Thursday, August 19, 2010

How Are Philippine Currencies Classified?

Take a look at the bills in your possession.  Try to examine it.  You may have a worn-out 500-peso bill or a floppy 100-peso bill.  Before you give them a stern look, read on the following article.  Probably, it may still be exchanged in the bank.

Our currencies are classified into three (3) types - FIT, UNFIT and MUTILATED.


FIT NOTES

Fairly clean such that its genuineness is very obvious.

Banknote paper is strong enough to withstand ordinary wear and tear.

With creases and folds which have not broken nor weakened the note.


*   *   *


UNFIT NOTES 


Tainted with ink or other chemicals



Limp or rag-like appearance.



Contains heavy creases which break the fiber of the paper and indicate that disintegration has begun.



Badly soiled.



With writings even if it has proper life or sizing.


NOTE:  Currency notes considered unfit for circulation shall not be re-circulated, but may be presented for exchange to or deposited with any bank.


*   *   *


MUTILATED NOTES are classified as such when the original size of the note has been lost through various causes as shown below.

Accidental tearing.



Through ordinary wear and tear.


Perforated though action of insects, chemicals, rodents, etc.



Damaged due to action of water/chemical/other elements.



Scorched or burned that the note becomes fragile/brittle and susceptible to disintegration/breaking.



Fragments of currency or torn notes joined together with transparent tape/staple wire to preserve the original design  and size of the note.




NOTE:  Currency notes considered mutilated shall not be re-circulated nor deposited/exchanged, but may be presented or forwarded for determination of their redemption/exchange value to:


The Cash Department
Bangko Sentral ng Pilipinas
A. Mabini  Street, Manila; or


The nearest Bangko Sentral Regional Office / Branch

*   *   *

The Bangko Sentral ng Pilipinas will not replace notes and coins which fall under any of the following classications:
  • Notes and coins which are impossible to identify.
  • Coins which show signs of filing, clipping and perforation.
  • Notes which lost more than two-fifths of their surface or all of the signatures inscribed thereon.

Reference:  Currency Guide for Bank Tellers, Money Counters and Cash Custodians
                   by: Bangko Sentral ng Pilipinas

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