30 November 2023
There is still a need for cash in Denmark – also in the future. Therefore, Danmarks Nationalbank will develop a new series of banknotes. The plan is to launch the new banknotes in 2028-2029.
"To ensure that cash remains a secure and efficient means of payment also in future, the design and security features of the banknotes must be at the forefront of the technological development. This is what we want to ensure with a new series of banknotes, and it's completely in accordance with Danmarks Nationalbank having historically developed new series in step with the technological development," says Governor Christian Kettel Thomsen.
Prior to the issuance of the new series of banknotes, Danmarks Nationalbank has decided, by joint agreement with the Minister for Industry, Business and Financial Affairs, to phase out old banknotes issued before 2009. There has previously been no practice in Denmark for older banknotes becoming invalid when new banknotes have been launched. This means that old banknotes dating back to 1944 are still legal tender today. In practice, however, it may be difficult for citizens to use the banknotes as a means of payment, as, for example, store staff are often reluctant to accept banknotes that they do not recognise, while some older banknotes cannot be deposited in ATMs.
"The old banknotes are difficult to handle for the retail sector and the banks because they don't meet today's standards. Therefore, we've decided that the most expedient action is to withdraw the old banknotes from circulation. When the new series of banknotes hit the streets in 2028-2029, the current series depicting Danish bridges and archaeological finds will also be phased out after a period, meaning that we only have one valid series of banknotes," says Christian Kettel Thomsen.
Citizens will have plenty of time to hand in the old banknotes, as they will become invalid as a means of payment in Denmark after 31 May 2025.
By joint agreement with the Minister for Industry, Business and Financial Affairs, Danmarks Nationalbank has also decided that the new series of banknotes will not contain a 1000-krone banknote. Therefore, the 1000-krone banknote will no longer be legal tender after 31 May 2025.
Today, cash is used for approx. 10 per cent of payments in physical stores, and 90 per cent of all payments with cash in stores amount to less than DKK 500. At the same time, anti-money laundering rules prohibit large cash payments. The 1000-krone banknote is therefore not important for the citizens' possibility of using cash for payments. In addition, the police, among others, assess that the 1000-krone banknote to a greater extent than other banknotes is used in connection with various types of financial crime. In this connection, the Danish Government has announced that it will be tabling a bill aimed at reducing the cash limit from the current kr. 20,000 to kr. 15,000.
"With the Danes' changed payment habits, there is no longer a need for the 1000-krone banknote, and, in practice, it can even be difficult to use for payments. And, of course, we also listen to the concerns and wishes of the police, the financial sector and the retail sector regarding the 1000-krone banknote," says Christian Kettel Thomsen.
Up to and including 31 May 2025, the 1000-krone banknote can still be used in stores or deposited in ATMs and the citizens' own bank in accordance with the anti-money laundering rules.
In Greenland, the same series of banknotes are used as in Denmark. When older Danish banknotes and the current 1000-krone banknote become invalid after 31 May 2025, these banknotes will thus also become invalid in Greenland.
The Faroe Islands have their own banknotes, which have the same value and format as the Danish banknotes. The initiatives for Danish banknotes do not invalidate the Faroese series of banknotes. The Danish Government is conducting a dialogue with the Faroese authorities on whether there will also be a recall of the Faroese 1000-krone banknote and the older Faroese banknotes.
Next year, Danmarks Nationalbank will launch an information campaign aimed at citizens in collaboration with relevant special interest organisations, and the population will also be consulted about the themes and motifs for the new Danish banknotes.
Read more about what to do if you have 1000-krone banknotes and older banknotes: nationalbanken.dk/fremtidenskontanter
Journalists can direct enquiries to Press and Communications Officer Teis Hald Jensen on tel. +45 3363 6066.