Guest262...looks like you might want to stop laughing. Worked in a bank while I went to university and we routinely exchanged half bills for half of the bills face value. You might want to check with some sources before you call someone else "stupid"
BANK OF CANADA --- DAMAGED NOTES POLICY ---
The Bank of Canada (BOC) aims to have only good quality notes in circulation. This helps to maintain confidence in Canadian’s currency by making it more difficult for counterfeit notes to be passed or remain in circulation.
It is not possible to remove damaged notes from circulation immediately any damage becomes obvious – nor is it necessary when the damage is only minor. Minor damage does not prevent ongoing use of a note or affect its value. The BOC works with banks, other authorised deposit-taking institutions such as building societies and credit unions, and cash centre operators such as armoured car companies to remove damaged notes from circulation as soon as practicable.
A genuine note that has become worn or sustained minor damage in circulation can be exchanged for full face value. These notes are classified as unfit notes and may have small pieces missing or small holes (less than 20 per cent of the note missing in both cases), have been torn, have heat damage affecting less than 20 per cent of the note, have adhesive tape on them or have been stapled or defaced. These notes can continue to be offered and accepted in transactions because they are worth full face value. The BOC asks banks, other authorised deposit-taking institutions and cash centre operators, to remove unfit notes from circulation when they are returned to them by their customers.
When damage to a note is such that a piece of the note is missing, i.e. the note is incomplete, the BOC needs to take into account the possibility that both pieces may be presented for value separately. It is clearly not sustainable to exchange each of the pieces for full face value. If two people have two pieces of the same note, the BOC’s policy is that the most equitable outcome is for each person to receive a share of the value equal to the proportion of the note they hold. The combined value paid should be the face value of the original note.
The BOC adopts the following policy:
For determining the value of damaged notes where pieces are missing:
◕ If less than 20 per cent is missing: The note is regarded as unfit and full face value is paid, even if the note is otherwise worn.
◕ If between 20 per cent and 80 per cent is missing: The note is regarded as incomplete and value is paid in proportion with the percentage remaining, e.g. half face value if half the note is present, even if the note is otherwise worn. The presence or absence of specific features such as the serial number(s) or the clear window is not a factor when determining value.
◕ If more than 80 per cent is missing: No value is paid.
Banks and other authorised deposit-taking institutions are authorised by the BOC to accept, assess and pay value for incomplete notes presented to them, and most do that. Assessed value is based on the surface area of the note remaining, rounded to the nearest dollar. The BOC provides grids to banks and other authorised deposit-taking institutions to assist them with calculation of value of incomplete notes. An Incomplete/Badly damaged/Contaminated Canadian Note(s) Claim Form must be completed by the holder of incomplete notes when they are presented for assessment/payment. Because full face value is not paid on incomplete notes, care should be taken when accepting such notes. There is no obligation to accept an incomplete note when offered in payment/change.
Notes with unusual damage such as severe heat damage (affecting 20 per cent or more of the note), contamination from blood, chemicals or other substances, or badly damaged notes where the value or genuineness is in doubt are classified as badly damaged/contaminated notes. These notes need to be returned to the BOC via banks or other authorised deposit-taking institutions for assessment/evaluation. The BOC pays the appropriate value for such notes after assessment/evaluation. Assessment/evaluation is based only on the visual presence of a note. If, for example, a note is totally reduced to ash in a fire, no value is paid. If part of a note remains, the value is determined on the same basis as for incomplete notes. An Incomplete/Badly damaged/Contaminated Canadian Note(s) Claim Form must be completed when badly damaged/contaminated notes are accepted for on-forwarding to the BOC.
http://www.bankofcanada.ca/en/
Source(s):
Bank of Canada
Currency Production and Services
234 Wellington Street
Ottawa, Ontario
K1A 0G9
Contact information
Phone: 1 888 513-8212
Fax: 613 782-7458
Email: mutilated-mutiles@bankofcanada.ca
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