Starting right now, two of the most important US retailers have decided to stop accepting legal tender that is severely damaged. From October, 2024, both Walmart and Target will be quite fussbudget about the state of dollar bills you try to pay with.
In a moment when Hurricane Helene and Hurricane Milton have left days-long power outrages behind, US customers are quite surprised to find that retailers will not openly accept physical currency, even when other types of digital payments are not possible without electricity nor internet in a emergency state. The phrase cash is king, does not seem to apply for Walmart or Target anymore.
Why does Walmart or Target accept bills anymore?
This sudden change in store policy is not a corporate hidden agenda to make customers sign for a credit card, but part of a larger scheme to combat counterfeit currency. According to the U.S. Secret Service, there has been a stark increase in the number of counterfeit bills circulating in the US economy.
As a way to deter the rampant use of forged bank notes, many retailers across the nation have installed a new store policy where they have the right to turn down any damaged bill note. Since a damaged note is more difficult to verify as authentic, Walmart and Target have decided to err in the side of caution and stop accepting them.
This kind of marred dollar bills, which are commonly described as mutilated, are simple legal bills that due to extensive use have lost some of its qualities and have become a bit disfigured. For example, they are missing corners, or have faded tint due to exposure to elements.
If you left a spare dollar bill in one of your trousers pocket, going through the washing machine and then the dryer, this bank note will have been exposed to high levels of humidity, heat and surfactants such as detergent and fabric softener. After all that accidental laundry process, the poor dollar bill will have lost some of its properties, and it will be difficult to check if it’s authentic or fake.
While these mutilated bills will not be accepted at Walmart or Target they are still legal currency and can be taken to a bank. There, a bank teller will be able to identify it as genuine, and exchange it for another bill of the same value in a better condition. As consumers, we need to be careful and check our change carefully before accepting it.
According to experts, there’s more than $70 million currently in circulation, all counterfeit bills, just in the United States. This not only a threat to the US currency system, but a financial loss for the unsuspecting average citizen.
How can I know if a bill is fake?
Now that we’ve told you about all that counterfeit currency, it’s normal to feel suspicious of the bills in your wallet. Thankfully, the Bureau of Engraving and Printing (BEP) has carefully designed all its US dollar bills with distinctive features that make identification possible. If you want to tell a real dollar bill apart from a counterfeit one, look for these details:
- What is it made of? Dollars are printed on a distinctive cotton-linen blend, which gives it a unique feeling to the touch. If it feels smoother, or textureless compared to what you are used to, it’s fake.
- How’s the watermark? Legal bills will have a watermark which is visible from both sides. If it’s missing, or doesn’t match the portrait perfectly from both sides, it might be a fake bill.
- Search for the thread: bigger $5 bills will have a vertical security thread embedded, with the letters USA clearly printed on it. This feature is hard to replicate, so counterfeit bills (which many times are printed on washed legal bills of smaller value) don’t have one.
- Look at the ink: Make sure the ink has a color-shifting properties. It must change its hue from copper to green, depending on how to light hits the surface.
- Are the serial numbers right? Counterfeit bills tend to have kerning issues in their serial numbers. If you feel numbers seem crooked, it might be a fake bill.
- Look closely: Pay close attention to the microprinted details. A distinctive feature of real banknotes is the tiny text around the borders. Any blurry text or gibberish, it will be an obvious sign of counterfeit.
With this guide, we hope you can spot fake currency right away. Be careful when being handed change, and look at it closely before finally accepting it. Pay close attention to dollar bills from now on… ’cause Walmart and Target will too!
