Lessons in Real Money: Hurricanes to Increase “Mutilated Currency” Claims

September 18, 2017
1412

‘Cause hey, they just print it up anyway. Here’s what to do if you have mutilated currency, just understand that it makes this whole fiat dollar system seem cheap and dirty…

The BEP is out with a press release. This may be a way to teach people about what real money is and what real money is not.

from Bureau of Engraving and Printing

Press Release

Damaged U.S. Currency Redemption Services for Citizens Affected by Hurricanes Harvey and Irma

Contact: Lydia Washington (202) 874-3487

Washington, DC – September 14, 2017 – If hurricane victims have currency that has been damaged by flood waters resulting from Hurricanes Harvey or Irma, they are encouraged to send that currency to be reviewed for possible redemption by the Bureau of Engraving and Printing (BEP) as soon as they are able.

The BEP is giving priority to processing mutilated currency claims resulting from the hurricanes to speed recovery efforts for those affected. Flood victims submitting a claim should mark HURRICANE on the outside of the package.

As a free public service, BEP’s Mutilated Currency Division reviews mutilated currency (not coin) that is damaged to the extent that its value is questionable. This may occur as a result of fire, water, chemicals, ground deterioration, or other physical means.

Each year, the staff of experienced Mutilated Currency Division examiners process approximately 30,000 claims.

“We firmly stand with everyone affected in Texas, Florida, and the surrounding areas that experienced such devastation,” said BEP Director Len Olijar. “BEP prides itself on serving our customers and we will do whatever it takes to lessen the impact of these disasters.”

For information about how to submit a claim for review, please visit BEP’s website at bep.gov or contact the Mutilated Currency Division by email at [email protected] or toll free at (866) 575-2361.

Financial institutions should visit the Federal Reserve Bank Financial Services website at https://www.frbservices.org/fedcash/index.html for guidance.

Here’s how to redeem it:

Redeem Mutilated Currency

The BEP redeems mutilated currency as a free public service. Lawful holders of mutilated currency may receive a redemption at full value when:

Mutilated currency is currency which has been damaged to the extent that:

Its condition is such that its value is questionable and the currency must be forwarded to the Bureau of Engraving and Printing for examination by trained experts before any redemption is made. One example of mutilated currency may be bills missing relevant security features.

Currency 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.

Free Public Service

Clearly more than 50 percent of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature and clearly more than one-half of the original note remains; or,

Fifty percent 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 Treasury that the missing portions have been totally destroyed.

Every year the Treasury Department handles approximately 30,000 claims and redeems mutilated currency valued at over $30 million. Your money is important. However, please know that heavy volume and the precise nature of the work may result in lengthy wait times. Please follow the submission instructions carefully to help us process your claim in the most efficient manner.

Recommended Packing Procedures:

Regardless of the condition of the currency, do not disturb the fragments any more than absolutely necessary.

If the currency is brittle or inclined to fall apart, pack it carefully in plastic and cotton without disturbing the fragments and place the package in a secure container.

If the currency was mutilated in a purse, box, or other container, it should be left in the container to protect the fragments from further damage.

If it is absolutely necessary to remove the fragments from the container, send the container along with the currency and any other contents that may have currency fragments attached.

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.

Claim Processing

Each case is carefully examined by an experienced mutilated currency examiner. The amount of time needed to process each case varies with its complexity and the case workload of the examiner. Standard claims can generally take from six months to 36 months to process depending on the condition of the currency.

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

The Director of the Bureau of Engraving and Printing has the final authority for the settlement of mutilated currency claims.

Notice

The Director may provide information pertaining to any mutilated currency submission to law enforcement officials or other third parties for purposes of investigation of related criminal activity or for purposes of seeking a civil judgment;

Whoever mutilates currency with the intent to render it unfit to be reissued may be fined and/or imprisoned. 18 U.S.C. 333;

(Editors Note: Is the Fed 2% inflation march and ultimate arrival at zero value not reasons to imprison the fed?)

Just a reminder what real “currency” should be:

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