A used note is a banknote that has been used in circulation (as opposed to freshly printed or uncirculated banknote). In movies, blackmailers and other people demanding ransoms are known to ask for an amount of money "in used notes". This type of note is preferred by criminals because they are more difficult to trace than an uncirculated banknote. Blocks of new banknotes will be in sequentially numbered order.
To most collectors, used banknotes are less desired than uncirculated banknotes. However, there are several old, rare banknotes that are valuable to collectors when uncirculated notes are unaffordable.
Removal from circulationEdit
- See also: Fed Shreds
In the United States, when the quality of one of these notes becomes adaquetly degraded, it is taken out of circulation by the Federal Reserve. Each Federal Reserve Bank operates several count rooms, in which a minimum of two employees banknotes received on deposit from a bank. The used banknotes are placed into a large counting machine, which verifies the amount of the deposit and also locates the degraded banknotes. Any of the banknotes not meeting certain criteria are immediately shredded by the machine. The shreds of banknotes are sometimes sold as novelty items, known as "Fed Shreds".