Older US currency, depending on how much is in circulation, is usually collected by banks for the Federal government and then destroyed. This serves two purposes; first, it helps ensure a stable amount of currency so as to prevent inflation. Secondly, money, especially stable currencies, appreciate with time, so older money is essentially worth more (like the 1943 copper penny which is worth $25,000!), so collecting older bills help keep the currency in circulation hold the same value.
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