Defacing, destroying or altering Australian currency coins It is a criminal offence under the Crimes (Currency) Act 1981 (Cth) to deface or destroy current Australian currency coins. It is also an offence to sell or possess current coins that have been defaced.
A person shall not, without the consent, in writing, of an authorized person, intentionally deface, disfigure, mutilate or destroy any coin or paper money that is lawfully current in Australia.
It is an offence under the Crimes (Currency) Act 1981 to intentionally deface, disfigure, mutilate or destroy Australian banknotes without the consent of the Reserve Bank or Treasury.
If you are using $1 or $2 coins you cannot exceed 10 times the face value of the coin (between $10 and $20). The RBA puts it even more bluntly: "If someone wants to pay a merchant with five cent coins, they can only pay up to $5 worth of five cent coins and any more than that will not be considered legal tender."
What you can do is deposit worn and damaged coins with your bank for full face value. But if you have mutilated coins, your bank will require you to complete a Mutilated Coin Claim Form and your deposit will be forwarded to the Mint for processing.
Just make sure they're relatively clean when you throw them into the bin. Yes, but before you recycle these tiny metal bits… While the below items can be recycled, their small size can be a slight issue, as they can get stuck in the recycling equipment and jam it.
In the United States, it is illegal to damage or destroy currency, and while the law may not say directly that it is illegal to throw money away, but tossing any U.S. currency in the trash will be treated as destroying the money.
There are no laws limiting the amount of cash you can keep at home. This makes sense as many businesses, especially retail stores, keep large amounts of money with them merely as floating cash.
The United States Mint established the Mutilated Coin Redemption Program so people and businesses could exchange bent and partial coins (commonly referred to as mutilated coins) for reimbursement. The information in this section outlines the process for submitting mutilated coins for reimbursement.
A $2 Vietnam War coin has skyrocketed in value.
The first coin was an uncirculated $2 C Mintmark gold coin, with a retail price of $15 and a mintage of 80,000. The second was a $2 C Mintmark silver coin, with a retail price of $80 and a mintage of just 5,000.
Many stores and merchants will not take torn or drawn-on bills, and even vending machines struggle to take heavily wrinkled ones. The good news is that even if a bill is torn in half, you can tape them together and exchange them at a Federal Reserve bank for fresh notes, as long as the serial numbers match.
It is a criminal offence under the Crimes (Currency) Act 1981 (Cth) to produce an article that resembles a genuine coin.
Limits on Carrying Cash
Although there is no legal limit on how much cash you can physically carry on to a plane, if you are travelling internationally you must declare with authorities any amount that exceeds $10,000.
This suggests that $4–8 billion, or roughly 5–10 per cent of all banknotes on issue, have been lost, destroyed, forgotten about, or are sitting in numismatic collections.
Is it Unlawful to Burn or Destroy an Australian Flag? The short answer to that question is 'no'. There is no Federal or state legislation in Australia which prohibits the destruction of the national flag. Many politicians, lawyers and academics claim, in fact, that it is a legitimate act of political protest.
Torn or ripped banknotes
Generally, payment for an incomplete banknote is proportional to the part of the banknote remaining. In this way, the combined value paid for all the pieces, were they to be presented, would be the face value of the original banknote.
Under regulations issued by the Department of the Treasury, mutilated United States currency may be exchanged at face value if: More than 50% of a note identifiable as United States currency is present.
To exchange coins for bills, try taking them to a local bank or retailer that offers coin-counting services. With some coin-counting machines, like Coinstar, you can also exchange coins for gift cards for free or donate your spare change to charity.
Contaminated Coin Procedures
The Federal Reserve does not accept deposits of Contaminated Coin. Customers who wish to deposit coin after decontamination should contact their FedCash Services contact.
Paying wages in cash is legal and may be more convenient. Some businesses deliberately use cash transactions (for example, pay their employees 'cash-in-hand') to avoid meeting their tax and employee responsibilities.
Unless your bank has set a withdrawal limit of its own, you are free to take as much out of your bank account as you would like. It is, after all, your money. Here's the catch: If you withdraw $10,000 or more, it will trigger federal reporting requirements.
RBI says that anybody depositing an amount more than INR 50,000 in cash in their bank account must submit a copy of their PAN if the bank doesn't have their PAN details. In case the person doesn't have a PAN card, he must make a declaration in Form No. 60, stating the particulars of the transaction.
According to federal laws, it's illegal to deface or tamper with any United States or foreign currency used in the United States. If the coin will never be used as currency again, then no fraudulent charges will be pressed and the coin will become worthless. For this reason, do not punch a hole through valuable coins.
Should you clean old coins? In almost all situations the answer is no, you should not clean old coins. When a coin is graded, the condition of the coin does not include its cleanliness. Collectors of old coins will fully expect a patina to have developed, and most will appreciate the appearance.