National Bank of Denmark makes DKK 1,000 notes and older banknote series invalid as more than DKK 20bn is returned

The National Bank of Denmark reported that the DKK 1,000 banknote from the 2009 series and older Danish banknote series ceased to be valid as a means of payment after 31 May 2025, marking the completion of the first phase of its banknote recall. By the deadline, more than DKK 20bn in affected banknotes had been handed in, and the central bank assessed that the initial phase of the recall proceeded satisfactorily. As of 31 May 2025, DKK 20.5bn had been deposited since the recall was launched on 30 November 2023. Returned DKK 1,000 notes totalled DKK 19,676m, equating to 93% of the DKK 21.1bn in circulation at the start of the recall, leaving around DKK 1.4bn still in circulation; older series deposits reached DKK 873m (26%), leaving DKK 2.5bn outstanding, with most returned older notes coming from the 1997 series. The central bank flagged a processing lag for notes received in late May due to a weekend deadline and Danish bank holidays, and noted that retailers and businesses can continue depositing the invalid notes at banks until 13 June 2025 or via cash-in-transit collection until 30 June 2025; a May survey found 97% public awareness that the DKK 1,000 note would become invalid. In the second phase, running until 31 May 2026, exchanges will only be possible in person at the National Bank of Denmark’s banknote exchange points in Aarhus, Odense and Copenhagen, after which unreturned banknotes will lose their face value; customers of specified banks in Greenland and the Faroe Islands can hand in the invalid notes at their own bank until 31 May 2026. The central bank also maintained its February 2025 expectation that around DKK 3bn of affected notes will remain unreturned by 31 May 2026.