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It is illegal to purposely deface, mutilate, impair, diminish, falsify, scales or lightens any coins minted or “coined” in the United States of America. However, the U.S. government will replace worn out or damaged money if three-fifths of it is still identifiable. Two-fifths will earn the bearer half the face value; less than that gets nothing. Every year, the U.S. Treasury handles over 30,000 claims of destroyed or badly damaged currency. But what happens to money that becomes unrecognizable or “mutilated” through unintentional means?

There are numerous ways that currency can become “mutilated”. The most common causes are fire, water, chemicals, explosives, animal, insect, or rodent damage, and deterioration from burying paper currency. If more than half of the money is identifiable and evidence relating to what happened to the remainder of the money indicates that it was completely destroyed, it is possible for money to be replaced however, special steps must be taken to ensure the authenticity of the currency and the condition of the remaining portions of the paper bills. Special experts are employed by the Treasury Department to examine mutilated currency. These individuals carefully investigate all mutilated money received and are responsible for okaying the writing of a Treasury check for the value of the currency as they determine to be redeemable.

It is important to note that paper money can become badly soiled, defaced, disintegrated, worn, and torn through the ordinary exchange of hands. If more than half of the original note is left and special examination of the note is not required, the money is not considered mutilated. These funds can be taken directly to a bank and exchanged for a replacement. The money is then sent to the Federal Reserve Bank to be exchanged for new bills. The serial numbers of the worn-out money are recorded and then the bills are destroyed. Damaged coins are returned to the Treasury for re-minting, meaning they melt them down to make new coins.  Mutilated currency however needs to be mailed or delivered to the Bureau of Engraving and Printing in Washington, D.C., with a letter indicating the estimated value of the currency and an explanation of how the currency became mutilated. Special care should be taken to ensure that the bills are left in the same condition they were in when found.

While it is comforting to know that there are measures in place to protect currency from losing it’s value through unintentional mutilation or defacement, one should take every precaution possible to protect our currency. After all, as taxpayers, we do pay for the minting and printing of all currency and coinage in the United States. Try to keep money safe by avoiding letting your wallet run through the washing machine, or leaving money lying around where it can be damaged. Also, please don’t write on bills ad this may cause them not to work in vending machines or not to be accepted meaning they will need to be replaced sooner than ordinary.

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Most ordinary U.S. citizens might not associate the Secret Service with our Nation’s currency. In fact, perhaps one of the best known services of the United States Secret Service is protecting our nation’s leaders, especially the President. However, the Secret Service plays a vital role in protecting our currency and in turn, our economy. Currently a division of the United States Department of Homeland Security, the Secret Service is responsible for two very distinct areas of responsibility. First, and notably the most well-known, Secret Service Agents serve in protective roles as to preserve the safely of our nation’s leaders and their families. Second, and less publically noted, the Secret Service is responsible for the prevention and investigation of crimes involving US currency and treasury bonds.

In 1865, the U.S. Secret Service was first established for the specific purpose of combating the counterfeiting of money.  At the time, it was reported that one-third to one-half of all the currency in circulation in the U.S. was counterfeit. In fact, in the midst of the Civil War, with somewhere around 7,000 different bills in circulation, it became almost impossible to detect a counterfeit bill from a legitimate one. Therefore, the United States Secret Service was born in order to prevent any further damage to the nation’s struggling economy.  

In 1967, the agency took on additional responsibilities which included investigating those suspected of perpetrating frauds against the government and also served other role of investigating a broad range of crime areas including everything from robberies, murders, the Ku Klux Klan, non-conforming distillers, land fraud, smugglers all the way to illegal gambling.  

Today, the Secret Service is now a division of the Department of Homeland of Security and although the roles assumed by the Secret Service in its early days have since been passed on to other agencies including the FBI, ATS, and IRS, the Secret Service retains primary jurisdiction over all areas of counterfeit U.S. currency and treasury notes as well as its special duty of protecting the president, first lady, and other U.S. dignitaries. The agency also tracks suspicious individuals and steps in to access local crimes when necessary.

One of the oldest crimes in our nation’s history is counterfeit money. Although today’s money has many more preventative measures in place to protect our currency, counterfeiting remains a very real danger for our nation’s economy. In fact, due to modern technologies available to thieves, such as photographic and printing equipment, it has become easier and easier for thieves to commit counterfeiting fraud, therefore, requiring the Secret Service in combination with the U.S. Mint to enact more and more security features into our nation’s currency.

Due to the nature of its role, many details surrounding the Secret Service are kept “secret”. Many of the agents’ identities are kept confidential for their own protection as well as the protection of their job duties. In fact, even the wives and families of some secret service agents do not know their husbands and fathers as Secret Service Agents. Whereas, many agencies require uniforms of their agents, the Secret Service uniforms are designed to blend in with the role they are performing and can range from tuxedos to business suits to jeans.

In conclusion, the United States Secret Service plays a crucial role in the safety of our nation. It protects some of the most important persons in our nation all the way from the President and First Family, to other political figures and embassies. However, its role in protecting our currency is perhaps as crucial to our economy as any other role assumed by the agency. 

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