Caring for your bank notes (2024)

FAQs

Caring for your bank notes? ›

Store banknotes and coins in cool and dry places. Water, moisture, chemical product, excessive heat and dirt will damage the banknotes and coins.

Store banknotes and coins in cool and dry places. Water, moisture, chemical product, excessive heat and dirt will damage the banknotes and coins.

You can avoid most issues by storing your notes individually in clear sleeves made from a polyester material such as Melinex (mylar).

Like most collectables, the value of banknotes is directly linked to condition, grade, rarity and desirability. Flawless uncirculated banknotes are usually worth more than their circulated counterparts. Well-centred notes also tend to be of greater value, due to their greater desirability among collectors.

Tips for Preventing Mold in a Safe

Open the safe every two weeks and let it air out for 20 minutes. Place pictures, valuable coins, jewelry, and other delicate items in airtight containers before storing them in a safe. Store a safe in a dry area of a home or building. Avoid high humidity areas, such as basem*nts.

If you store collectible paper currency or other documents in scrapbooks, three-ring binders, or other organizers, you should be sure to use acid-free paper and adhesives whenever possible, and consider sheets of PVC-free plastic or mylar to help keep the documents and bills free from contact, dust, and moisture.

At a minimum, your money should be kept somewhere you can lock, such as a locked drawer, secure filing cabinet, or lockbox. Safes can offer the best protection and house other valuables, such as jewellery. The higher a safe's cash rating, the better quality of protection.

Can you wash money in the sink? ›

Run some warm water into a sink or shallow basin. Add a small amount of mild liquid soap to the water and make sure it's evenly distributed to form a soapy solution. For the purpose of cleaning circulating currency that changes hands often, most standard dish or hand soaps will work.

Avoid crumpling

Keep banknotes straight and flat. Avoid creasing, crumpling or folding notes. Flatten out creased notes by applying pressure to the note, or curling them in your hand. Never iron a banknote.

You want to make sure you only buy and use MYLAR EQUIVALENT plastic products to store your banknotes (and all paper collectibles for that matter). Mylar is a brand name for a plastic product that is archival safe. There are equivalent products on the market as well that may be a little less expensive.

Where Is the Safest Place To Keep Cash? Deposit accounts—like savings accounts, CDs, MMAs, and checking accounts—are a safe place to keep money because consumer deposits are insured for up to $250,000, either by the FDIC or NCUA.

Separate and store cash funds in different places, preferably 2 safes. Invest in a quality, professional-grade, technologically advanced at-home safe. Consider your need for a water-resistant or fireproof safe. Make sure anyone who might need to access an emergency fund of cash can.