7/25/2023 0 Comments Real stacks of money![]() ![]() The machine does the largest percentage of that,” explains our currency expert. “For example, if we’re able to determine that the note is torn, depending on to what degree, our machines can determine whether that money can come out of circulation. That’s what our machines look for.”Īfter a Federal Reserve bank receives cash deposits from commercial banks, highly trained employees can detect unfit cash in two ways: “Torn, worn, limp, dirty, defaced-we call those defects. “About 85% of the currency that gets deposited with us is fit,” says a representative with our currency team, serving the Eighth Federal Reserve District. The definition of unfit currency, from the Federal Reserve System’s Cash Product Office, is a “note that is not suitable for further circulation because of its physical condition” due to being: ![]() Just as the Fed is responsible for placing cash into circulation, it takes unfit currency out of circulation. Louis Fed’s currency operations are housed at our headquarters and our Memphis Branch. ![]() This happens via 28 cash offices-from Boston to Dallas to San Francisco. The Federal Reserve System is responsible for placing paper bills into circulation. Torn? Worn? Defaced? You might have “unfit” currency Read on for definitions and what to do with old money. If you’re questioning whether there’s any bang left in your buck, it’s important to know what kind of damage you’re dealing with. However, different fates can befall a bill, and there are different processes for handling money depending on what happened to it. paper currency that’s no longer fit for circulation is removed from circulation by the Federal Reserve System. Louis Fed alone inspected over 934 million notes in 2021. The Federal Reserve has 28 cash offices that help ensure currency is fit for circulation. ![]()
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