Does Money Expire?
 

I have a small collection of brand new bills.

If one day I decide to use them to buy something, will they ever
expire?

Im sure I cant bring a bill from the 1800s to Walgreens and use it.

For example, I have a bunch of the old twenties, but now there are two
newer versions.

Eventually, the old 20s will be out of circulation...the clerk (if
they are young enough) might not even know what the bill is.

"Mike" wrote in message
om...

Im sure I cant bring a bill from the 1800s to Walgreens and use it.

If it's currency that was issued by the US government you can take it to a
bank and exchange it for modern currency.

Im sure I cant bring a bill from the 1800s to Walgreens and use it.

If it's currency that was issued by the US government you can take it to a
bank and exchange it for modern currency.


Or if that is too inconvenient for you, I will take them off your hands for 25
cents on the dollar.

On 16 Sep 2004 15:02:45 EDT, "Steve Grant"
wrote:

"Mike" wrote in message
. com...

Im sure I cant bring a bill from the 1800s to Walgreens and use it.

If it's currency that was issued by the US government you can take it to a
bank and exchange it for modern currency.


No, you can't. You have to send it to me - and I can exchange it for
modern currency.

Padraic.

la cieurgeourea provoer mal trasfu
ast meiyoer ke 'l andrext ben trasfu.

On 16 Sep 2004 15:08:01 -0700, (Sheldon
England) wrote:

(Mike) wrote in message . com...
I have a small collection of brand new bills.

If one day I decide to use them to buy something, will they ever
expire?

Most likely, yes. It depends on the country of issue. Some banknote
issuing countries no longer exist!

Canada is one of the few nations that has never demonetized earlier
money issues. The Bank of Canada is physically trying to remove the
$1000 note from circulation by grabbing them from banks but the notes
will always* remain legal tender as much as an 1870 Dominion of Canada
25-Cent note is still valid ... though you would be wise not to spend
it at face value. ;)

Unless it's a rag you got on the cheap and feel like experimenting!

One of the challenges in running a foreign exchange business is
keeping track of which countries' notes are still valid and which have
expired.

Do you run such a business? If so, how do you keep track? How many
"old" notes come through such a business? Examples?

Padraic.

la cieurgeourea provoer mal trasfu
ast meiyoer ke 'l andrext ben trasfu.

"Sheldon England" wrote in message
om...
(Mike) wrote in message
. com...
I have a small collection of brand new bills.

If one day I decide to use them to buy something, will they ever
expire?

Most likely, yes. It depends on the country of issue. Some banknote
issuing countries no longer exist!

Canada is one of the few nations that has never demonetized earlier
money issues. The Bank of Canada is physically trying to remove the
$1000 note from circulation by grabbing them from banks but the notes
will always* remain legal tender as much as an 1870 Dominion of Canada
25-Cent note is still valid ... though you would be wise not to spend
it at face value. ;)

One of the challenges in running a foreign exchange business is
keeping track of which countries' notes are still valid and which have
expired.

FWIW.


- Sheldon


Actually I was part of a discussion on this subject at a coin shop the other
day concerning exchanging foreign currency at a bank. There were three of
us, and we all shared experiences of hearing of tellers in the bank taking
currency which had been demonetized and exchanging it. The worst was some
of the pre 1960 French Franc issues, which by the way, were still
exchangeable in French banks up until 2002, but at a rate of 100 old for 1
new. But someone had exchanged the old at the rate of 1 for one at a bank
here in the USA because the teller did not look up the notes etc. Now my
bank is a hard nosed exception, they hold onto them for "collection"
basically they are sent to headquarters in Minneapolis and then, and only
then do you get your money. I think they are a bit more determined to check
the MRI guide in essence.

Dave


---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.760 / Virus Database: 509 - Release Date: 9/10/04

"Michael E. Marotta" wrote in message
Well, obviously, there is a common sense factor. On
rec.collecting.coins there are many stories of retail clerks befuddled
by Kennedy Half Dollars and so on. As numismatists, we think that
everyone ought to know everything about money, but really, people just
know what they experience first hand.

To answer your question: All US coins from 1793 forward and all US
paper currency from 1861 forward are legal tender. You could spend a
Trade Dollar, an Education Note, a $3 gold, or a 2-cent piece. All US
money is good.

That was one of the factors in the redesigns of our paper. The
Treasury had to change it, but do so in such a way that it still
"looks" the same. In many other countries, when the money changes, it
is because the government has fallen and the old money is now
worthless. The US Treasury wanted to avoid that perception.

Michael
ANA R-162953

Even Rome fell. Yes it took several hundred years of gradual decay and
finally the Huns and Vandals walked in and kicked the door in. The almighty
greenback will go the way of the French Franc, the German Mark, the Ruble,
the Peso, etc. Just a matter of time and lack of confidence.

Dave
"Will we be forced to spake Canadian eh?"


---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.760 / Virus Database: 509 - Release Date: 9/10/04

The almighty
greenback will go the way of the French Franc, the German Mark, the Ruble,
the Peso, etc. Just a matter of time

Think they'll have dead presidents on the US euro??? 8-)
--

Brian Blackwell
SPMC 9522 ANA LM2644
My Obsolete Banknotes Page
http://home.att.net/~brianblackwell/obsolete.htm