Standards for Redemption of Soiled or Mutilated Currency Notes and Coins Unfit for Circulation

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Title：

Standards for Redemption of Soiled or Mutilated Currency Notes and Coins Unfit for Circulation

Inactive Regulations

Announced Date： September 05, 1939

Amended Date： August 21, 1980

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Article 1

These Standards are adopted pursuant to Article 18, Paragraph 1 of the Central Bank of the Republic of China (Taiwan) Act.

Article 2

Under any one of the following circumstances, currency notes or coins may be redeemed at full value:

1.For mutilated currency notes, where three-fourths or more of the original note remains.

2.Where a currency note is mutilated but the separate parts correspond to each other.

3.Where currency notes are soiled or charred, but are still identifiable by means of the signature, serial number, printed characters, or pattern.

4.Coins which through normal wear have been reduced by as much as 5 percent of their statutory weight, but which are still identifiable by means of their inscribed characters or patterns.

Article 3

Where a currency note is mutilated and not less than one-half and not more than three-fourths of the note remains, the note may be redeemed for one-half of its value.

Article 4

Under any of the following circumstances, soiled or mutilated currency notes or coins may not be redeemed:

1.Where currency notes are charred, burned, water-soaked, oil-stained, or smeared such that they cannot be ascertained to be genuine.

2. Where less than one-half of the original note remains.

3.Where parts of a currency note cannot be fit together.

4.Where a currency note has been deliberately cut or gouged, altered, or had one face stripped off.

5.Where a coin has been deliberately punched, stamped, or imprinted so it is reduced in weight or deformed.

6.Where a coin has been burned so that it cannot be ascertained to be genuine.

7.Where there is a suspicion that a currency note or coin has been deliberately damaged.

8.Where the currency is a sample currency, a void currency note or coin, or other currency note or coin not in circulation.

Article 5

Where currency notes have been mutilated due to force majeure and the remaining portions do not conform with the provisions of Article 2 or Article 3, and where the person requesting redemption is able to verify the fact of force majeure, a bank may consider redeeming the currency with the approval of the competent bank officer, provided that the officer's seal on the notes for certification shall be required.

Article 6

Currency notes or coins that have been burned so that they cannot be ascertained to be genuine may be redeemed after completion of assay and authentication procedures by the relevant authority.

Article 7

These Standards shall take force from the date of promulgation.