Say goodbye to these dollar bills this November – They will no longer be accepted at any store starting today
According to the Federal Reserve there are several reasons why a bill might get damaged or “mutilated”, the most common being because of “fire, misuse, or even deterioration from burying money.”
In an effort to eliminate these bills from circulation, the Fed has instructed banks and retailers to stop accepting them, especially the more damaged ones, starting with the one dollar bill, as it is the most commonly used one and the one that gets deteriorated the most and the quickest.
Banks will have to make an extra effort, they will have to reprogram their ATMs to stop accepting any mutilated bills and instead redirect customers inside so that a teller can inform them on how to proceed. Some authorized locations will be able to just exchange the damaged bill for a newer one of the same value, but if the piece is too far gone, it will have to be sent to the Bureau of Engraving and Printing (BEP) directly to make a claim and get it replaced.
There are currently seven denominations of bills: $1, $2, $5, $10, $20, $50, and $100. While the $500, $1,000, and $10,000 bills are not being printed anymore, they are still in circulation as they are only taken out once they are mutilated. This means that there are a lot of old bills being used with outdated security measures, which make them the perfect target for counterfeiters and other criminals.
In fact, there is already a plan in place to start the substitution. The Federal Reserve will introduce new designs for the $5 bill between 2032 and 2035, the $20 bill in 2030, the $50 bill in 2028 and $100 bill between 2034 and 2038. The new measures will ensure that counterfeiting the currency is harder and will protect the U.S economy for years to come.
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