The Federal Reserve Bank is in charge of disposing of old currency. Paper money that is damaged beyond its value is shredded. It used to be burned, but the last time this process was used was 1981, when it was deemed unsafe for the environment.
As for coins, there is not much information regarding their disposal. It is more possible that when a coin, which is less likely to be considered unfit as currency (as paper damages more easily than metal; a bill’s average life is 22 months), or when it is deemed obsolete, like the half dollar or dollar coin, they are removed from banks by the government and their distribution simply fades out as they are accepted in less and less places.
I am not sure that the government does anything to dispose of old currency unless it is no longer used.
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