Five years ago, a farmer in Anhui Province, China buried the equivalent of $280,000 on his property. Unfortunately when he recently dug up the cash, the bills were completely falling part. Apparently, employees at the Agricultural Bank of China did the best they could separate the mess of deteriorated paper bundles but he still lost about 25 percent of his savings. From UPI:
According to the People's Bank of China's regulations, bills that retain 75 percent of their original features can be exchanged at full value, but bills disfigured such that only 50 to 75 percent of the note is recognizable, can only be exchanged for half the amount.
FYI, here are United States Treasury Department's similar rules:
Lawful holders of mutilated currency may receive a redemption at full value when:• Clearly more than 50 percent of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature and clearly more than one-half of the original note remains; or,
• Fifty percent or less of a note identifiable as United States currency is present and the method of mutilation and supporting evidence demonstrate to the satisfaction of the Treasury that the missing portions have been totally destroyed.
image: Wikipedia
