Is there any value in all of those Pesetas, Lire, Deutschmarks, etc. that survive in hope chests, junk drawers, etc. throughout the world, beyond their [undoubtedly limited] value as collectibles? Could they be redeemed for Euros at banks, or are they worthless now?
As I understand it – known true for Germany; the informant implied it was true in other countries as well – they were readily exchangeable almost anywhere at the time the country moved to the Euro, and there remains a central bank which will accept them for exchange.
(For an American parallel, think of the state currencies in Revolutionary times. When the U.S. began coinage, most places would accept both. After a certain point, only the State Treasury which issued the state currency would redeem it, at the state capital.
I don’t believe that there is a “central bank” or ANY bank that will exchange Deutschmarks any longer—I still have a few, (and a couple of hundred Dutch Guilders) that are worthless for anything but mementos…:smack:
That is what I was told a couple of years back at a currency exchange booth at Schipol.
(maybe it is different in Germany, but I doubt it)
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It is, at least according to the German Bundesbank.
The old Irish currency (the punt) is still exchangeable at the Central Bank in Dublin.
Even though the European Central Bank is in charge of financial policy, every Euro country still has a national central bank. These decide independently, how long the former currency of their country will still be exchangeable. This list on the ECB site specifies the time limits set by different countries. Some countries’ central banks have set no time limit, meaning that for example the German central bank won’t ever cease exchanging the old Deutschmarks into Euros, at least not in the foreseeable future. Every central bank still accepts pre-euro banknotes - the first will cease to do so in 2012, ten years after moving to euro - but many won’t accept the old coins anymore, so if the Dutch guilders under your mattress are in coins, you’re already outta luck.
In practice, you have to remember that very old currency in cash often won’t be changed even to the new version of the same currency. That list on the ECB site also specifies by country which banknote series are eligible. So for example in Finland the old currency will be changeable til 2012, but banknotes before WWII and coins before roughly 1960 aren’t actually accepted since a few years. On the other hand, at least here the central bank doesn’t have monopoly to these conversions, but many private banks are still happy to convert old cash into euros.
FYI. Withdrawing banknotes was and is the norm in Europe before the Euro as well. In Norway for instance:
When a new series of banknotes is issued every couple of decades, the old ones are withdrawn and you have at least ten years or so to redeem them.
So you ask a privately operated = profit-oriented currency exchange in Schipol = Netherlands about German currency and believe them, and stop looking?
Yes, Germany does have a central bank - as do all the other European countries. The US has the Fed, does it not?
Yes, the branches of the German Central bank will exchange your Deutsche Mark to Euros. But - you have to get the money to the branch, which is in Germany. So going to Schiphol.
Here from the website of the Deutsche Bundesbank (the central bank)
To answer the OP more general: if you find a treasure trove of Roman coins, you would contact the next museum and get a finders fee instead of an exchange. So if your coins/ bills are too old to be exchanged, they might be old enough to be of interest to collectors.
naita- The UK also did that. When I went there in the 80s and had some bills left over, I gave them to relatives in the 90s - and they had to go all the way to the Central bank in London to exchange them before they could use them, because that series had been withdrawn, and branch banks weren’t obliged to do it anymore.
In Germany, after the re-unification, the state went to all the trouble to exchange the old DM bills for new ones because of the rise of counterfeit, although everybody knew that the Euro was just around the corner.
This is mostly false. The Dutch National Bank will accept guilder bills (not coins) until 2032 so you have another 20+ years to go. Read all about on the DNB website (in Dutch), which also a neat overview with pictures of the bills that are still accepted. (those bills are so much nicer looking than the stupid euro bills).
Yeah I found a hoard of punts recently and got real moolah for them. I have another load I’ve found recently that I must “redeem”.
Pesetas can still be redeemed at Banco de España, too. They accept any bill or coin from 1939 onward; those from 36-39 must be assessed (so they’re not really being exchanged). The webpage doesn’t say what would they do if someone comes in with a bunch of silver Amadeos, but those have been collectible for well over a century… I imagine anything pre-1936 will be treated as a collectible, rather than as a valid coin.
Individual banks may redeem pesetas if they choose to, but they are not obliged to do so any more.
I will give you face value for all of your old coins, as long as they are made out of gold or silver.
What was the exchange rate for your Irish currency? Was it the same exchange rate in effect when the Euro was introduced, or some extrapolation? I’m curious about that…not that I’m itching to turn in the handful of pesetas I’ve got, but curious none the same.
The best currency exchange site I’ve found is Bloomberg Currency Converter.
Obsolete currencies change every day and are not related to the exchange rates when the Euro started.
I’ve been using xe.com for the past few years. I have no particular loyalty to xe.com – it’s simply an easy to remember url since it’s only 2 letters. Since you deal with coins, it would be interesting to know why you prefer Bloomberg.
I have also changed old currency for euros at the Central Bank in Dublin. Exchange is at the fixed rate at which the euro was introduced.
I’m not sure. I used to use yours, but since finding Bloomberg, I like it better. Not much difference.
I’m really surprised that the conversion is at the 1998-99 exchange rate for the Euro. I accept your story. It just surprises me.
Why would it be otherwise?
When banknotes are taken out of circulation, for however long afterwards they remain convertible, they’re always converted at face value.
For several years before euro notes and coin were introduced, national banknotes were in fact local expressions of the euro. What they now are is local expressions of the euro which have been withdrawn from circulation. If the Central Bank is willing to convert them, why would it convert them at anything other than their nominal value?