HomeDomestic NewsDanes Hoard Phasing-Out Banknotes Valued at 15.2 Billion Kroner

Danes Hoard Phasing-Out Banknotes Valued at 15.2 Billion Kroner

The Danish Central Bank (Nationalbanken) estimates that many Danes may have preserved soon-to-be outdated banknotes as collectibles. Since November of last year, older banknotes and 1,000-kroner notes that are soon to be phased out have been submitted for a total value of 15.2 billion kroner (approximately $2.3 billion USD). This information comes from a new report by the National Bank.

At the end of November, it was announced that certain banknotes, including the 1,000-kroner note and older series of banknotes from the years 1944, 1952, 1972, and 1997, will no longer be considered legal tender after May 31 of next year. In July alone, the National Bank received 790 million kroner in 1,000-kroner notes, according to Niels Kaas, the chief cashier at the National Bank, in a written comment.

Currently, there are 6.3 billion kroner in 1,000-kroner notes remaining, and the bank expects the submission of these notes to decline. Additionally, only a modest number of notes from the older series are being exchanged, which, according to Kaas, may indicate that they are either lost or being kept as collectibles.

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