Can Wet Money Still Be Used?
Learn practical steps for managing wet currency, from safe drying to identifying damage and replacing unredeemable bills.
U.S. currency is designed with durability in mind and can frequently endure exposure to water. Unlike typical paper, dollar bills are composed of a blend of 75% cotton and 25% linen, providing them with considerable resilience. This composition, along with waterproof ink, means that in many instances, wet money retains its value and usability after appropriate handling.
Drying Your Wet Currency
Begin by gently shaking off any excess water from the bills. Placing the notes on a clean, absorbent surface, such as paper towels or a cloth, can help draw out moisture. Ensuring good air circulation around the bills is also beneficial; spreading them out individually in a well-ventilated area allows for gradual drying.
For a more controlled drying process, consider placing individual bills between the pages of a heavy book, such as a phone book or a large dictionary. This method helps to absorb moisture while also keeping the bills flat as they dry. If quicker drying is needed, a fan on a low setting can be used to circulate air, but avoid direct, high heat sources like irons or microwaves, which can damage security features or discolor the currency.
Identifying Damaged Currency
Financial institutions and the Bureau of Engraving and Printing (BEP) generally consider a bill redeemable if more than half of the original note is present and its authenticity can be verified. This 51% rule is a widely accepted guideline for assessing the value of a compromised note.
Signs of severe damage that might prevent a bill from being used in everyday commerce include disintegration, significant portions missing beyond the 51% threshold, or damage that obscures key security features like watermarks or security threads. Currency that has become brittle, moldy, or excessively torn may also fall into the category of “mutilated” currency requiring special attention. While minor tears or fading might still be accepted by banks, extensive damage often necessitates a formal exchange process.
Replacing Severely Damaged Currency
For currency deemed severely damaged or “mutilated,” the Bureau of Engraving and Printing (BEP) offers a redemption service. The process involves submitting the damaged notes directly to the BEP for examination. To initiate a claim, gather the damaged currency and carefully package it to prevent any further deterioration during transit.
Include a letter explaining how the currency became damaged, such as exposure to water, and provide your contact information. It is advisable to send the package via registered mail with return receipt requested, ensuring a secure and trackable delivery. The BEP’s Mutilated Currency Division receives tens of thousands of claims annually, and the review process can take several months, typically ranging from six to 24 months, depending on the complexity of the claim and the volume of submissions. If the BEP verifies the authenticity and value of the currency, a check for the determined amount will be issued.