By Anonymous - 01/06/2017 21:00 - Italy
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No problem. Just take the bill out and change it into a new one at the nearest bank. As long as you have most of the parts they will do that without questions. You can also let it stay inside the piggy bank until needed.
A bank won't replace "mutilated"- a category that would include shredded- bills, but the Bureau of Engraving and Printing will in the USA. It requires a letter of explanation of what happened to it, all the pieces in a container, and an estimation of how much the bill is worth. But, again, that's in the USA. It may be different in the U.K.
Midnalink, I couldn't reply to you so I hope you see this. Most countries use banks as a means to filter damaged or older paper bills out of circulation. The banks introduce newly minted money and remove the old on a regular basis, and will often accept damaged bills in exchange for a deposit or new bill. That or call your country's treasury and they will do the same.