Question:

Does Reserve Bank give full face value of damaged notes?

by Guest22790091  |  9 years, 3 month(s) ago

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Can someone tell me that does Reserve Bank give full face value of damaged notes? Can someone tell me about this I am searching for it for quite long time?

 Tags: bank, damaged, notes, Reserve, Value

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1 ANSWERS

  1. Banking Expert
    A genuine banknote that has become worn or sustained minor damage in circulation, i.e. an unfit banknote, can be exchanged for its full face value from Reserve Bank of Australia. When a piece of a banknote is missing, i.e. the banknote is incomplete, the RBA needs to take into account the possibility that both pieces may be presented for value separately. It is clearly not sustainable to exchange each of the pieces for full face value. If two people have two pieces of the same banknote, the RBA’s policy is that the most equitable outcome is for each person to receive a share of the value equal to the proportion of the banknote they hold. The combined value paid should be the face value of the original banknote.

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