31 C.F.R. Subpart B—Exchange of Mutilated Paper Currency
Title 31 - Money and Finance: Treasury
(a) Lawfully held paper currency of the United States which has been mutilated will be exchanged at face amount if clearly more than one-half of the original whole note remains. Fragments of such mutilated currency which are not clearly more than one-half of the original whole note will be exchanged at face value only if the Director, Bureau of Engraving and Printing, Department of the Treasury, is satisfied that the missing portions have been totally destroyed. The Director's judgment shall be based on such evidence of total destruction as is necessary and shall be final. Definitions (1) Mutilated currency is currency which has been damaged to the extent that (i) one-half or less of the original note remains or (ii) its condition is such that its value is questionable and the currency must be forwarded to the Treasury Department for examination by trained experts before any exchange is made. (2) Unfit currency is currency which is unfit for further circulation because of its physical condition such as torn, dirty, limp, worn or defaced. Unfit currency should not be forwarded to the Treasury, but may be exchanged at commercial banks. [47 FR 32044, July 23, 1982, as amended at 56 FR 10170, Mar. 11, 1991] No relief will be granted on account of lawfully held paper currency of the United States which has been totally destroyed. (a) Payment will be made to lawful holders of mutilated currency at full value when: (1) Clearly more than 50% of a note identifiable as United States currency is present; or (2) 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. (b) No payments will be made when: (1) Fragments and remnants presented are not identifiable as United States currency; or (2) Fragments and remnants presented which represent 50% or less of a note are identifiable as United States currency but the method of destruction and supporting evidence do not satisfy the Treasury that the missing portion has been totally destroyed. (c) All cases will be handled under proper procedures to safeguard the funds and interests of the claimant. In some cases, the amount repaid will be less than the amount claimed. In other cases, the amount repaid may be greater. The amount paid will be determined by an examination made by trained mutilated currency examiners and governed by the above criteria. (d) The Director of the Bureau of Engraving and Printing shall have final authority with respect to settlements for mutilated currency claims. [47 FR 32044, July 23, 1982, as amended at 56 FR 10170, Mar. 11, 1991] Mutilated currency examiners are normally able to determine the value of mutilated currency when it has been carefully packed and boxed as described below: (a) Regardless of the condition of the currency, do not disturb the fragments more than is absolutely necessary. (b) If the currency is brittle or inclined to fall apart, pack it carefully in cotton and box it as found, without disturbing the fragments, if possible. (c) If the money was in a purse, box, or other container when mutilated, it should be left therein, if possible, in order to prevent further deterioration of the fragments or from their being lost. (d) If it is absolutely necessary to remove the fragments from the container, send the container with the currency and any other contents found, except as noted in paragraph (h) of this section. (e) If the money was flat when mutilated, do not roll or fold. (f) If the money was in a roll when mutilated, do not attempt to unroll or straighten. (g) If coin or any other metal is mixed with the currency, remove carefully. Do not send coin or other metal in the same package with mutilated paper currency, as the metal will break up the currency. Coin should be forwarded as provided in §100.12 (c) and (d). (h) Any fused or melted coin should be sent to: Superintendent, United States Mint, P.O. Box 400, Philadelphia, PA 19105. Mutilated currency shipments must be addressed as follows: Department of the Treasury, Bureau of Engraving and Printing, OCS, Room 344A, Post Office Box 37048, Washington, DC 20013. [47 FR 32044, July 23, 1982, as amended at 56 FR 10170, Mar. 11, 1991]
Title 31: Money and Finance: Treasury
PART 100—EXCHANGE OF PAPER CURRENCY AND COIN
Subpart B—Exchange of Mutilated Paper Currency
§ 100.5 Mutilated paper currency.
§ 100.6 Destroyed paper currency.
§ 100.7 Treasury's liability.
§ 100.8 Packaging of mutilated currency.
§ 100.9 Where mutilated currency should be transmitted.
