By
October 03, 2012
This article was originally printed in World Coin News.
Germany’s former mark currency may have caught the attention of The Wall Street Journal and other publications recently, but what about the status of the former currencies of the other European Union currency union member nations?
The MRI Bankers’s Guide to Foreign Currency is a reliable source for information regarding the status of currency with the central bank from which it was issued. The publication explains much about the status of the currency of these other EU nations, which proves to be a mixed bag. The findings based on the latest edition of this guide are presented here. The MRI guide seldom comments regarding if local merchants accept older coins or bank notes of these nations.
Andorra has used euros since 2002. According to the MRI guide, “Coins denominated in diners are minted for collectors.”
Austria’s bank notes issued by the Oesterreichische Nationalbank from 1984 through the time of the introduction of the euro are still redeemable without any time limit. Coins are not mentioned by MRI, but several web sites state they are redeemable at the Austrian central bank.
Banque Nationale de Belgique-Nationale/Bank van Belgie-Belgische Nationalbank bank notes of Belgium since 1943 are redeemable without any time limit, according to the MRI guide.
Likewise, Central Bank of Cyprus notes of 1977 and later are redeemable, however they have a deadline redemption date of Dec. 31, 2017.
The kroon coin and bank note issues of the Eesti Pank or Central Bank of Estonia have been replaced by the euro; however, these can be exchanged at the central bank in unlimited amounts. No date at which time this will cease has yet been set.
Finland’s past and current euro currency is issued by the Suomen Panki-Finlands Bank. Coin and bank note issues predating the euro are no longer legal tender.
Issues of the Banque de France were redeemable until recently but are no longer of any monetary value as currency.
To clarify the coins and bank notes of Germany, German money is issued by the Deutsche Bundesbank. This encompasses all coins and notes since the time when the Bundesbank was the central bank of West Germany, as well as the modern united German nation. All Bundesbank coins and bank notes issued since 1948 are redeemable “at the discretion of the issuer.”
Greece is the EU nation that has been making news recently due to its financial difficulties. Pre-euro coins and bank notes issued by the Bank of Greece are no longer legal tender.
The Republic of Ireland, not to be confused with Northern Ireland, still redeems its former bank notes and presumably its coins issued prior to the euro without any time constraints.
Banca d’Italia coins and notes are no longer legal tender, although this is a recent development. The Bank Centralia Ta’Malta is responsible for all currency issued for this island member of the EU. All bank notes dating between 1994 and the introduction of the euro will remain redeemable through Jan. 31, 2018.
De Nederlandsche Bank 1966 and later notes of the Netherlands are redeemable until Jan. 27, 2032 at the discretion of the issuer. According to the most recent issue of the MRI guide, “De Nederlandsche Bank refuses to honor its [bank] notes when presented by banks, bureau de change, and coin dealers. It will only accept them from charities and individuals who must provide explanations, and be subjected in most cases to settlement delays.”
Portugal’s currency is issued by the Banco de Portugal. Bank notes of 1996 and later are redeemable until between Jan. 31, 2012, and Feb. 28, 2022, depending on their date of issue. No clear policy regarding coins was available in time for this article.
Slovakian coins and bank notes are issued by the Narodna Banka Slovenska. Their bank notes are currently redeemable without any time limit.
Slovenia’s bank notes, issued by the Banka Slovenue, are redeemable without a time limit. Slovenia’s tolar denominated coins may be exchanged until Dec. 31, 2016.
Spain, as with Greece, has been the subject of financial problems reported in the news recently. Bank notes of the Banco de Espana issued since 1936 are redeemable without any time constraints, although many are redeemable at discounted values from their stated denomination.
Estonia and Luxembourg each use bank notes printed originally for other countries. The bank notes issued by the Institut Monetaire Luxembourgeois dated 1993 and later are redeemable without any time limit.
There are other nations using the euro as a de facto currency due to their relationship with an EU currency union nation. Among these are Monaco, San Marino and Vatican City, which follow the same rules as do the central banks of the country to whom their currency had been previously tied. This is France for Monaco, and Italy for the latter two.
Source: Numismaster
October 03, 2012
This article was originally printed in World Coin News.
Germany’s former mark currency may have caught the attention of The Wall Street Journal and other publications recently, but what about the status of the former currencies of the other European Union currency union member nations?
The MRI Bankers’s Guide to Foreign Currency is a reliable source for information regarding the status of currency with the central bank from which it was issued. The publication explains much about the status of the currency of these other EU nations, which proves to be a mixed bag. The findings based on the latest edition of this guide are presented here. The MRI guide seldom comments regarding if local merchants accept older coins or bank notes of these nations.
Andorra has used euros since 2002. According to the MRI guide, “Coins denominated in diners are minted for collectors.”
Austria’s bank notes issued by the Oesterreichische Nationalbank from 1984 through the time of the introduction of the euro are still redeemable without any time limit. Coins are not mentioned by MRI, but several web sites state they are redeemable at the Austrian central bank.
Banque Nationale de Belgique-Nationale/Bank van Belgie-Belgische Nationalbank bank notes of Belgium since 1943 are redeemable without any time limit, according to the MRI guide.
Likewise, Central Bank of Cyprus notes of 1977 and later are redeemable, however they have a deadline redemption date of Dec. 31, 2017.
The kroon coin and bank note issues of the Eesti Pank or Central Bank of Estonia have been replaced by the euro; however, these can be exchanged at the central bank in unlimited amounts. No date at which time this will cease has yet been set.
Finland’s past and current euro currency is issued by the Suomen Panki-Finlands Bank. Coin and bank note issues predating the euro are no longer legal tender.
Issues of the Banque de France were redeemable until recently but are no longer of any monetary value as currency.
To clarify the coins and bank notes of Germany, German money is issued by the Deutsche Bundesbank. This encompasses all coins and notes since the time when the Bundesbank was the central bank of West Germany, as well as the modern united German nation. All Bundesbank coins and bank notes issued since 1948 are redeemable “at the discretion of the issuer.”
Greece is the EU nation that has been making news recently due to its financial difficulties. Pre-euro coins and bank notes issued by the Bank of Greece are no longer legal tender.
The Republic of Ireland, not to be confused with Northern Ireland, still redeems its former bank notes and presumably its coins issued prior to the euro without any time constraints.
Banca d’Italia coins and notes are no longer legal tender, although this is a recent development. The Bank Centralia Ta’Malta is responsible for all currency issued for this island member of the EU. All bank notes dating between 1994 and the introduction of the euro will remain redeemable through Jan. 31, 2018.
De Nederlandsche Bank 1966 and later notes of the Netherlands are redeemable until Jan. 27, 2032 at the discretion of the issuer. According to the most recent issue of the MRI guide, “De Nederlandsche Bank refuses to honor its [bank] notes when presented by banks, bureau de change, and coin dealers. It will only accept them from charities and individuals who must provide explanations, and be subjected in most cases to settlement delays.”
Portugal’s currency is issued by the Banco de Portugal. Bank notes of 1996 and later are redeemable until between Jan. 31, 2012, and Feb. 28, 2022, depending on their date of issue. No clear policy regarding coins was available in time for this article.
Slovakian coins and bank notes are issued by the Narodna Banka Slovenska. Their bank notes are currently redeemable without any time limit.
Slovenia’s bank notes, issued by the Banka Slovenue, are redeemable without a time limit. Slovenia’s tolar denominated coins may be exchanged until Dec. 31, 2016.
Spain, as with Greece, has been the subject of financial problems reported in the news recently. Bank notes of the Banco de Espana issued since 1936 are redeemable without any time constraints, although many are redeemable at discounted values from their stated denomination.
Estonia and Luxembourg each use bank notes printed originally for other countries. The bank notes issued by the Institut Monetaire Luxembourgeois dated 1993 and later are redeemable without any time limit.
There are other nations using the euro as a de facto currency due to their relationship with an EU currency union nation. Among these are Monaco, San Marino and Vatican City, which follow the same rules as do the central banks of the country to whom their currency had been previously tied. This is France for Monaco, and Italy for the latter two.
Source: Numismaster
