2011/2012: Redemption/Exchange Periods End in FI-FR-GR-IT

Started by chrisild, December 09, 2011, 11:39:35 AM

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In Italy the redemption period for pre-euro notes and coins has just ended, and in February it will end in three more countries: Finland, France and Greece. After that day - exact dates see below - the central banks of those countries will not exchange them any more. Clicking on the country name will take you to a list of banknote images; those notes should be OK for the exchange. For more details, and for information regarding redeemable coins, you should contact the national central bank (see the link at the bottom).

Lira coins and banknotes can be exchanged until 7 December 2011.
Franc banknotes can be exchanged until 17 February 2012.
Markka coins and banknotes can be exchanged until 29 February 2012.
Drachma banknotes can be exchanged until 1 March 2012.

Note that the redemption periods usually apply to those coins and notes only that were legal tender until the cash changeover; older money will have (had) different deadlines. To get your old money exchanged, you need to go (or maybe send it) to the central bank of the country that issued it.



As you can see, the redemption period is over in Italy and France now. In Finland and Greece you have until the end of this month. The next deadline will be the end of next year, by the way, when the pre-euro coins from Slovakia cannot be redeemed any more.



I hope these countries will issue stats on how much was returned...

An unidentified coin is a piece of metal. An identified coin is a piece of history.


For Germany, here is a list (PDF, updated monthly) with the amounts that have not been returned so far. And just today the Finnish central bank published a press release about the end of the markka redemption period (one week from now) which also says: "The value of redeemable markka banknotes and coins still in circulation totals approximately FIM 1.66 billion, of which approximately FIM 740 million is in banknotes and approximately FIM 590 million in coins, and approximately FIM 330 million in commemorative coins."



Here is an article in Dutch with the following figures for Belgium:

274 million notes were in circulation at the introduction of the euro
BEF 9.2 billion in notes was circulating at the introduction of the euro
BEF 161 942 423 (1.8%) in notes are still outstanding.
In 2011, 200 000 BEF notes were exchanged for EUR

Number of notes outstanding:
BEF 1000 (EUR 25) over 1 million
BEF 2000 (EUR 50) almost 1 million
BEF 10 000 (EUR 250) 155.150

Coins outstanding (no longer redeemable): EUR 188 million, 51%

Don't hold your breath waiting for Belgian pre-euro coins to become more expensive...

An unidentified coin is a piece of metal. An identified coin is a piece of history.


Billions of drachmas saved as collector's items

By Alekos Lidorikis

Greek drachmas in banknote form are now collector's items only. This is because the 10-year-period during which they could be exchanged in return for euros at the Bank of Greece expired on March 1 this year.

Prior to this, the period of exchanging drachma coins for euros had come to an end on March 1, 2004.

According to various estimates, the value of drachma banknotes that have never been exchanged comes to about 240 million euros, or 82 billion drachmas. Though the figure might seem high, you might want to consider that the percentage of drachmas which have been withdrawn and exchanged since January 1, 2002 -- when the drachma ceased to be the country's national currency -- is over 99 percent.

It is estimated that up to nearly 100 percent of the higher-value banknotes, such as 10,000-drachma bills, have been exchanged, while smaller ones such as 50- and 100-drachma banknotes largely constitute the nearly 82 billion drachmas which have not been. According to various reports, the latter have been kept as collector's items by both Greeks and the millions of tourists who have visited the country who held onto the bills as mementos.

In the last two years alone, about 30 to 40 people visited the Bank of Greece on a daily basis to exchange banknotes worth about 3 million drachmas. According to data previously published in Kathimerini, only 45.58 percent of drachmas in coin form was withdrawn.

Interestingly enough, the history of drachma banknotes is tied to that of the Bank of Greece itself. The bank opened for business on May 14, 1928, and had to deal with the technical difficulties of replacing notes issued by the National Bank of Greece -- which while not government-owned acted as the country's central bank up until the establishment of the Bank of Greece.

Those banknotes were already in circulation and considering that there was a big enough supply of banknotes issued during the 1923-27 period which had yet to enter the market, a decision was made for the latter to enter the market featuring a distinct red marking.

The first 500- and 5,000-drachma banknotes, printed by the American Bank Note Company in New York, were released five years later, in May 1933, while 1,000-, 50- and 100-drachma bills were subsequently printed in France in 1935.

It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.