What about Damaged DR Pesos?

FireGuy

Rest in peace Amigo!
Aug 21, 2002
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www.polaris-fs.com
If I recall correctly there, was a January 2003 deadline which was set and then extended (due to lots of confusion) to essentially declare all imperfect bills as "not legal tender". The new deadline was sometime in late April 2003.

We were in the DR when the deadline passed and while I was vigilant in inspecting my money for imperfections (tears, writing, etc.) there was not much concern by any of the locals with which I was dealing.

What has become of this? Has the DR fallen back into it's old ways notwithstanding the new regulations? Were the new regs rescinded quietly escaping some of us? Am I making much ado about nothing?

Just curious what's up.

Thanks.

Gregg
 

AnnaC

Gold
Jan 2, 2002
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I'm glad you ask this. I have some bills with little ink on them and was wondering the same.
 

MrMike

Silver
Mar 2, 2003
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www.azconatechnologies.com
I heard they finally realized it would be unconstitutional not to honor their own currency just because it got some smudges on it, but maybe someone who knows can confirm this.

It may have all just been a ruse to try to make the peso worth something by lessening the amount of them in circulation.
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
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The first time around I had to actually avoid some ATM's because the money coming out would occasionally have imperfections. I remember getting cash out of the supermarket's ATM, and having the clerk say 'no' to a bill she watched it give me because it had a tiny, and I mean tiny hole in it. I was not amused. Left them with all the food and went shopping elsewhere.

This was the dumbest thing I'd ever seen though. Instead of just making a regulation for the banks to follow (Damaged note? Put it in pile one and change it with the central bank for a new one!), no, they printe leaflets and expect 9 million Dominicans to do that work. Tell me. What's easier? Having a couple hundred banks figure out what's going on, or every one of 9 million residents.

Just typical Dominican or latin idiocy. And it probably was all about saving money by taking some out of circulation to make it worth more, but they blew any savings they got out of it 100x over by having to print up 100 million fliers on the subject of the new law.

Tom (aka XR)
 

mkohn

Bronze
Jan 1, 2002
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Do ya think they were counting on the people being either unable to read the flyers, unable to get to the banks in time, or any other inability to change the bills due to the sheer numbers? Had they asked the banks to handle it, the responsibility would have been in the hands of very few.
This way, there is a lot of worthless currency still out there.
mk
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
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Sorry Anna. I got so worked up I forgot that part.

I don't see many damaged bills anymore. If I get one that's old, I have employees here who pass it through the barrios or their communities and no one has a problem with it. The burden here was more on the tourists and ex-pats because we shopped at the stores and dealt with the banks whereas most other folks are just passing the bills around in between themselves for their daily activites. Most of the store owners have relaxed quite a bit, too, now though.

As to it being worthless, that was never the case. But you had to take your damaged money to a central bank office, like in Santiago to exchange it. A niche business was generated by this where people would buy your money at 90% of face value and then go stand in line to change it, saving you the time, hassle, and expense of doing it yourself. With the peso devaluing so rapidly lately though I imagine those guys have to run to the CB fast with that money or they'll lose all their profit! LOL.
 

GringoCArlos

Retired Ussername
Jan 9, 2002
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I still get an occasional bill (500 or 1000) with small inkspots, or small cuts in the edges, and have had no problem passing them to the gas station, supermercado, etc. Ditto at the bank if I go for change.

This process HAS cleaned up the money supply (literally) and now it is rare to receive a filthy $10 or $20 bill that has passed through 1000's of hands. Before, after touching most 20's, I wanted to go and wash my hands. That ain't so anymore. The DR's money now looks cleaner than most other countries money supply does.
 

Peter & Alex

Bronze
May 3, 2003
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www.rainbowsenddr.com
Dirty Money?

There is still a general checking of notes for those that have writing on them or are rather badly mutilated by the general public, the banks and the shops. We simply do the same and refuse to accept those notes. Sometimes difficult when they come from an ATM but then you just pop into the bank and jump up and down a few times until they change it. It's the buggerance factor!!!!:angry:
We notice that our staff do check all notes which pass through their hands so in general people are aware of the problem a dirty or marked note can become.
 

Eddy

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Jan 1, 2002
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As a rule, no problem. the money is getting cleaner. (I'm not going to post what I'm thinking at this moment . LOL) The other day, I deposited some rather dirty money (Not going to do it this time either) and asked for some smaller bills 50's, 20's and 10's. Got them, all new. I wouldn't worry about a few soiled bills.
 

Jan

Bronze
Jan 3, 2002
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no problem

I had a $100 peso note that was torn almost thru...my fault. ... and I had no problem with it. Funny how they get you all worried about something and nothing comes of it.
Everyone wants your peso, if its dirty of not. If one place says no another place wil accept it....no problem