We've all probably had some damaged money in our wallets or pockets. In some cases no one will even take it from you.
Often times, even financial institutions won't accept cash if it's too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions.
So, what counts as mutilated money? And what should you do if you have mutilated money in your possession?
David Sant, Chief Marketing Officer for Cyprus Credit Union, joined us with the answers.
He says simply put, mutilated money is paper currency or coin that has been seriously damaged. If you have any mutilated money, you may be able to redeem it at full value. The type of damaged money you have determines who can help you process a redemption.
If you have mutilated paper currency, Sant says you can return it to the Bureau of Engraving and Printing (BEP). To find out their policies and instructions for redeeming mutilated currency, click here.
To redeem mutilated coins, you will need to go through the U.S. Mint. Click here to be taken to the Mint's website.
For more information please visit cypruscu.com.