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Torn Bank Note - Legal Tender?

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  • 29-06-2014 2:31am
    #1
    DC_Gal
    Registered Users Posts: 7 ✭


    Hi
    Anyone know how much of a banknote should be torn off at one end, before it becomes ILLEGAL tender?
    The note I'm talking about is a €20 note that is torn off at the right hand side - that side is gone completely. About three quarters of the note remains, the serial number is intact on one side but the first 2 characters of the serial number are torn off on the other side.
    There are just 2 corners remaining on the note.
    Otherwise the note is in perfect condition.
    Thanks in advance
    DC_Gal


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    #2
    Atlantic Dawn
    Registered Users Posts: 82,837 ✭✭✭✭Atlantic Dawn
    M


    Not exactly sure but in times gone by it was if you had the portion with the serial number you could bring it to the central bank on Dame Street for an exchange to a new note.


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    #3
    maki
    Registered Users Posts: 772 ✭✭✭maki


    If you want to exchange your damaged note for a new one, you need to have over half the note, and bring it to the central bank.

    If, on the other hand, you're wondering how much there has to be for a retailer to accept a damaged note, the answer is as much as they like.

    Nobody is under any obligation to accept legal tender unless where a debt exists.


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    #4
    notuslimited
    Registered Users Posts: 244 ✭✭notuslimited


    You will be fine. The Central Bank will accept damaged notes as long as there is at least 51% of the note remaining. Anything less than this and you will get nothing. This stops people cutting notes in two and trying to exchange both. If you go to the Central Bank website and follow the Payment Systems and Currency links you will (after a couple of clicks) be able to download the MN1 form for completion. You also need to submit proof of ID for their records. Having exchanged a banknote about 12 months ago I would say that the CB runs a very efficient system.


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    #5
    DC_Gal
    Registered Users Posts: 7 ✭DC_Gal


    Thanks for that, I went to the Central Bank website and found the info. I think I will be able to exchange the note ok. The site doesn't mention how much of the serial number has to be present, though, on the torn note, before they will exchange it. But it would appear to be irrelevant. It's just that someone told me that years ago the rule was that the serial number had to be intact on both sides.


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    #6
    hillbloom
    Registered Users Posts: 852 ✭✭✭hillbloom


    I had one very recently & just presented it in the local branch & got a new note no bother. It was Bank of Ireland.


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