Double-Ten Retailer Promotions: 10-10 is a Chinese Holiday. So, why is this big DEAL here?

[ravip]

What are these marks?

Who puts them on?

And why does Thai Banks refuse to change them?

[noahvail]

They're called chop marks, and are put on by non-US banks as they go through various countries' systems. Technically it's defacing the bill...which is why traders won't accept them. Always look at your 100s and 50s before you leave the US. http://www.coinpeople.com/index.php/topic/8551-a-study-in-modern-chop-marks/

[Suradit69]

And why does Thai Banks refuse to change them?

Banks and currency exchanges in Thailand buy foreign currency for only one reason ... to sell it to someone else.

Minor tears or markings wouldn't matter on US currency in the US because American commercial banks routinely collect damaged money on behalf of the Treasury and receive full credit.

That option is not available outside the US. So banks and currency exchanges here want bills to be perfect so they will have no problem selling them to another customer.

So even a bill like the one below can be accepted at a US bank, but no Thai bank would want it because they couldn't sell it to another customer.

Even though United States currency is strong and durable, it does wear out with constant handling.

All currency in circulation is routinely deposited to Federal Reserve Banks by commercial banks. Worn notes are systematically destroyed by Federal Reserve Banks during ordinary currency processing. The destroyed notes are replaced by new currency provided by the Bureau of Engraving and Printing. The note most frequently replaced is the $1 denomination. There are over four billion $1 bills in circulation, and the life expectancy of each is approximately 18 months. Since larger denominations are handled less, they last longer.

When a note is partially destroyed, the Treasury Department will replace it if clearly more than half of the original remains. Fragments of mutilated currency which are not clearly more than one half of the original whole note may be exchanged only if the Director of the Bureau of Engraving and Printing is satisfied by the evidence presented that the missing portions have been totally destroyed.

Edited May 25, 2015 by Suradit69

[rak sa_ngop]

If you go to Vietnam you will find notes which are peppered with these bank marks. I suppose it 'proves' that the notes are genuine as they have passed through a number of banks successfully.

[ravip]

If you go to Vietnam you will find notes which are peppered with these bank marks. I suppose it 'proves' that the notes are genuine as they have passed through a number of banks successfully.

Unfortunately they are almost impossible to change in Bangkok!