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.
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:
- Clearly more than 50% of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature; or
- 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:
- 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.
- 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.
- A submission contains a material misrepresentation of facts.
- Fragments and remnants presented are not identifiable as United States currency.
- 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.
BEP is now accepting in-person deliveries of mutilated currency in Washington, DC.
Submit a Request for Examination of Mutilated Currency for Possible Redemption
Federal Reserve Currency Procedures for Financial Institutions