Graham Hill said he took the carrier bag containing the cut-up money to police after discovering it while emptying trash bins. The shredded currency was returned to him after it remained unclaimed for six months, the Daily Mail reported Wednesday.

"This was a very unusual case and despite our inquiries the circumstances of why and how the money came to be torn up and put in the bin remains a mystery," Detective Constable Nick Cobb said. "Following extensive inquiries, there was no evidence that the money was stolen or linked to any criminal activity."

Hill still faces one obstacle on his road to a $20,000 payday -- the Bank of England has offered to exchange the ripped-up bills for new currency, but only if Hill can piece the shredded money back together.

"We do reimburse people when their bank notes become damaged but it is not automatic," a bank representative said. "In particular, we look at two serial numbers on the front of notes. Ideally we like to have matching numbers from the same note."