Spoiler alert: On average, our money doesn't last longer than 30 years.
(NEXSTAR) — There’s nothing like a handful of cold, hard cash. Except, our cash is not hard (minus the coins, of course) and is likely to meet its demise at some point, depending on the conditions it encounters in its lifetime.
The demise of our notes is so certain, the Federal Reserve lists an estimated lifespan for almost every denomination it prints.
All of our cash, from the lowly $1 to the sought-after $100, is printed in the District of Columbia and Fort Worth, Texas. It’s printed on substrate, or paper composed of 25% linen and 75% cotton, according to the U.S. Bureau of Engraving and Printing (BEP). It’s illegal for anyone except the BEP to use this substrate, which is made in Dalton, Massachusetts.
During the printing process, every sheet of bills is “thoroughly examined.” Those that don’t meet the necessary standards are destroyed. Bills can also be pulled from circulation and destroyed if, after being deposited with a Federal Reserve Bank, they fail to meet “strict quality criteria.”
What brings a bill to the point of being destroyed can vary. You’ve likely put some notes through rough conditions — crumpling them up in your pocket, running them through the washing machine, finding your children or pets playing with (or trying to eat) it. Even if you’ve nicely folded your cash in your wallet, you have probably noticed fold lines and fading ink.
This sort of damage is all expected. So much so that none of our bills are estimated to last longer than 30 years before needing to be replaced.
At just 4.7 years, it’s the $5 bills that have the shortest life expectancy, according to the Fed. That means if a $5 bill were reaching circulation this month, it would survive until roughly January 2029. A $100, on the other hand, can last for roughly 23 years. It’s not hard to understand why: $5 bills are more commonly used in transactions than $100 bills.
Below is a look at how long the Federal Reserve estimates our cash can last. The Fed doesn’t list an estimated lifespan for the seemingly rare $2 bill, as it is hardly circulated.
One look at your wallet or piggy bank will likely show that these estimated lifespans are just that: estimates. Take, for example, the $10 and $20 pictured below.
The $10 is from series 2009, and the $20 is from series 2013. Every time a new design is approved, or a new signature from the Treasurer of the United States or Secretary of the Treasury is added, a new series of bills is printed. That series of bills could be printed for years, until a new series is needed.
While we can’t tell exactly when the note was printed, we can get a rough idea from the series year.
There have been three different series of $10 bills printed since the bill pictured above was produced, and two different series of $20 bills. That means, in both cases, the bills have outlived their expected lifespans.
The two bills above, as well as any that have surpassed their estimated lifespan, are still usable and will remain acceptable until they've been deemed unfit for circulation.
Even if life takes a toll on the cash and it's barely hanging on by a thread, you can exchange it for face value.
“As long as more than half of the original note is clearly present — and it doesn’t take special examination to determine the note’s value — a commercial bank can then include the note in its deposit to the Federal Reserve,” the Federal Reserve Bank of St. Louis explains.
This money, called “unfit,” was once burned. Nowadays, the bills are shredded and recycled, turned into compost, or given out for free at the Economy Museum at the Federal Reserve Bank of St. Louis.
Money that has been mutilated — which can be caused by fires, water, chemicals, explosives, bugs or animals, or burying it in the ground — can be submitted to the BEP for possible redemption. More than half of the note must still be present for identification, or proof must exist that at least half of the bill was “totally destroyed” for full redemption. The BEP will decline, however, if the submission appears to be part of a criminal scheme or an attempt to defraud the U.S.
Regardless of your bill’s estimated lifespan, as long as it’s in good condition, you can still use it to get gas, buy a lottery ticket, enjoy some fast food, or whatever else you may want to spend your soft, likely-not-cold cash on.
