How Much Is Damaged Money Worth?

[fifis101]

I heard on a radio discussion that if a money note was 2/3's (I think) or more, then it is worth the full amount, with the remaining third being worthless. Also a half note is worth half the amount of the full note, with the two halves separately totaling the full amount.

Some people think that it has to be the part with the little window but this is not the case, it is the serial number that is important and this is at both ends of the note.

I'm just opening this up for every to discuss as a mate doesn't believe me.

It sounds a bit crazy and that's because most people have both parts of the damaged note but if you were to find a piece, wouldn't you want to know what it's worth?

[Gregpen]

I have half a broken rod in the boat if someone wants to pay me half of what I paid for it......

[woody1]

Good luck getting someone to accept it

[shortie]

http://www.rba.gov.au/qa/banknotes.html#q3
/>http://banknotes.rba.gov.au/damagedbanknotes.html

Note it is also illegal to damage either notes or coins under the crimes act

[fifis101]

Good luck getting someone to accept it

Yeah I know. It really should be a general knowledge thing so that you don't have to take it to the bank.

[tomca]

if it is damaged it is not legal tender so only the bank will accept it.

Simple fixes are either do not damage a banknote or refuse to accept a damaged banknote.

The RBA link Shortie posted is correct. You may not get the value of the note creditted to your account until the RBA makes a ruling on its value.

[fifis101]

if it is damaged it is not legal tender so only the bank will accept it.

Simple fixes are either do not damage a banknote or refuse to accept a damaged banknote.

The RBA link Shortie posted is correct. You may not get the value of the note creditted to your account until the RBA makes a ruling on its value.

"Damaged banknotes can be accepted where there is less than 20 per cent of the banknote missing, regardless of other damage to the banknote."

[tomca]

if it is damaged it is not legal tender so only the bank will accept it.

Simple fixes are either do not damage a banknote or refuse to accept a damaged banknote.

The RBA link Shortie posted is correct. You may not get the value of the note creditted to your account until the RBA makes a ruling on its value.

"Damaged banknotes can be accepted where there is less than 20 per cent of the banknote missing, regardless of other damage to the banknote."

your point? Can and must have two very different meanings

[fifis101]

if it is damaged it is not legal tender so only the bank will accept it.

Simple fixes are either do not damage a banknote or refuse to accept a damaged banknote.

The RBA link Shortie posted is correct. You may not get the value of the note creditted to your account until the RBA makes a ruling on its value.

"Damaged banknotes can be accepted where there is less than 20 per cent of the banknote missing, regardless of other damage to the banknote."

your point? Can and must have two very different meanings

My point is that it is still legal tender and is still worth the full amount.

If everyone knew these simple rules on damaged bank notes they would be accepted by stores, then collected and replaced by the bank.

I'm just wondering why it isn't general knowledge.

[Do$tylz]

^^ because I can't imagine in what school subject this would be covered in.

Nah if I was a store, I wouldn't do it. Because they're then owning the risk that the bank/rba rejects it as an invalid note. Then they're out of pocket.

[tomca]

you are missing the point of damaged banknotes. There is no requirement for a business to accept damaged notes, it is at their discretion. You yourself stated: so that you don't have to take it to the bank. so why should they let you make it their problem? There are forms that need to be filled out for damaged currency, so like I stated previously don't accept damaged notes, its your right to decline one.

[fifis101]

You are right there mate, no need to "pass the buck" onto someone else.

I really started to thread to see what peoples views were and let people know that damaged money is still worth something as I found out from peoples opinions at work that they thought that it was worthless and have thrown them away.

I think I'd make the effort of filling out a form if I have half of a $100 note.

[fifis101]

Actually the whole topic came to mind after a fellow colleague told me of a story when he used to work at a waste water treatment plant.

He said that when they heard on the news that there were drug raids going on that they would keep an eye out the next day for when all the flushed money got washed down!

[demarc]

Thanks for bringing this up mate. I think it could be taught in schools, mainly business education. They taught tax and other such info in business education classes for back in 2000s...

[Terry H]

I thought this was mentioned at school?

Can't remember if it was Legal Studies or Accounting... but I thought it was covered

[Damien2Rad]

I thought this was mentioned at school?

Can't remember if it was Legal Studies or Accounting... but I thought it was covered

Yeah, but I can barely remember the alphabet and basic mathematics... let alone that sort of gear!