To better protect the integrity of its money system, the U.S. government is putting in place stricter rules for damaged and fake bills.
Along with the Bureau of Engraving and Printing, the Secret Service, and the Advanced Counterfeit Deterrence Committee, steps are being taken to make sure that banks, stores, and ATMs do not accept counterfeit money.
This includes notes that are marked as “mutilated” because they have holes, stains, changes in color, or a lot of wear.
Because of these new rules, stores like Walmart, Target, Costco, and Dollar Tree need to change how they handle bills that do not meet the new standards for circulation.
Even older high-denomination bills, like $500 and $1,000 bills that are still used but not made anymore, could be turned down if they are deemed unfit.
How to redeem a damaged bill
If you have a damaged bill and want to get your money back from the Bureau of Engraving and Printing, do the following:
- Submit the damaged bill for evaluation by the Bureau.
- Fill out a form describing the extent and nature of the damage.
- Await the Bureau’s assessment using specialized tools to verify authenticity.
- If approved, you will receive a check for the full value of the bill.
The Federal Reserve also plans to release new bills with better security features as part of ongoing efforts. The goal of these updates is to stop fake goods and boost public trust.
Between 2028 and 2038, new $50, $20, $5, and $100 bills will be slowly released. These bills will have new features like color-changing ink, 3D ribbons, and watermarks.
These steps show a dedication to keeping the U.S. dollar safe and dependable, making sure it stays a respected world currency.