End of Torn or Damaged Banknotes as Valid Currency: What’s Changing in October and Where?

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Cash Still Reigns Despite Digital Push

Despite governments’ ongoing efforts to promote the use of traceable payment methods, cash remains the most widely used payment instrument for the time being.
For consumers, handling banknotes and coins is relatively convenient, yet it can be challenging to identify counterfeit currency and protect oneself from associated risks.

Moreover, it’s not uncommon for banknotes to suffer damage, such as accidental washing in a laundry machine or tearing while caught in a wallet’s zipper.
In these instances, doubts regarding their validity may easily arise.

What Changes in October?

Starting in October, various severely damaged U.S.
banknotes will no longer be accepted by merchants, businesses, banks, and ATMs.
This initiative, spearheaded by the Bureau of Engraving and Printing, the United States Secret Service, and the Anti-Counterfeiting Committee, aims to enhance the security of the monetary system.

The new regulation states that only banknotes that are intact will be valid for transactions.
Individuals possessing damaged US currency must report these issues to the Bureau.
The agency will validate the cash before issuing a refund for the returned amount.

Changes in Italian Currency Handling

Conversely, in Italy, worn or damaged banknotes can still be used, although merchants have the discretion to refuse them if there are doubts about their redeemability.
The Bank of Italy only replaces banknotes that represent at least 50% of the original bill.

It’s crucial to retain all pieces of a damaged note for potential return without attempting home repairs.
Moreover, despite their condition, banknotes must still contain identifiable features that distinguish real currency from counterfeits.

Spotting Real Currency

To help recognize authentic banknotes, the Carabinieri’s Anti-Counterfeiting Command suggests several steps.
Feel the note for raised printing, examine it against the light to check for watermarks, and observe color-shifting inks.

Using a magnifying glass, inspect for microprinting on both sides, and under UV light, verify luminescent fibers and non-fluorescent paper.

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