Bank tells woman her paper money is worthless

[24KT]

Bank to Italian woman: Your $70,000 inheritance is worthless


An old Italian lira. The currency was taken out of circulation in 2002, but a woman
who found 100 million lire wants the government to convert her cash.
Photo Credit: RYAN MACVEY/GETTY IMAGES


Claudia Moretti discovered 100 million lire in a home she inherited from a dead uncle. The problem is that Italy has adopted the euro and gave a 2011 deadline for lire banknotes to be cashed in. Now Moretti is trying to fight the claim that her cash is worthless.

An Italian woman who thought she had found her fortune after discovering a 100 million lire banknotes in a family safe has been told the money is worthless.

Claudia Moretti, a call center worker, found the money, worth around $70,000, at her uncle's home, which she had inherited following his death.

After finding the money, Moretti went to Italy's central bank to claim her money, reports The Local.
 
But they told her it was worthless because lire banknotes had to be presented to them by the end of 2011

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The lira was Italy's currency before it switched to the euro in 2002.
Now, Moretti, from Pesaro, eastern Italy, is seeking legal advice, fighting for exactly 51, 645.69 euros, reports The Local.

Moretti is unlucky in that Italy has one of the strictest deadlines for transferring old cash.

Nine other eurozone countries, including Ireland and Germany, would have converted her old note.

 http://www.nydailynews.com/news/world/bank-tells-woman-inheritance-worthless-article-1.1723300


What's the best way to save money? ...make sure it isn't a "money substitute" made out of paper!

[24KT]

sooo.... if you got a pile of paper money which you cannot put on an account for some reason

Sorry, I don't dispense financial advice, or advise people on how to launder money, ...except maybe to leave it in your blue jeans and throw it in the Maytag with a bit of Tide. If it's one of the new plastic bills tho, you'd better pull it out before throwing your jeans in the dryer though. They'll melt in there.

I cannot possibly think of any legitimate reason why someone sitting on a pile of paper money would not be able to put it in their bank account, except if perhaps they lost their bank card, or they had trepidations about the solvency of the financial institution in question, ...or dodging garnishment.

is it best to buy gold and put the gold in a safe as opposed to putting the paper money in a safe?

I'm of the opinion that the best way to save money, is to make sure it's not in paper.

Look at that couple who found $10 million+ in gold coins buried in rusted out tin cannisters on their property.
If they had been paper bank notes from the same era, they probably would have been eaten away by time, the elements, and hungry bugs etc. Even if they did survive the elements and the insects, they would essentially be worthless today. I think the fact that both the pristine condition, as well as the value of the contents of those cannisters was preserved all these years, is a testament to wisdom of medium used, ...and I'm NOT referring to the cannisters.