Every once in a while in this lifetime if you are using paper money to purchase goods or services you will most likely come across and handled torn money or U.S. Currency. Sometimes you get torn money or currency from family members, friends or from shopping at your local convenience shops. If the paper money is torn how does this torn paper money keep getting recycle over and over?
Should this torn paper money be taken out of circulation? Yes, this torn paper money should be taken out of circulation but the majority of people do not know what to do with this torn paper money or who to give this torn paper money to. People will try and give it to the next sucker, because they do not know what to do when the paper money is ripped or torn.
Everyone who puts their hands on torn paper money wants to get rid of this torn paper money as soon as they received it. Torn paper money is the gift that keeps on giving because no one wants to be the last person handling torn paper money. Most believed that someone gave it to them just to get rid of it, so they will do the same in return to someone else. Everyone believes that it's not my problem, let someone else go through all of the problems that could be associated with torn paper money.
When people come in possession of torn paper money most people start to think or reason in their minds will someone think that I'm trying to cheat or defraud them. People are a little apprehensive when it comes to dealing with torn money, because of all of the money laundering issues going on after 911.
Now that you have this torn money in your possession what to do with this torn money, most people do not have a clue. Will convenience stores or banks take torn paper money from you when you have the money in your possession?. All of these questions are valid questions that you should be concerned with.
Do not panic when you have torn money in your possession because there are some things you can do to correct this problem.
Money To Banks:
If you have 1/2 or more of a torn paper bill or any currency and the denomination of that currency can be determined you can exchange that currency at your local banks.
Money To Treasury:
If the torn paper bill is less than 1/2 or if the bill is torn or ripped or mutilated to a point that you cannot determine its denomination you will have to forward all of the parts you have of that particular bill or currency to the Department of Treasury for review. Also if the currency is so badly damaged do not try and repair it yourself place the currency in a plastic bag and forward to the Treasury.
You will also have to provide an explanation as to how the currency was damage. At the Treasury department, they have specialists who will try to put the pieces together to determine the bill or currency denomination. Also, they will make sure that no fraud is involved while they are reviewing or examining the currency.
Forward your torn or mutilated bills or currency to:
Department of the Treasury
Bureau of Engraving and Printing
Office of Currency Standards
P. O. Box 37048
Washington, D. C. 20013