Mutilated Currency Redemption

Mutilated Currency Redemption
Alison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

The BEP’s Mutilated Currency Division provides free mutilated currency redemption services for individuals and institutions, such as businesses and financial institutions, in possession of United States mutilated currency notes.
 

On average, BEP receives more than 22,000 requests for examination of mutilated currency for possible redemption each year, with an estimated value in excess of $35 million.

Mutilated currency is currency 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.  Currency notes can become mutilated in any number of ways.  The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.

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The Director of the BEP has the final authority with respect to mutilated currency submission redemptions.

Lawful holders of mutilated currency may receive a redemption at full value when:

  1. Clearly more than 50% of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature; or
  2. 50% or less of a note identifiable as United States currency is present and the method of mutilation and supporting evidence demonstrate to the satisfaction of the BEP that the missing portions have been totally destroyed.

No redemption will be made when:

  1. A submission, or any portion thereof, demonstrates a pattern of intentional mutilation or an attempt to defraud the United States.  In such instances, the entire submission will be destroyed or retained as evidence.
  2. A submission appears to be part of, or intended to further, any criminal scheme.  In such instances, the entire submission will be destroyed or retained as evidence.
  3. A submission contains a material misrepresentation of facts.
  4. Fragments and remnants presented are not identifiable as United States currency.
  5. Fragments and remnants presented which represent 50% or less of a note are identifiable as United States currency but the method of destruction and supporting evidence do not satisfy the Treasury that the missing portion has been totally destroyed.

Personal deliveries of mutilated currency are not accepted at this time.

Submit a Request for Examination of Mutilated Currency for Possible Redemption

Federal Reserve Currency Procedures for Financial Institutions

How to Submit a Request for Mutilated Currency Examination

How to Submit a Request for Mutilated Currency ExaminationAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

Personal deliveries of mutilated currency are not accepted at this time.

All requests for mutilated currency examination for possible redemption must be submitted using BEP Form 5283.

Form 5283 Instructions

Privacy Act Statement  Please read before submitting BEP Form 5283.

Certification Statement  Please read before submitting BEP Form 5283.

By clicking the button below you will be leaving BEP's website.  In order to successfully submit the form you must go through all pages and receive a Record Locating Number.

Form 5283

Mutilated Currency Division Contact Information

Mutilated Currency Division Contact InformationAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

The best way to contact the BEP’S Mutilated Currency Division for information about pending requests is via email:  mcdstatus@bep.gov

The BEP is experiencing a high volume of mutilated currency redemption requests.  Thank you for your patience as each examiner carefully processes each request.  Every effort will be made to respond within 48 hours.  If you utilize caller ID for incoming calls, please note that U.S. government phone numbers are not identified for security reasons.

Mutilated Currency Packing Directions

Mutilated Currency Packing DirectionsAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

The mutilated currency examiners are best able to determine the value of the currency when it has been carefully packed and boxed as described below.  As a result, failure to follow the directions below may result in denial of a mutilated currency redemption request:

  • Regardless of the condition of the currency notes, do not disturb the fragments any more than absolutely necessary.
  • If the currency is brittle or inclined to fall apart, pack it carefully in cotton and box it as found, without disturbing the fragments, if possible.
  • If the currency was mutilated in a purse, box, or other container, it should be left therein, if possible, to protect the fragments from further deterioration or from being lost.
  • If it is absolutely necessary to remove the fragments from the container, send the container along with the currency and any other contents found. 
  • If the currency was flat when mutilated, do not roll, fold, laminate, tape, glue or in any other way alter the currency in an attempt to preserve it.
  • If the currency was in a roll when mutilated, do not attempt to unroll or straighten it out.
  • If coin or any other metal is mixed with the currency, carefully remove it.  Do not send coin or other metal in the same package with mutilated paper currency, as the metal will break up the currency.  Any fused, melted, or otherwise mutilated coin should be sent to the United States Mint for evaluation.

Mutilated Currency FAQs

Mutilated Currency FAQsAlison.Wargo@bep.gov Mon, 01/10/2022 - 14:25

What is considered mutilated currency?

Mutilated currency is currency which has been damaged – to the extent that: (1) one-half or less of the original note remains; or (2) its condition is such that its value is questionable.  Currency notes can become mutilated in any number of ways.  The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.

 

What is not considered mutilated currency?

Unfit currency for redemption is currency which is unfit for further circulation because of its physical condition such as dirty, defaced, limp, torn, or worn.  Unfit currency should not be forwarded to Bureau of Engraving and Printing for redemption, but may be exchanged at commercial financial institutions.

 

How long does the mutilated currency redemption process take?

The amount of time needed to process each case varies with its complexity and the case workload of the examiner.  Standard requests can generally take from six months to 36 months to process depending on the condition of the currency notes.

 

Is there a fee for this service?

No, the redemption of mutilated currency is a free, public service.

 

Who is the final authority?

The Director of the Bureau of Engraving and Printing has the final authority with respect to redemptions of mutilated currency submissions.

 

Where can I find the Bureau of Engraving and Printing’s regulation pertaining to the redemption of mutilated currency?

The regulation can be found here.