Refuse badly damaged money
According to eldiario24.com, from December 2024, some USD bills will no longer be accepted at banks, ATMs, or large stores in the US such as Walmart, Target and Costco. This decision was made by the Advanced Counterfeit Prevention Committee (ACD), the US Bureau of Engraving and Printing (BEP) and the US Secret Service, to ensure national currency security.
Rejected bills are often classified as “mutilated.” This means bills that are cut, torn, discolored, or have an undetermined face value are no longer legal to use.
Damaged money will be suspended from circulation.
Under the new rules, all seven current denominations issued by the Federal Reserve ($1, $2, $5, $10, $20, $50, and $100) are affected if they fall into the "damaged" category.
Larger denominations such as $500, $1,000 or $10,000 bills, although discontinued, will still be rejected if they are "mutilated".
Money is considered "damaged" if: It has cuts, tears, or missing corners; It is discolored or deformed due to fire, water, or burial; The denomination is unrecognizable.
This regulation aims to ensure the integrity of the currency and limit the risk of counterfeiting, in the context of increasingly sophisticated counterfeiting technology.
How to handle damaged money
If you own bills that are no longer accepted, don't worry. You can still seek to get them back through the U.S. Bureau of Engraving and Printing (BEP).
The process is as follows:
Submit a claim: Fill out the damaged currency declaration form on the official BEP website.
Authentication: BEP experts will use special tools to verify the authenticity and value of the coins.
Get your refund: If the coin is authenticated, you will receive a check for the corresponding value.
New money design to be released
In addition to eliminating damaged bills, the Federal Reserve will also introduce new designs to enhance anti-counterfeiting capabilities. The new $50 bill is expected to be introduced in 2028; the $20 bill in 2030; the $5 bill in 2032-2035; and the $100 bill in 2034-2038.
The new designs will incorporate advanced security technologies to help protect U.S. dollars against increasingly sophisticated counterfeit threats.
Is cash dead?
Although the world is shifting to digital payment methods, cash still plays an important role for many people, thanks to its simplicity and convenience due to its ease of use without the need for technological devices; leaving no trace of transactions, ensuring privacy.
Cash also has crisis utility: When digital systems fail, cash is a lifesaver.
However, with the new regulations, using cash will require users to be more careful.
