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Converting Old European Currency to New Euros

Posted By Jim On 01/19/2010 @ 12:06 pm In Personal Finance | 16 Comments

Can you believe the euro has been around for almost eight years? I didn’t realize it’s been that long until I read a Bankrate question about options for converting old European currency [3] (there aren’t many). That page referenced a University of British Columbia’s Sauder School of Business page that has anything and everything you could possible want to know about the Euro conversion [4], from a timeline to conversion rates to the Maastricht criteria, the criteria a country must meet to be eligible to convert to the euro.

The big lesson I learned was that the conversion rate from the old legacy currency to the euro is fixed forever and that you may have a deadline on converting notes and coins. For example, you can no longer convert the coinage of Belgium, Greece, France, Luxembourg, Netherlands, and Portugal. There’s also a deadline on converting paper currency from Greece, France, Netherlands, Portugal, and Finland.

Here’s are the deadlines (includes ones for the recent additions):

  • Austria Schillings: Notes and coins indefinitely.
  • Belgium Francs: Notes indefinitely but coin redemption ended in 2004.
  • Cypriot Pounds: Notes until Dec 31, 2017 and coin redemption ended in 2009.
  • Finland Markkas: Notes and coins until Jan 29, 2012.
  • France Francs: Notes until February 17th, 2012, coin redemption ended in 2005.
  • Germany Marks: Notes and coins indefinitely.
  • Greece Drachmas: Notes until March 2012, coin redemption ended in 2004.
  • Italy Liras: Notes and coins until February 29th, 2012.
  • Ireland Pounds: Notes and coins indefinitely.
  • Luxembourg Franc Notes indefinitely, coin redemption ended in 2004.
  • Maltese Liras: Notes until 31 January 2018, coins until 1 February 2010.
  • Netherlands Guilders: Notes until Jan 1st, 2032, coin redemption ended in 2007.
  • Portugal Escudos: Notes until Dec. 30, 2022 but coin redemption ended in 2002.
  • Slovakia Crowns: Notes indefinitely and coins until the end of 2014.
  • Slovenia Tolars: Notes indefinitely and coins until 31 December 2016.
  • Spain Pesetas: Notes and coins indefinitely.

To trade in your currency, you’ll need to go to a bank in that country and do so before the deadline or they just become collectible souvenirs!

(Photo: vizzzual-dot-com [5])


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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/converting-old-european-currency-to-new-euros.html

[3] converting old European currency: http://www.bankrate.com/finance/checking/searching-for-best-currency-converter.aspx?pid=p:brg

[4] Euro conversion: http://fx.sauder.ubc.ca/euro/euro.html

[5] vizzzual-dot-com: http://www.flickr.com/photos/vizzzual-dot-com/2660857310/sizes/m/

Thank you for reading!