Replacement of mutilated currency is a free public service provided by the Bureau of Engraving and Printing.
[2] If it is determined that at least half of a bill is present, the BEP will redeem its face value.
Annually, the BEP handles approximately 30,000 claims, with currency redemptions valued at over $30 million.
The term is also used by the Bank of England in the United Kingdom, which will replace mutilated banknotes under a similar list of requirements and conditions to those used by the BEP.
[3] Banknotes which are merely very dirty, or very worn out, but where the value is clear, are not considered mutilated and can be either spent as normal or traded in at any bank, from where they will eventually be processed out of circulation.