Published April 30, 2006
by Black Dog & Leventhal Publishers .
Written in English
|The Physical Object|
|Number of Pages||320|
Get this from a library! What happens to a torn dollar bill?: Dr. Knowledge presents facts, figures, and other fascinating information about money. [Charles Reichblum]. Damaged U.S. currency— paper bills —that have merely been damaged can typically be replaced at a bank, while bills that have been torn must be mailed to the U.S. Bureau of Engraving and Printing for replacement. To be considered damaged but not mutilated, at least one-half of the damaged bill must be clearly identifiable. So what DOES happen to a torn dollar bill? And what should you do with a defective coin? Dr. Knowledge answers these questions and provides many more fascinating facts in this entertaining book about everyone’s favorite subject—money! Packed with unusual, amusing, and interesting information on everything from the history of the credit card /5(5). The bills that are torn, covered in graffiti or at the end of their life cycle — what happens to those? Generally speaking, U.S. paper currency that’s no longer fit for circulation is removed from circulation by the Federal Reserve System.
If you have a torn dollar bill, you can replace it with a new one-with one stipulation. The law says you must have at least 51 percent of a bill to redeem it for full value. If you have a torn or damaged dollar bill, you are not alone. The U.S. Treasury Department says it redeems over 80 million dollars worth every year. According to the United States Secret Service, more than half of a torn or damaged dollar bill must be intact for it to still be considered legal tender. When a bill is torn, mutilated or otherwise damaged, it should be taken to a bank for redemption. As long as three-quarters of a bill are intact, you can exchange it for a whole bill. For more severe damage, you will need to submit your bills to the Mutilated Currency Division of the Bureau of Engraving and Printing, where it will be reviewed by U.S. currency experts. The service is free and relatively routine. I work at a coffee shop in a South Texas airport, and today there was an older lady who when was giving her payment, pulled out a booklet of $1 bills. They were all bonded together and she just yanked two out of them. She told me that she gets them from her bank up North and the bank sells them in groups of $25 or $ I thought it was the coolest thing ever!
Joey Green is a former contributing editor to National Lampoon, and has also written books such as You Know You've Reached Middle Age If,How They Met: Famous Lovers, Partners, Competitors, and Other Legendary Duos, book is subtitled, "A Collection of Curious and Crazy Customs and Coincidences Concerning Christmas," but the title may give a misleading impression of the. 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. Any badly soiled, dirty, defaced, disintegrated, limp, torn, worn, out currency note that is CLEARLY MORE than one-half of the original note, and does not require special examination to determine its value. These notes should be exchanged through your local bank and processed by the Federal Reserve Bank. ••• A dollar bill, according to the Federal Reserve Bank of Atlanta, circulates an average of only 21 months. It's just paper, after all, and it sees rough handling as it passes from person to person, including getting ripped. If you were passed a torn bill or, perhaps, tore it yourself, you can still probably recover its value.