Discard Currency Release For Free

Currency mutilation can occur from fire, misuse, or even deterioration from burying money. The Federal Reserve does not accept deposits of mutilated currency from banks. In this case, special examination is required by pros at the Bureau of Engraving and Printing (BEP) before any exchange is made.

To exchange your old money, try taking it to your bank. They should be able to exchange cash that is damaged or has been phased out as long as it's within the expiration period. To save you time, search online to see if your cash has passed its expiration date for exchange.

When enough old bills have been collected, the Federal Reserve Banks will shred them. If you take a tour of a Federal Reserve Bank, you can sometimes take home your very own unique souvenir: a bag of shredded paper money! The recycling process isn't a small-scale operation.

Just take it into your local bank and ask them to replace it. As long as you have at least half of the bill left, most banks will gladly exchange it for you.

Can You Get A $500 Bill From The Bank? Despite the $500 still being legal tender, you won't be able to get one from your bank. The bill is now classified as a collector's item, so you'll have more luck finding a $500 bill with private collectors.

The use of $500 bills to perform illegal transactions became so widespread that large-denomination notes were discontinued by order of the U.S. government. Most were redeemed and destroyed ? making this the last U.S. $500 bill issued?and a collector's most sought-after treasure.

Mutilated notes can also be sent to any of the RBI offices by registered/insured post. Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI.

The BEP is part of the U.S. Treasury Department; disposal of mutilated money is handled through this agency. The Treasury says that every year it receives an average of more than 22,000 requests for examination of currency with an estimated value of more than $35 million for possible redemption.

Most $500 bills are worth somewhere between $650 to $850 today, as long as they are in decent condition, according to AntiqueMoney, a website run by paper money expert and long-time collector Manning Garrett.

No, you do not have to trade in your old-design notes for new ones. All U.S. currency remains legal tender, regardless of when it was issued.