Invented in China, the land of printing, the banknote was a major economic innovation. But these pieces of paper aren’t eternal! Their value changes depending on their circulation and state of preservation.
Today we’re offering you some guidance on the options available to you to get rid of those old banknotes.
Definition of off-course tickets
Out-of-date banknotes are banknotes that are no longer legal tender , also known as « obsolete » banknotes. These are old banknotes that have been demonetized by the issuing central bank that manages the circulation of banknotes. The bank must therefore withdraw them from circulation. Consequently, they are no longer accepted as a means of payment and are replaced by new denominations.
Why new tickets?
The main motivation for introducing a new series of banknotes is to combat counterfeiting . Improving security features makes it increasingly difficult for counterfeiters to produce fake banknotes.
What to do with a damaged ticket?
Your torn, damaged, stained or burnt tickets retain their value.
And it is because banknotes are always so widely used that they naturally deteriorate after a few years of circulation.
Whether this deterioration is natural or accidental, a banknote retains its value, provided it is not too damaged. However, merchants may refuse to accept your note. Furthermore, if you notice that it is in a fairly advanced state of deterioration, you can exchange it for a new one at the central bank of the issuing country.
Among the main criteria, the note presented for exchange must have a surface area equal to at least 50% of its original size. And this is for a very simple reason. It would be enough to cut a 50 euro note in half to claim its return twice, and therefore 100 euros. You will also have to declare on your honor that its deterioration was not intentional .
Eurozone banknotes
Old banknotes and coins from countries belonging to the eurozone can, in some cases, still be exchanged for euros. However, be aware that the exchange can only be made at the counters of national central banks , and in some cases, a deadline has been set.
You will find the complete list on the European Central Bank’s list:
https://www.ecb.europa.eu/euro/exchange/html/index.fr.html
Obsolete banknotes outside the eurozone
- Obsolete Switzerland
The Swiss National Bank (SNB) recalled the 8th series banknotes on April 30, 2021, and also the 6th series banknotes on May 1 , 2000.
Tickets of the 8th series :
Tickets from the 6th series :
Banknotes in these series are therefore no longer legal tender. However, the currencies can be exchanged at the SNB for their face value and without any time limit.
Please note that these currencies are currently still exchangeable for euros within our network of exchange offices.
- United Kingdom obsolete
Entering circulation in February 2020, the £20 and £50 polymer notes replaced the paper notes. They joined the £5 and £10 notes introduced in 2016. The United Kingdom began printing its new currencies with the £5 note. The first series, printed in 44 million copies, is highly sought after. If you have the « AA » series, your £5 note can be exchanged for up to €400.
These notes are more durable and improve payment security.
Old paper notes ceased to be legal tender on 30 September 2022, but you can still exchange them at the Bank of England on Threadneedle Street in London.
Old tickets:
Exchange of UK paper banknotes into euros is still available at our branches. To find out the current exchange rate, please contact one of our advisors directly by email or telephone.
Obsolete Banknotes in the Rest of the World
Banknotes that are not used enough are sometimes recalled. For example, the 2000 Rupee banknote (India) cannot be exchanged since September 2023.
But we will not fail to alert you to the evolution of expired currencies, such as the Qatari Riyal:
Please note that due to geopolitical conflicts, banknote exchange rates are sometimes frozen. The currency is becoming too unstable and fluctuations are too significant. Currently, the Russian or Belarusian ruble, as well as the Israeli shekel, are not accepted at our exchange offices.
For all other expired currencies outside of Europe, it’s best to visit a branch. We hope you’ll find a suitable solution for exchanging your notes.
In conclusion, there are many solutions available to you! An out-of-the-money ticket doesn’t necessarily mean you’ll earn nothing! And even if no bank wants to take them back, many collectors are looking for treasure.