Magnet-fishing couple find sunken safe with $100K of bills inside, Queens, New York City

[ifindedout]

Couple pulls up safe with estimated $100K in cash while ‘magnet fishing’ in NYC park: report

“It was two stacks of freaking hundreds. Big stacks.”

nypost.com

A Queens couple pulled a safe with $100,000 in cash inside from the bottom of a lake in Corona Park while “magnet fishing,” according to a report.

The two anglers, James Kane and Barbie Agostini, tossed a line with a strong magnet on the end into the water on Friday afternoon. When they felt something bulky on the end, they pulled out an old safe.

They were able to pry the safe open and find the discovery — which was unfortunately ruined by the water — wrapped in plastic.

[...]

With no way to ID the owner of the safe, which was likely stolen, Kane and Agostini were allowed to keep what they found.

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[LadyL]

they were allowed to keep it but it was ruined by water? gee thanks

 

[pigpen000]

If the ruined money has serial numbers and can be identified as is was estimated at $100k, it can be replaced.

 

[ifindedout]

If the ruined money has serial numbers and can be identified as is was estimated at $100k, it can be replaced.

Depends on how much of the bills remained; perhaps there was less than half intact, irrespective of the serial numbers. From the Bureau of Engraving and Printing (BEP), copied text BBM for emphasis:

https://www.bep.gov/services/mutilated-currency-redemption
On average, BEP receives more than 22,000 requests for examination of mutilated currency for possible redemption each year, with an estimated value in excess of $35 million.

Mutilated currency is currency which has been damaged to the extent that one-half or less of the original note remains, or its condition is such that its value is questionable. Currency notes can become mutilated in any number of ways. The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.

The Director of the BEP has the final authority with respect to mutilated currency submission redemptions.

Lawful holders of mutilated currency may receive a redemption at full value when:

1. Clearly more than 50% of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature; or
2. 50% or less of a note identifiable as United States currency is present and the method of mutilation and supporting evidence demonstrate to the satisfaction of the BEP that the missing portions have been totally destroyed.

No redemption will be made when:

1. A submission, or any portion thereof, demonstrates a pattern of intentional mutilation or an attempt to defraud the United States. In such instances, the entire submission will be destroyed or retained as evidence.
2. A submission appears to be part of, or intended to further, any criminal scheme. In such instances, the entire submission will be destroyed or retained as evidence.
3. A submission contains a material misrepresentation of facts.
4. Fragments and remnants presented are not identifiable as United States currency.
5. Fragments and remnants presented which represent 50% or less of a note are identifiable as United States currency but the method of destruction and supporting evidence do not satisfy the Treasury that the missing portion has been totally destroyed.

 

[legalmomma]

Interesting how the amount changes. The money must be in bad shape, indeed.

_________________

Big catch: N.Y. couple reels in safe with estimated $80K in it while magnet fishing

James Kane and Barbi Agostini made the find of a lifetime while magnet fishing in a lake in Queens, New York.

www.nbcnews.com

A police spokesperson said in a statement that found property valued at $10 or more is required to be reported and deposited with police.

"In this instance, the value and authenticity of the alleged currency could not be determined due to the severely disintegrated condition of the bin bad shape. property," police said.

Kane said he’s been in touch with personnel from the Bureau of Engraving and Printing in Washington, D.C., and the couple will take the money there to restore it. Refurbishing the cash could take years, Kane said.

He estimated there was between $40,000 and $80,000 in the lockbox. The couple is hoping to salvage about $60,000.

 

[airportwoman]

they were allowed to keep it but it was ruined by water? gee thanks

The Federal Reserve has a whole department of people who can reconstitute fragments of ruined money.

 

[LadyL]

The Federal Reserve has a whole department of people who can reconstitute fragments of ruined money.

If the ruined money has serial numbers and can be identified as is was estimated at $100k, it can be replaced.

Depends on how much of the bills remained; perhaps there was less than half intact, irrespective of the serial numbers. From the Bureau of Engraving and Printing (BEP), copied text BBM for emphasis:

https://www.bep.gov/services/mutilated-currency-redemption
On average, BEP receives more than 22,000 requests for examination of mutilated currency for possible redemption each year, with an estimated value in excess of $35 million.

Mutilated currency is currency which has been damaged to the extent that one-half or less of the original note remains, or its condition is such that its value is questionable. Currency notes can become mutilated in any number of ways. The most common causes are fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.

The Director of the BEP has the final authority with respect to mutilated currency submission redemptions.

Lawful holders of mutilated currency may receive a redemption at full value when:

1. Clearly more than 50% of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature; or
2. 50% or less of a note identifiable as United States currency is present and the method of mutilation and supporting evidence demonstrate to the satisfaction of the BEP that the missing portions have been totally destroyed.

No redemption will be made when:

1. A submission, or any portion thereof, demonstrates a pattern of intentional mutilation or an attempt to defraud the United States. In such instances, the entire submission will be destroyed or retained as evidence.
2. A submission appears to be part of, or intended to further, any criminal scheme. In such instances, the entire submission will be destroyed or retained as evidence.
3. A submission contains a material misrepresentation of facts.
4. Fragments and remnants presented are not identifiable as United States currency.
5. Fragments and remnants presented which represent 50% or less of a note are identifiable as United States currency but the method of destruction and supporting evidence do not satisfy the Treasury that the missing portion has been totally destroyed.

Interesting how the amount changes. The money must be in bad shape, indeed.

_________________

Big catch: N.Y. couple reels in safe with estimated $80K in it while magnet fishing

James Kane and Barbi Agostini made the find of a lifetime while magnet fishing in a lake in Queens, New York.

www.nbcnews.com

A police spokesperson said in a statement that found property valued at $10 or more is required to be reported and deposited with police.

"In this instance, the value and authenticity of the alleged currency could not be determined due to the severely disintegrated condition of the bin bad shape. property," police said.

Kane said he’s been in touch with personnel from the Bureau of Engraving and Printing in Washington, D.C., and the couple will take the money there to restore it. Refurbishing the cash could take years, Kane said.

He estimated there was between $40,000 and $80,000 in the lockbox. The couple is hoping to salvage about $60,000.

fascinating
thanks everyone!