2 Aug. 2021 06:30

At the beginning of 2002, euro cash replaced the Deutsche Mark. But the old Deutsche Mark notes and coins are still being collected or hoarded. As before, funds to the value of more than 12 billion D-Marks have not been exchanged.

Farewell to the Deutsche Mark (D-Mark) seems to be difficult for many citizens, even almost 20 years after the introduction of euro cash. In mid-July, notes to the value of around 5.77 billion D-Marks (2.95 billion euros) and coins to the value of about 6.61 billion D-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 the dpa is present.

This year, a total of 16.2 million D-Marks were received in the branches of the Deutsche Bundesbank by July 22nd. The largest single sum was 711,355 D-Marks. Herbrand argues:

“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.”

ECB gives the green light for digital euro - cash is coming under increasing fire

Unlike in many other euro countries, D-Mark banknotes and coins can be exchanged indefinitely at the Bundesbank. Most 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 bills 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, there were notes to the value of around 145 billion euros 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 stopped issuing the 500 euro note 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.

more on the subject – Will the digital euro replace cash as a means of payment within this decade?

(rt / dpa)

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