Different degrees of damage to money determine how you will redeem them. The Department of the treasury, a division under the Currency Division in the United States divides the degree of damaged money into different types. Ripped Hundred-Dollar Bill Some of them are listed below.
These are bills that have been deemed unusable for transactions in the general public. Expired bills and bills without serial numbers are classified under this category. The value of unfit money cannot be determined.
a fire outbreak or contact with water can destroy the value of money. Mutilated currency is money damaged to the point where almost half of it is missing, the value of such money is difficult to determine. A torn, repatched or burnt bill is considered a mutilated currency by the United States. A ripped dollar bill is an example of this type of currency.
coins, even though less vulnerable than notes are still very susceptible to damage. Exposure to air and harmful substances like sulfur can lead to their reduction in value. Bent coins are coins that have been deformed and twisted out of shape such that they cannot be counted by a machine again. Let’s Know About Ripped Hundred-Dollar Bill
Knowing the degree of damaged money will determine if it will be redeemable. Mutilated currency is the most common money, usually accepted in exchange for a non-damaged bill. The National Bureau of Engraving and Printing in the United States oversees all related issues. There exists a mutilated currency division under the BEP department that handles money redemption. However, you can only redeem a damaged hundred-dollar bill at the bank if 50% of the money is identifiable.
Steps to redeem a ripped bill by yourself.
Most of the time a ripped 100-dollar bill is redeemable if the damage is not too extreme. Before going to the bank, you can use some tape to repair the bill so that it appears very much redeemable and your bank can accept to exchange it. Banks will usually issue a new note if the ripped bill still has a serial number and only 50% of it is damaged. A local or commercial bank is an intermediary between the populace and the central bank. All mutilated money is delivered to the central bank for replacements, so, your bank is not at a loss for receiving the ripped bill.
If your 100-dollar bill is torn too badly that your bank rejects it, you can package it and mail it to the BEP’s Mutilated Currency Division. They provide free mutilated currency redemption services for individuals and institutions. Write a letter to the Bureau of Engraving and Printing, stating the type of your ripped bill and how it became mutilated. After this, it is required you fill out a form on the department’s website, then you can pack the money, together with the letter, and mail it to the address written on the website. Even though more than 50% of the bill is damaged, BEP will still redeem your ripped bills as long as the value can still be determined.
Before mailing your money to the Bureau of Engraving and Printing, ensure that the bill is wrapped carefully with a soft cloth and placed in a plastic zip-lock. Coins and banknotes should not be mailed together. After evaluation by the department, the bill will be redeemed. Although getting a response from the BEP may take a long time, redemption is assured. yearly, the Bureau receives more than $35 million from 22,000 people for redemption requests.
Finally, there may be just one obstacle to authorizing redemption of a 100-dollar bill. During the evaluation of the mailed money, if a pattern of intentional mutilation is detected, or fraud is suspected, the entire submission will be destroyed and redemption will be impossible. Also, dye packs are used by some banks to mark or identify stolen money; if such currency is mailed to BEP- submission indicating that the money is part of a crime scene- such would be destroyed or retained as evidence. But no worries, if your 100-dollar bill is just ripped, expect redemption in a couple of days.
