Mutilated Currency

Under the Singapore Currency Act, mutilated currency notes and coins command no value. No person is entitled to recover from MAS the value of any mutilated currency note or coin. MAS may, out of goodwill and at its absolute discretion, award value for a mutilated currency note or coin, provided there is no evidence suggesting that the currency note or coin has been wilfully or deliberately mutilated. 

Common Features Found in Mutilated Currency Notes and Coins

Currency 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.

Currency coins may be defined as mutilated or 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, cut or dislodged (in the case of bi-metallic coins).

Guidelines for Assessment of Mutilated Currency Notes and Coins

In these guidelines, unless the context otherwise requires –

“mutilated”, in relation to a currency note, includes damaging or defacing or discolouring, whether by contact with water, oil, paint, ink, chemicals or other substances, or by scorching or burning, or by exposing to moisture or heat, or by depredating by insects or other pests or by one or more portions having become missing or physically separated.

“mutilated”, in relation to a currency coin, includes damaging or defacing or discolouring, whether by contact with oil, paint, ink, chemicals or other substances, or by scorching or burning, or by exposing to moisture or heat, or by stamping, engraving, holing, knocking, sanding, drilling, welding, filing, plating, denting, warping, chipping, dislodging (in the case of bi-metallic coins), cutting it or splitting it into two or more pieces.

Mutilated Currency Notes

Mutilated currency notes are assessed in two stages. The assessment criteria for each stage are set out below.

Stage 1 Assessment criteria 

  • The authenticity of the currency note can be validated.
  • There is no evidence to suggest that the note has been wilfully or deliberately mutilated, or if the circumstances leading to the mutilation, as provided by the tenderer with supporting evidence, is assessed to be reasonable.

If all the criteria in Stage 1 are met, the currency note will be eligible for Stage 2 assessment.

Stage 2 Assessment criteria

  • For high denomination ($1,000 and $10,000) notes, at least five complete digits/letters of both sets of serial numbers should be present before any refund value is assessed.
  • The refund value for a mutilated currency note is assessed based primarily on the portion of the note remaining as set out in the table below :- 

 Portion Remaining

Refund value

At least 2/3 of the original currency note is present

Full face value

More than 1/3, but less than 2/3, of the original currency note is present

Half face value

1/3 or less of the original currency note is present

No value

 

  • Where two or more portions of a currency note are present, the refund value that may be paid will be assessed based on the sum of the individual portions presented, provided there is no evidence to suggest that the portions are from different currency notes.
  • Notwithstanding the above, a refund of up to full face-value of the original currency note may be paid, if the method of mutilation and supporting evidence demonstrate to the satisfaction of the Authority that the missing portions have been destroyed or will not be awarded any refund value in future. 

Examples of mutilated notes

 

Torn note with more than 2/3 of the original currency note present 

 

Torn note with more than 1/3 but less than 2/3 of the original currency note present

 

Torn note with less than 1/3 of the original currency note present  

 

Mutilated Currency Coins

Only currency coins which have been validated to be genuine can be considered for refund of face-value.

In addition, any refund of face-value will only be considered if there is no evidence to suggest that the currency coin has been wilfully or deliberately mutilated, or if the circumstances leading to the mutilation, as provided by the tenderer with supporting evidence, is assessed to be reasonable. 

The assessment for mutilated or damaged coins shall be:

  1. No refund value for coins that are cut, chipped, holed or dislodged (in the case of bi-metallic coins).
  2. No refund value for warped or dented coins.
  3. No refund value for defaced coins.

Examples of mutilated coins

   
 Dislodged coin  Holed coin
   
Coin defaced by filing Chipped coin
   
 Coin defaced by stamping  Coin damaged by cutting


 

Last Modified on 20/11/2017