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Estonians Keep Old Kroons as Mementoes

Started by Bimat, February 06, 2012, 03:32:26 PM

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Estonian central bank finds public retaining kroons as memento

Bank of Estonia study finds 81% of respondents are holding on to some kroon cash; not using it for savings shows confidence in the euro, says head of cash and security department.

Author: Central Banking Newsdesk
Source: Central Banking | 06 Feb 2012

According to a survey that was commissioned by the Bank of Estonia in December 2011, the majority of Estonian people still have kroon banknotes or coins, which they have kept as a memento after the currency switch to the euro.

The results of the survey, published on February 6, revealed that 81% of the 500 people asked had retained some kroon banknotes and coins. Of the respondents, 83% said they had kept the kroon cash as a memento, while 14% said they simply hadn't yet got round to exchanging the currency. None of the participants said they still used the kroon cash for the purposes of their savings.

The survey also showed that 65% of those who still have kroon cash have less than 100 kroons. Less than 3% had more than 1,000 kroons.

Rait Roosve, head of the cash and security department at the Bank of Estonia, said that there have been plenty of opportunities to exchange cash, as shown by the results of the survey. "Apparently, people cherish the Estonian kroon, but they also consider the euro to be a reliable currency with no need to keep their savings in kroons," Roosve added.

Since the start of 2012, kroons can be exchanged for euros in the Bank of Estonia Museum at the official exchange rate (1 euro = 15.6466 kroons) and without a service fee for an unlimited period of time. The museum is open from Tuesday to Friday from 12pm to 5pm, and on Saturday from 11am to 4pm.

Kroons can also be changed into euros on the same terms for another six months by all cash offices of Swedbank and SEB Pank. Sampo Pank and Krediidipank will continue to exchange kroons on the same conditions in a limited number of offices.

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


This is quite normal, according to the experience in other euro countries. I seem to remember that about 70% of Dutch gulden era coins were not returned, but that may be an old figure by now. Banknote return figures were much higher.

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