What happens to very old money/bills? Do they just get used until the last person gets it and it eventually disintegrates?

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What happens to very old money/bills? Do they just get used until the last person gets it and it eventually disintegrates?

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Within an ATM, notes that are damaged, or in poor condition are often sent to a divert bin, thus only dispensing notes of better quality. The divert bins’ contents are collected upon balancing, and sent back to the bank, where they are reported to the central bank and destroyed.

Source: former ATM tech

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