The days when we don’t use physical money could be the future of the Earth. But for now we still need cash. We can encounter scenarios where you need physical cash, whether it’s a local restaurant that only accepts cash, or a prolonged power outage that renders your digital payments useless.
That’s why most people have at least some cash in their pockets for emergencies. But this raises an entirely different question: How long can paper money stay intact?
Do banknotes have an expiry date?
While the laws of many countries consider all coins minted after a certain date, which varies from country to country, valid, just because your money doesn’t have an “expiration date” doesn’t mean it won’t spoil when left alone. In fact, banknotes in circulation have a defined lifespan of 7 to 23 years due to wear and tear from use. And cash is continually collected and destroyed by Central Banks; replaced with new ones to combat this deterioration.
But you can imagine that the situation may be different for money that is not in active use and is in your desk drawer, under your bed, hidden in your walls or buried in your backyard. Unfortunately, if you ever need to use the money you have saved, you may face great regret.
Banknotes and environmental conditions
If you store your cash properly, it will probably outlast your lifetime; ie 100 – 150 years… But the key phrase here is “if you store it properly”. Cash should be kept dry, out of the sun and protected from other elements. If you want your cash to last as long as possible, you should store it in double-wrapped plastic or Mylar cases in a climate-controlled area (such as a safe). If it is protected in this way, even your grandchildren can spend this money if they want.
But if you don’t take certain precautions, you may find that your money is gone in a very short time. Cash notes, which are usually produced from a cotton and linen blend, can be consumed as food by many insects such as termites, silverfish, mice, and other pests. So, if you want to bury your money like you see in the movies, you have to protect it by wrapping it really well.
Mold can also be bad for your money. If the cash you’re storing is exposed to some moisture, it starts to mold in just a few days, shows visible damage within a few weeks, and can disappear in a relatively short period of 200 days.
In short, while it’s a good idea to keep some cash handy for emergencies, you should definitely guard against elements that are trying to actually eat your money.
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