First Page
Posted 08/15/2024 7:29 pm
I know the greater than 50% rule is true. That rule is logical. Otherwise someone could deposit two separate pieces at different times and double their money.
I'm not sure if the serial number rule is true. I don't think so. The Federal Reserve doesn't record serial numbers or even the federal reserve district when they destroy worn out currency. They don't really need the serial number for anything.
I wonder if a nationally chartered bank is obligated to exchange mutilated currency for their customers as part of their national charter. Maybe they just do it as a courtesy. I deposited some twos in really bad shape one time and they really didn't want to deal with them but they reluctantly did it anyway. I had two demonstrate that one had more than 50% remaining; they really didn't want that one. It was close but demonstrably greater than 50%.
The original poster could submit the note to the Bureau of Engraving and Printing using BEP Form 5283 for redemption. That would leave a net return of only 27 cents after paying for the postage. Nonetheless, it might make an interesting subject for discussion on this forum.
I'm not sure if the serial number rule is true. I don't think so. The Federal Reserve doesn't record serial numbers or even the federal reserve district when they destroy worn out currency. They don't really need the serial number for anything.
I wonder if a nationally chartered bank is obligated to exchange mutilated currency for their customers as part of their national charter. Maybe they just do it as a courtesy. I deposited some twos in really bad shape one time and they really didn't want to deal with them but they reluctantly did it anyway. I had two demonstrate that one had more than 50% remaining; they really didn't want that one. It was close but demonstrably greater than 50%.
The original poster could submit the note to the Bureau of Engraving and Printing using BEP Form 5283 for redemption. That would leave a net return of only 27 cents after paying for the postage. Nonetheless, it might make an interesting subject for discussion on this forum.
