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Dollars issued before 2013: why banks refuse to exchange them
11.11.2024 20:47
Attentive citizens have noticed that dollars are no longer green.
They say that due to color differences during exchange and other procedures, the seller or financial institution may refuse to accept them.
Alexey Voilukov, MBA professor of business practice in digital finance at the RANEPA Presidential Academy, told RBC why banks may refuse to exchange dollars issued before 2013.
What's the problem?
The problem is that US dollar bills issued before 2013 may not be accepted by banks due to a technical malfunction or suspicion of counterfeiting.
At the same time, in the US, the replacement of banknotes is happening without any particular upheaval. That is, neither banks nor stores can refuse to accept them.
In other countries, financial institutions do not have such obligations.
Therefore, if you try to exchange green and white bills outside the United States, you may be refused.
The problem can arise where the American dollar is not used as an official means of payment and banks cannot conduct transactions with foreign banknotes.
What is the difference?
The difference is not in the color, but in the degree of protection of the banknote from counterfeiting, experts say.
The new banknotes contain additional levels of protection against counterfeiting.
Therefore, banks outside the United States may not accept older bills due to the difficulty in determining authenticity and the risk of encountering counterfeit ones.
It is also worth considering the amount of counterfeit dollars in circulation – it is a significant amount.
Dollar design
The design of the banknote was approved in 1928.
All banknotes issued before 1996 had a characteristic green color.
Banknotes issued before 2013 were white. Everything printed after 2013 is blue.
The design is updated every 7-10 years, but the old banknotes remain valid and must be accepted, although they are withdrawn from circulation.
In the United States, all dollar designs issued after 1914 are used.
