Banknotes worth more than NOK 4 billion will soon be too old

Old 50 and 500 notes will be taken out of circulation on Friday, October 18th, one year after the new banknotes were launched.

“Norges Bank encourages the public to use or deposit old 50- and 500-krone banknotes before this deadline,” says Leif Veggum, director of cash payment at Norges Bank.

The banknotes are withdrawn from circulation one year after Norges Bank launched new 50- and 500-krone banknotes.

The banknote series, which is on its way out, was introduced in the years 1994–2001.

At the end of September / start of October, 8.1 million old 500-krone banknotes and 12.4 million old 50-krone banknotes were in circulation. This is equivalent to NOK 4.6 billion.

“There is a considerable amount of banknotes, so we hope as many as possible now take an extra look in the drawers and cabinets to see if they have old banknotes lying around,” says Veggum.

After October 18th, the banknotes can be exchanged free of charge at Norges Bank for at least ten years. This is done by turning up at one of Norges Bank’s depots or by sending the notes to the central bank.

© NTB Scanpix / #Norway Today