Why is illegal to burn money

However it is theorized that the purposeful act of destroying currency permanently removes the money from circulation, consequently reducing the supply of money, and therefore increases by the same amount the collective wealth of everyone else who holds money. This is called deflation, the shrinking of the money supply causing an increase of the value of the money left in circulation.

Are there instances when destroying coins would not be a criminal act? The Central of Bank of Canada regularly collects and destroys worn-out coins and banknotes and replaces them with new ones.

The individuals who perform this job are licensed to do so, and would not be liable of a criminal offence under the Currency Act or the Criminal of Canada for the act of burning coins. As the currency they destroy is exchanged for new currency this action has no bearing on the value of Canadian currency. Jonathan is a highly skilled and sought after criminal defence lawyer who represents clients charged with criminal offences all over the Province of Ontario. What happens if money is burned?

Is it illegal to destroy a penny? Do banks take ripped bills? Is a torn dollar bill worth anything? Do stores have to accept ripped money? Previous Article How do you write a future job? Next Article How do you create a working title?

Back To Top. On the one hand, the contemptuous treatment of a coin or a bill might be viewed as an expression of free speech, protected under the First Amendment. Supreme Court in Texas v. Johnson U. Eichman U. The law regarding bank notes is very different. Neither the Bank Act nor the Criminal Code says anything about mutilation or defacement of bank notes. Before you start scribbling on those twenties in your wallet or burning them up for that matter , there are some important reasons why you should not damage bank notes.

Writing on bank notes may interfere with the security features.