In a bid to enhance the security of the monetary system, the Bureau of Engraving, in collaboration with the Secret Service and the Advanced Counterfeit Deterrence (ACD) Steering Committee, has initiated a program that mandates US retail establishments, businesses, banks, and ATMs to cease the acceptance of specific dollar bills starting in October.
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Various reports indicate that beginning this month, all dollar bills classified as “mutilated” will be rejected. This decision reflects a broader effort to maintain the integrity of the currency in circulation.
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The U.S. Federal Reserve currently issues dollar bills in seven denominations: $1, $2, $5, $10, $20, $50, and $100. Although higher denominations such as $500, $1,000, and $10,000 are no longer produced, they remain in circulation. These higher-value bills will also be subject to rejection if they are deemed mutilated, similar to any other denomination.
How to identify “mutilated” dollar banknotes
According to the Federal Reserve, banknotes are often damaged due to factors such as fire, improper handling, or deterioration resulting from being buried. This includes notes that exhibit cuts, frayed edges, or discoloration.
Options available for handling your damaged dollar banknotes
To address your situation, it is necessary to reach out to the Bureau of Engraving and Printing directly. This process involves submitting a claim for mutilated currency. The Bureau offers a comprehensive guide that outlines the steps required to redeem such currency.
The Bureau will conduct an assessment of the damaged note using specialized tools designed to verify its authenticity and determine its full value. Following this evaluation, they are able to issue a reimbursement check to the claimant, as explained by a representative from the Federal Reserve.
Replacement designs in circulation
The Federal Reserve is set to not only implement a new security measure but also to unveil redesigned versions of the $5, $20, $50, and $100 banknotes. The new $50 bill is scheduled for release in 2028, followed by the $20 bill in 2030. The redesign of the $5 bill is anticipated to occur between 2032 and 2035, while the new $100 bill is expected to be introduced sometime between 2034 and 2038.
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