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Mutilated currency is a term used by the United States Bureau of Engraving and Printing (BEP) and the Bank of Canada to describe currency which is damaged to the point where it is difficult to determine the value of the currency, or where it is not clear that at least half of the note is present. Common causes of damage are fire, water damage ...
The shredded remains of used banknotes are sometimes offered for purchase as a novelty item. Individuals who have in their possession a note which is sufficiently damaged or worn may submit the note to the Bureau of Engraving and Printing who will examine the note and if necessary return a check of equivalent payment to the individual.
Some central banks (e.g., the Bank of England or the Reserve Bank of Australia) delegate their tasks for maintaining the fitness and checking the authenticity to the financial institutions and accept only unfit banknotes to be deposited (returned).
The asterisk, or "star" following the serial number indicates this is a replacement note for one that was misprinted or damaged in the printing process. A replacement banknote , commonly referred to as a star note , is a banknote that is printed to replace a faulty one and is used as a control mechanism for governments or monetary authorities ...
In 2003, the European Central Bank made a decision that defined the process and cost of exchanging neutralized Euro Banknotes among all National Central Banks in Europe. [1] In 2005, Bank of France implemented a special procedure regarding the treatment of stained banknotes deposited by private persons.
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The tape used to hold pieces of the note together and edge trimming may also be present. In this grade skilled restoration is often done to preserve rare issues. [2] [3] Some examples might include National gold bank notes: 2 Fair FR Note is mostly intact but can have large pieces torn or missing.
An example of this is the Portuguese Bank Note Crisis of 1925, when the British banknote printers Waterlow and Sons produced Banco de Portugal notes equivalent in value to 0.88% of the Portuguese nominal Gross Domestic Product, with identical serial numbers to existing banknotes, in response to a fraud perpetrated by Alves dos Reis.