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 Replies: 16 / Views: 4,301 |
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Pillar of the Community
United States
3345 Posts |
Don't you need only the serial number and the seal for it to be worth $5?
Or am I mistaken?
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Pillar of the Community
 United States
1397 Posts |
You need more than half the note for it to be redeemable.
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Pillar of the Community
United States
1064 Posts |
I'd always heard you need both serial numbers to spend, or get a replacement - makes sense, or you could use each half at diff places. Pretty ironic it's going for $2.50...
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Pillar of the Community
United States
4778 Posts |
Hey! Someone found the other half of my $5...
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Pillar of the Community
United States
1397 Posts |
Quote:
Hey! Someone found the other half of my $5... You should have bought it then, it would have been a good deal for you!  My bank used to tell me that I needed both serial numbers in order to accept my damaged notes so I looked it up on the fed's website and found that wasn't true. It says they have to be clearly more than half of the note so I went back and they had to accept them. |
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Pillar of the Community
Canada
838 Posts |
The other day my bank gave me a $10 note with BOTH serial numbers cut out! I returned it immediately. I suspect somebody tried turning $10 into $20 this way!  |
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Pillar of the Community
United States
1358 Posts |
I was gonna say..
How do serial numbers affect the value of a note?
But I guess it must be different in Canada?
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Pillar of the Community
Canada
838 Posts |
Quote:
But I guess it must be different in Canada? According to JackB above, it's the same in the U.S. too: without serial numbers, notes are worthless. Otherwise, why would there be unique serial numbers on each note? Why couldn't money launderers simply get out the scissors? |
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Pillar of the Community
United States
1397 Posts |
Quote:
it's the same in the U.S. too: without serial numbers, notes are worthless. I can't speak for Canada, but in the US the serial numbers are NOT important when turning in damaged currency. Allow me to quote myself Quote:
My bank used to tell me that I needed both serial numbers in order to accept my damaged notes so I looked it up on the fed's website and found that wasn't true. It says they have to be clearly more than half of the note so I went back and they had to accept them. The law just says "clearly more than half" it doesn't say there needs to be any serial numbers. In the image above this note would NOT be redeemed by a bank because it is half almost exactly. @coinsearcher83 One way people try to use a different note to fool someone into giving them too much change back (before the modern notes) was to cut the corners from say a $20 and glue them to a five or a ten since all the notes somewhat looked alike. The person could still use the $20 because it was still more than half a note. |
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Pillar of the Community
Canada
838 Posts |
If I understand correctly, this note is -- incredibly -- definitely redeemable:  I did have a look at the BEP web site and will note that an implied condition for redemption of damaged/mutilated currency is that the damage be unintentional. More than half of a note alone might not be acceptable for redemption by BEP under suspicious circumstances (like my hundred dollar bill above).  I find it hard to believe that notes with no serial numbers -- and therefore no guaranteed uniqueness -- are legal tender, but it seems like you're right! I have a suggestion for the US government then: remove the serial numbers, since they are not legally required. Or can someone explain to me the motive for serializing paper money? I suppose it's kind of like a car's VIN. It's a useful identifier, but as soon as a criminal gets involved, it can be destroyed. Vehicle licensing would not be happy to have the car sold to someone with no VIN, however. It's really a non-issue I guess since your Fed might soon need very long serial numbers!  |
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Pillar of the Community
United States
1285 Posts |
I found this note somewhere (forget where I found it) and have had it my wallet for about 15 plus years.  |
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Pillar of the Community
United States
1397 Posts |
How is it that it is still so wrinkled then? Oh, and second question... why? |
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Pillar of the Community
United States
802 Posts |
Wow, this person is special lol
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New Member
New Zealand
15 Posts |
Different countries have different rules. Some countries will accept partly destroyed notes and provide the entire value but you have to sign a document that holds you liable for any future claims on the remaining parts.
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Valued Member
Panama
137 Posts |
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Replies: 16 / Views: 4,301 |
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First Page
Posted 06/18/2011 5:06 pm
