The National Bank of Denmark published an update on its recall of older banknotes and the current DKK 1,000 banknote, estimating that around DKK 3 billion will not be exchanged before the final redemption deadline. The recalled notes remain legal tender up to and including 31 May 2025 and can then be redeemed at the National Bank of Denmarkâs three exchange points until 31 May 2026. The recall, launched on 30 November 2023, covered older banknote series from 1944 to 1997 and the DKK 1,000 note from the 2009 series. From DKK 24.5 billion of recalled banknotes in circulation in November 2023, the central bank reported that DKK 18.5 billion of DKK 1,000 notes had been received by 31 January 2025, leaving DKK 2.5 billion still in circulation. Redemption of older series has been lower, with DKK 706.1 million redeemed by 31 January 2025 and DKK 2,697.3 million still outstanding, largely in DKK 500 and DKK 1,000 notes from the 1997 series. Based on observed inflows, surveys and Nordic comparisons, the central bank expects more than DKK 2 billion in older banknotes and around DKK 1 billion in DKK 1,000 notes to remain unredeemed, citing factors such as loss or destruction, banknotes held abroad and choices to keep notes as collectibles. To support the remaining phase-out, the National Bank of Denmark plans a further public information campaign in spring 2025, focusing on the 31 May 2025 legal-tender deadline and the exchange option through 31 May 2026.
National Bank of Denmark 2025-02-03
National Bank of Denmark expects around DKK 3 billion in recalled DKK 1,000 and older banknotes to go unredeemed
The National Bank of Denmark estimates that approximately DKK 3 billion in older banknotes and current DKK 1,000 notes will remain unredeemed before the final redemption deadline, with the recalled notes remaining legal tender until 31 May 2025 and exchangeable until 31 May 2026. A public information campaign is planned for spring 2025 to emphasize these deadlines.