Can Termite Damaged Paper Money Be Replaced With New Currency?
Can Termite Damaged Paper Money Be Replaced With New Currency?
Most people keep their money in the bank for safekeeping, which is smart because money that is stashed away can be located by the wrong people, such as thieves. When it comes to protecting your money, thieves are not the only factor to keep in mind. As it turns out, termites would also be pleased to stumble upon a big stash of cash, and they will not hesitate to destroy every single bill. Obviously, paper money contains cellulose that termites feed on, so there is no reason to think that termites will not chow down on money just as readily as they consume wood. This blog has described past incidents that involved people’s money being consumed by termites, but did these people get their money back? If your money was eaten by termites, then could the money be replaced? Or would your life savings go to termites? If you happen to be unlucky enough to find that your stash of cash has become termite food, there may be a way to have the money replaced.
If you find that your money has been consumed by termites or any other animal, then having the money replaced is a possibility, but only if you live in America. Since the 1860s the U.S. Bureau of Engraving and Printing has had a program that allows people to have their severely damaged money replaced. According to Eric Walsh, the assistant manager of the Mutilated Currency Division, many Americans stash their money in various places within their homes such as behind drywall, underneath floorboards or in attics. Walsh claims that stashed cash is often eaten by termites or mice, and these cases are not rare. The agency processes around twenty three thousand cases of destroyed money per year. These cases end up replacing thirty to forty million dollars worth of personal currency each year. Hopefully the Taiwanese woman who lost 4.3 million to termites a few years back was able to appeal to her government for help, but she was likely out of luck.
If you found that your stash of cash had been depleted by hungry termites would you assume that the cash could not be replaced? Will you avoid stashing paper money in your home due to the termite threat?