Mutilated Currency

Mutilated notes and coins command no value. The award of value for any mutilated note and coin is an act of grace under the Currency Act. 

Common Features Found in Mutilated Notes and Coins

Notes of the following description may be defined as mutilated:

  • Scorched or burnt;
  • Attacked by pests and insects;
  • Stained by ink, paint, and/or other chemicals;
  • Defaced by markings or writings of words, figures and others; and/or
  • Perforated or portions missing.

Coins may be defined as mutilated or dirty/damaged if they are:

  • Tarnished, scorched or burnt;
  • Stained by ink, paint and/or other chemicals;
  • Defaced by stamping or engraving; and/or
  • Holed, chipped or cut.

Guidelines for Assessment of Mutilated Notes and Coins

Under Section 19(1) of the Currency Act, no person is entitled to recover from MAS the value of any mutilated note and coin. MAS is empowered to award value at its absolute discretion as an act of grace under Section 19(2). Under Section 19(3), notes and coins that have been illegally dealt with shall be repossessed by any officer of MAS when tendered for assessment.

Notes and coins are considered illegally dealt with if they are impaired, diminished or affected otherwise than by fair wear and tear. Notes that have been defaced by writing or impressing with any mark, word, letter or figure or by perforation, cutting, splitting or in any other manner, are also deemed as illegally dealt with and command no value.

Assessment for Mutilated Notes

Damage half note  Damage full note 
Torn half of note with horizontal set
of serial numbers intact. 
Torn note with missing edges including horizontal set of
serial numbers. Vertical set of serial numbers intact. 

The guidelines on assessment for and award of mutilated notes are as follows :

For Portrait Series

  1. There are two sets of 9 serial numbers/letters. Eg. OAA123456. Every number or letter is counted as one for the Portrait series. There must be at least 5 full numbers/letters before each set of serial number is considered as half value. Eg. OAA12 is half value. OAA I is no value.
  2. No value for intentionally scratched Kinegram.
  3. No value for wilful removal of Kinegram.
  4. No value for wilful disfigurement of the Portrait.
  5. No value for specimen notes (the serial numbers of specimen notes are printed in red).

For Orchid, Bird and Ship Series Notes

Generally, if the notes have not been illegally tampered with, they are given full value if both sets of serial numbers are intact and half value if only one set of serial numbers is intact. The serial number is considered to be intact if at least four out of the seven digits appear in full. The prefix is to be treated as one digit.

Assessment for Mutilated Coins

The assessment for dirty and damaged coins shall be :

  1. No value for cut, chipped or holed coins.
  2. No value for warped or dented coins.
  3. No value for defaced or split coins.
Damage Holed Coins  Damage Chipped Coins 
 Holed coins Cut Coins 


 

Last Modified on 26/11/2016