank.
It depends on how much of the bill is there. A bill that is 51% intact is still legal tender and must be accepted at its full face value. If it's precisely ripped in half, you have a problem, but you can send both halves to the Bureau of Engraving and Printing and they will replace it with a new bill.
When we say “break” a $100 bill, we mean “make change for” a $100 bill. You can do this at any bank or credit union, and exchange your $100 for two $50 bills, five $20 bills, ten $10 bills, 10,000 pennies, etc.
I would try either the heat from a hair dryer to loosen the adhesive or I bet lighter fluid (naptha) would remove the tape and the residue.
A currency note is mutilated when its original size of the note has been reduced / lost through wear and tear or otherwise torn, damaged, defaced, burnt, decomposed, shredded, contaminated, or perforated etc., through various actions. The condition of these notes requires special examination to determine its value.