Damaged and Withdrawn Currency

The Currency Office of the Velocity Interoperability Network exchanges damaged notes and coins at face value and withdraws issues that have been superseded. Notes and coins wear out in use; a 5 credit note is expected to last about two years in circulation and a 50 credit note about five, while coins last for decades. Damaged currency should be returned to the Office rather than passed on, so that the currency in circulation remains in good condition and easy to check.

Exchange is available to anyone holding damaged currency of the Network, whether a member of the public, a business or the cash office of a member organisation. Banks and cash offices are asked to sort out unfit notes as they are received and return them to the Office in bulk. The Office does not charge for exchange.

Conditions of exchange. The value paid for damaged currency depends on how much of it remains and on whether it can be identified as genuine. The conditions are set out below and are applied in the same way to notes of both issues.

Torn, worn or soiled notes

A note that is torn, worn thin, written on, stained or repaired with tape is exchanged at full face value provided more than one half of it remains and it can be identified as genuine. Banks and cash offices are asked to return such notes to the Office rather than reissue them.

Incomplete notes

A note of which more than one half remains, measured by area, is exchanged at full face value. A note of which exactly one half or less remains is not exchanged, unless the Office is satisfied from the evidence supplied that the missing part has been destroyed and not presented elsewhere.

Burnt, decayed or contaminated notes

Notes damaged by fire, water, damp or chemicals are examined by the Office, which may need to separate and reconstruct them. They should be disturbed as little as possible and sent in the container in which they were found. Exchange follows the same one-half rule, and may take longer than ten working days.

Bent, corroded or worn coins

Coins that are bent, corroded, discoloured or worn smooth are exchanged at full face value provided the denomination can be identified. Coins damaged by fire are exchanged where their metal and denomination can be established.

Deliberately damaged currency

Notes that have been deliberately cut, perforated or defaced, and coins that have been drilled, cut, plated or otherwise altered, are not exchanged. Deliberately damaging currency with the intention of presenting it for exchange is an offence.

Withdrawn currency

Notes and coins of an issue that has ceased to be legal tender are exchanged at face value by the Office without limit of time. The first issue to be withdrawn is the Interim Issue, which ceases to be legal tender on 30 September 2027.

How to exchange damaged currency. The Office intends to open exchange counters at the principal sites of the Network, at which damaged and withdrawn currency may be exchanged in person; their opening will be announced in the Newsroom. Until then, and for anyone unable to attend a counter, exchange is arranged in the five steps below.

1. 1

   Step 1: Write to the Office

   Send your name, a description of the notes or coins and their condition, the number and denomination of each, and, for notes, any serial numbers that can be read, to the Office's email address with the subject line "Damaged currency". Photographs of both sides of each note assist the Office.

2. 2

   Step 2: Receive a reference number and instructions

   The Office confirms each request by email with a reference number and instructions for surrendering the currency. Quote the reference number in all further correspondence.

3. 3

   Step 3: Surrender the currency

   Surrender the notes or coins as instructed, together with a copy of the confirmation. Each surrender is given a receipt recording the denominations, the quantity and the reference number.

4. 4

   Step 4: Examination

   The Office examines the currency, confirms that it is genuine and applies the conditions above. Its determination is issued by email within ten working days of surrender, except for burnt, decayed or contaminated notes, which may take longer.

5. 5

   Step 5: Payment

   The value determined is paid in First Series notes and coins where the currency is surrendered in person, or by transfer to an account with a bank or member organisation in the Network where it is not. The Office does not charge for exchange.

Withdrawal of the Interim Issue. The Interim Issue is withdrawn in step with the issue of the First Series. From the dates below the Office ceases to issue Interim notes and coins of each denomination and withdraws them as they are returned to it by banks and cash offices. Interim currency remains legal tender throughout and should continue to be accepted at face value until 30 September 2027. From 1 October 2027 it need not be accepted in payment, but the Office will exchange it at face value without limit of time.

Holders of Interim currency need take no action before 30 September 2027. Notes and coins spent or deposited in the ordinary way will reach the Office through banks and cash offices and be replaced with the First Series. Progress of the withdrawal will be reported quarterly on the Notes and Coins in Circulation page.

Requests for exchange and enquiries may be sent to contact@currency.gov.vin. A note suspected of being counterfeit should not be presented for exchange but reported as described under Counterfeit Reporting. For the denominations and dates of the First Series, see Banknotes and Coins.