To prevent counterfeit money from entering the economy, the federal government improves the security of physical currency, even though many consumers use credit or debit cards. Redesigning currency makes counter-fit bill makers work harder.
The bills retailers can refuse Despite reports that new rules will require companies to reject “mutilated” bills, this has always been the case. The Federal Reserve allows private businesses to decide whether to “accept currency or coins as payment for goods or services.”
Mutilated bills what? The US Treasury Department defines mutilated bills as those “which has been damaged to the extent that one-half or less of the original note remains, or its condition is such that its value is questionable”.
The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying,” says the federal agency.
What if you have these bills? If your dollars fit the bill, contact the Bureau of Engraving and Printing directly so they can authenticate and give you the information to redeem them.
After authentication, you will receive a check for the mutilated bills you sent for examination. The Treasury Department warns that it can take three months to three years to receive new bills.