Which dollar bills will be rejected in stores starting in October 2024?
Various stores, shops, banks and ATMs will stop accepting certain dollar bills starting in October. Find out which bills will be rejected and why.
In an effort to improve the security of the monetary system, the Bureau of Engraving, the Secret Service and the Advanced Counterfeit Deterrence (ACD) Steering Committee have launched an initiative to require US stores, businesses, banks and ATMs to stop accepting certain dollar bills beginning in October.
According to various reports, the dollar bills that will be rejected starting this month will be all those that fall into the “mutilated” category.
Currently, the U.S. Federal Reserve (Fed) issues dollar bills in seven denominations: $1, $2, $5, $10, $20, $50, and $100. While the $500, $1,000, and $10,000 bills have been out of production for some time, they are still in circulation. The only scenario in which the latter can be rejected is if they fall into the “mutilated” category, like any other unit.
How can you tell your dollar banknote is “mutilated”?
Typically banknotes get mutilated because of “fire, misuse, or even deterioration from burying money,” according to the Federal Reserve. That is, those that have cuts or damaged ends and are discolored.
What can you do with your “mutilated” dollar banknotes?
You will have to contact the Bureau of Engraving and Printing directly. It will require filing a mutilated currency claim. The Bureau of Engraving and Printing provides a step-by-step guide to redeeming mutilated currency.
“The BEP will evaluate the note. They have special tools to examine the authenticity and assess the full value of the note. After they do that, they can issue a check back to the consumer,” a Fed currency representative explains.
New designs in circulation
In addition to the implementation of this new security measure, the Federal Reserve will introduce new designs for the $5, $20, $50 and $100 bills. The introduction of the new $50 bill will take place in 2028, the $20 bill in 2030, the $5 bill between 2032 and 2035 and the $100 bill between 2034 and 2038.
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How to detect a counterfeit banknote?
According to experts from El Cronista, to identify if your dollar bill is real, you must detect the following characteristics:
- Light-resistant security thread with the inscription “USA”
- 3D security strip that changes when tilting the bill
- Ink that changes color in the lower right corner
- Watermark when observing the bill against the light
- Microprints around the bill
- Embossed printing that gives texture to the bill