Government Redeems Damaged Currency
Contact: Department of the Treasury Bureau of Engraving and Printing Division of Mutilated Currency
Date: September 21, 2005
The Treasury Department’s Bureau of Engraving and Printing (BEP) in Washington, DC examines and reimburses individuals and businesses for their damaged or mutilated U.S Federal Reserve Notes (paper currency). Banks and depository institutions should contact the nearest Federal Reserve Bank or visit their web site for assistance with redemption. BEP’s service is often of particular interest to individuals that have been victims of fires, tornadoes, floods, and other natural disasters. The BEP’s Office of Currency Standards handled more than 26,000 mutilated currency claims and sent out reimbursement checks for over $97 million in fiscal year 2005.
When currency is seriously damaged or mutilated, it must be sent to the BEP for examination and identification, after which the claimant will be reimbursed by a U.S. Treasury check. The standards by which mutilated currency can be exchanged at face value are: (1) at least 51% of a currency note is present and identifiable; or (2) 50% or less of a currency note is present and the submitted evidence justifies the method of mutilation and the U.S. Treasury is satisfied that all missing portions of the currency note have been totally destroyed.
Mutilated currency can be mailed or personally delivered to the BEP. A letter should accompany the submitted currency and give the estimated value of the currency and explain how the currency was damaged. When mailed, all mutilated currency should be sent through the U.S. Postal Service via Registered Mail, Return Receipt Requested to: Department of the Treasury, Bureau of Engraving and Printing, Office of Currency Standards, PO Box 37048, Washington, DC 20013.
BEP provides this service for free. Additional information may be found on BEP’s web site: www.bep.treas.gov.