At the beginning of 2002, the euro cash replaced the D-Mark. But old bills and coins worth billions are still slumbering in drawers or piggy banks.
Saying goodbye to the D-Mark seems to be difficult even almost 20 years after the introduction of euro cash.
In mid-July, notes to the value of around 5.77 billion marks (2.95 billion euros) and coins to the value of around 6.61 billion marks had not yet been exchanged. This emerges from a response from the federal government to a request from FDP member of the Bundestag Markus Herbrand, which is available to the German Press Agency.
This year, D-Mark worth a total of 16.2 million Marks was received in the branches of the Deutsche Bundesbank by July 22nd. The largest single sum was 711,355 marks. “Too many citizens do not know that they can still exchange the large sums of old coins and bills that have collapsed under mattresses and in old piggy banks and drawers for euros,” said FDP politician Herbrand. Unlike in many other euro countries, D-Mark banknotes and coins can be exchanged indefinitely at the Bundesbank.
The vast majority of the stocks were exchanged around the introduction of euro cash at the beginning of 2002. Again and again, however, D-Mark treasures are discovered by chance. However, some of the holdings should never be returned – partly because collectors have secured old notes and coins. Larger amounts of cash are also suspected abroad.
The 500-euro note has continued to enjoy great popularity since its issuance stop in 2019. As of July 22nd, notes to the value of 145 billion euros were in circulation, as can be seen from the answer, which is based on data from the Bundesbank. For comparison: on April 26, 2019 it was around 175 billion euros. On this day, the Bundesbank and the Austrian National Bank had issued the purple note for the last time. The other 17 national central banks of the Eurosystem had already finished issuing the 500 on January 26, 2019.
The Council of the European Central Bank (ECB) had decided that the production and issuance of the 500 euro banknote would be discontinued. Proponents hope that by doing without the bill, the financing of terrorism and illegal work will be pushed back. However, the 500s in circulation remain legal tender and can be exchanged at the national central banks in the euro area without any time limit.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
