News may be a news article or an appetiser offering quick insight into one of Danmarks Nationalbank’s more extensive publications. The series is targeted at people who need an easy overview and like a clear angle.
1000-krone banknotes and older banknotes are now invalid as a means of payment: More than kr. 20 billion handed in
The 1000-krone banknote and older banknote series are now invalid as a means of payment. By the deadline, 31 May 2025, banknotes totalling more than kr. 20 billion had been handed in to Danmarks Nationalbank. 97 per cent of the population is aware that the 1000-krone banknote has become invalid. The first phase of the largest banknote recall since World War II has proceeded satisfactorily, Danmarks Nationalbank assesses.
After an eighteen-month notice period, 31 May 2025 was the last day that 1000-krone banknotes and banknotes from older banknote series were valid as a means of payment. Since Danmarks Nationalbank launched the recall on 30 November 2023, banknotes worth kr. 20.5 billion had been handed in as of 31 May 2025.
By 31 May 2025, 1000-krone banknotes worth kr. 19,676 mio. kr. had been handed in, which corresponds to 93 per cent of the total amount recalled of 1000-krone banknotes. At the start of the recall, there were 1000-krone banknotes from the 2009 series with a total value of kr. 21.1 billion in circulation. By 31 May 2025, 1000-krone banknotes worth only approximately kr. 1.4 billion were left in circulation.
The inflow of older banknote series was more limited. A total of kr. 873 million had been received up to 31 May 2025, which corresponds to 26 per cent of the total amount of older banknotes recalled. The remaining amount of kr. 2.5 billion not handed in is a relatively low level.
"These are older banknotes that have not been in general circulation in shops and banks for several decades. They are physical products that, in some cases, dates back to the time immediately after World War II. They may have been lost or are being kept as collector's items. We never expected to receive many of the old banknotes," says Niels Kaas, Chief Cashier at Danmarks Nationalbank.
Chart 1
A large number of 1000-krone banknotes have been handed in since the start of the recall
Note:
The vast majority of the inflow of 1000-krone banknotes from the 2009 series originates from deposits via ATMs and payments in physical trade. Older series have primarily been handed in at banks – either in person or via cash machines, which can also accept the 1997 series.
Source:
Danmarks Nationalbank.
Recall of Danish banknotes in two phases
On 30 November 2023, Danmarks Nationalbank announced that banknotes from older banknote series (1944, 1952, 1972 and 1997 series) and the 1000-krone banknote from the current banknote series (2009 series) would cease to be legal tender after 31 May 2025.
In the first phase, up to and including 31 May 2025, the banknotes were withdrawn from circulation as they were been handed in at banks, shops or at the Danmarks Nationalbank's own banknote exchange points.
In the second phase, which runs until 31 May 2026, the banknotes can only be exchanged at Danmarks Nationalbank's three banknote exchange points in Odense, Aarhus and Copenhagen. After 31 May 2026, any unreturned banknotes will lose their face value
Calm and stable inflow over the entire period
During the recall, the inflow of banknotes was highest in the first few months, but remained stable throughout the period.
"The way shops and banks handled the recall and the framework they made available to their customers is a big part of the reason why it went so well," says Niels Kaas.
The vast majority of the inflow of 1000-krone banknotes from the 2009 series originates from deposits via ATMs and payments in physical trade, while older banknotes were primarily handed in at banks, either in person or via ATMs, which can also accept the 1997 series. The majority of the older banknotes that have been handed in have been 500- and 1000-krone banknotes from the 1997 series.
Table 1
92 per cent of the total value of deposited older banknotes is in 500- and 1000-krone banknotes from the 1997 series
|
Kr. million |
Handed in to Danmarks Nationalbank |
Remaining quantity |
|
1944 series |
0* |
15 |
|
1952 series |
1* |
97 |
|
1972 series |
29 |
868 |
|
1997 series |
836 |
1,550 |
|
of which 1000-krone banknotes |
667 |
535 |
|
of which 500-krone banknotes |
128 |
371 |
|
Older banknotes handed in to Danmarks Nationalbank |
866* |
2,530 |
Note:
The table shows the value of all older banknotes deposited at Danmarks Nationalbank from 30 November 2023 - 31 May 2025 and the residual amount that has not yet been deposited at Danmarks Nationalbank. Amounts marked with an asterisk are adjusted for the bank's extraordinary write-down of circulation in December 2023. The write-down included 5-krone banknotes from 1945 (1944 series) totalling kr. 1.6 million, 10-krone banknotes from 1945-47 (1944 series) totalling kr. 3.9 million and 10-krone banknotes from 1952 (1952 series) totalling kr. 1.1 million. The notes ceased to be valid with Danmarks Nationalbank in 1954 and 1955, but the practice of exchanging the notes continued. However, with the launch of the recall, this practice was discontinued and the banknotes were written off the bank's balance sheet.
Source:
Danmarks Nationalbank.
Natural delay in registration of banknotes handed in
Even though more than kr. 20 billion was received by 31 May 2025, there will be a natural delay in registration of the notes received in May.
In the days leading up to the actual deadline of 31 May 2025, banks and shops have not been able to deliver cash to Danmarks Nationalbank (via cash-in-transit companies), meaning that portion has not yet been registered. This is because 31 May 2025 fell on a Saturday and because banks were closed on Thursday 29 May (Ascension Day) and Friday 30 May 2025.
"Retailers were able to safely accept 1000-krone banknotes and older banknotes right up until the deadline. Danmarks Nationalbank, in collaboration with the Ministry of Industry, Business and Financial Affairs, Finance Denmark and the Danish Chamber of Commerce, made an agreement on the transition that gives shops plenty of time to return the invalid banknotes they have received to their bank," says Niels Kaas.
Shops and businesses can deposit the banknotes at their own bank until 13 June 2025, e.g. via ATMs with deposit function or personal deposit, depending on the individual bank, or until 30 June 2025 by direct collection via cash-in-transit (CIT) companies. These deposits will be included in the upcoming months’ registrations of the inflow.
High awareness of invalid banknotes
Since it was announced on 30 November 2023 that the 1000-krone banknote and older banknote series would become invalid, Danmarks Nationalbank has focused on ensuring the highest possible level of public awareness of the change. This allowed individuals to make an active choice about whether they wanted to hand in the banknotes before they became invalid or whether they wanted to keep them.
The bank conducted an awareness survey among a representative sample of the Danish population between 20-23 May 2025. The survey showed that 97 per cent of the public were aware at that time that the 1000-krone banknote would become invalid. This is an increase line from a previous awareness survey, in which 91 per cent were aware of the change. Awareness is fairly evenly distributed across age, geography and gender.
75 per cent of the public are aware that also older banknotes would become invalid. Here, awareness is higher among the older population.
Chart 2
High public awareness of invalid banknotes, in particular among the older population
Note:
The awareness questions were "Have you heard that the 1000-krone banknote will become invalid?" and "Have you heard that all older banknote series issued before 2009 will become invalid?".
Source:
Survey conducted by the research company Wilke. Data was collected on 20-23 May 2025.
66 per cent of respondents holding the banknotes could identify the correct date when they become invalid: 31 May 2025. This is an increase from a similar awareness survey conducted by Danmarks Nationalbank in September 2024, when only half of the respondents could identify the correct date.
The level of awareness indicates that the vast majority of citizens have been able to make an active choice as to whether they want to hand in or keep the banknotes recalled. Nevertheless, there will be some who for various reasons did not spend or hand them in before 31 May 2025 and who will therefore need to use Danmarks Nationalbank's three banknote exchange points. Consequently, the bank will continue its communication campaign until 31 May 2026.
Extensive communication campaign to ensure awareness
Danmarks Nationalbank has regularly organised information campaigns in Denmark, Greenland and the Faroe Islands to create public awareness that 1000-krone banknotes and older banknotes would become invalid.
The initiatives were announced for the first time on 30 November 2023 by holding a press conference and issuing a press release. The bank has continuously focused on communication about the initiatives since then, including through the press. Three major campaigns were also conducted:
- 13 May – 2 June 2024: Press and advertising campaign in Denmark and Greenland about public involvement in the new banknotes, thereby raising awareness of invalid banknotes.
- 2 – 30 September 2024: Press and advertising campaign in Denmark and Greenland about the banknotes and what the public can do.
- 14 April – 11 May 2025: Press and advertising campaign in Denmark, Greenland and the Faroe Islands focusing on the deadline of 31 May 2025.
Communication has been extensive and wide-ranging. Letters were sent to the public in September 2024 with details of the cash initiatives. They were sent digitally to all citizens in Denmark over the age of 15, and physical letters were sent to all citizens in Denmark who have opted out of digital mail for various reasons.
"Throughout the process, we have been in close dialogue and collaboration with banks, businesses, municipalities, member organisations for elderly and vulnerable citizens, expats, tourism organisations and others. For example, many of the major retail chains have had material with the campaign's messages in the checkout areas of their stores for much of spring 2025. Support from our partners for our communications is a big part of the reason why the recall has gone well and why awareness among the population is high," says Camilla Penn, Head of Secretariat, Communication and Strategy at Danmarks Nationalbank and continues:
"We look forward to continuing to work with all relevant parties in the final phase of the recall up to 31 May 2026."
Last chance: Banknotes can be handed in at three banknote exchange points
Although 1000-krone and older banknotes will no longer be valid as a means of payment from 1 June 2025, there is still an option for citizens who have not yet used or handed in their banknotes:
Citizens, businesses and foreigners can exchange their invalid banknotes in person at Danmarks Nationalbank's three banknote exchange points in Aarhus, Odense and Copenhagen until 31 May 2026, i.e. one year after the notes became invalid as a means of payment in shops and banks.
Only banknotes that become invalid as a means of payment after 31 May 2025 will be accepted at the banknote exchange points. Other banknotes cannot be exchanged at the banknote exchange points.
Special arrangement with Greenlandic and Faroese banks
Danmarks Nationalbank has made a special agreement with the Greenlandic and Faroese banks. Customers of GrønlandsBANKEN and Bankivik in Greenland and Føroya Banki, Betri Banki, Norðoya Sparikassa and Suðuroyar Sparikassa in the Faroe Islands can hand in invalid banknotes at their own bank until 31 May 2026, i.e. up to one year after the notes have become invalid as a means of payment.
The Faroe Islands have their own banknotes, which are not covered by the banknote recall, but Danish banknotes are accepted by many Faroese shops.
Expectation for final banknote exchange maintained
In February 2025, Danmarks Nationalbank announced its expectations for the total number of invalid banknotes in circulation. The figure at the time was that around kr. 3 billion worth of notes would not be handed in before 31 May 2026. Of those, unreturned 1000-krone banknotes were expected to amount to approximately kr. 1 billion, while banknotes from older banknote series would amount to more than kr. 2 billion.
Expectations in February 2025 were based on circulation figures, awareness surveys and the experiences of Norway and Sweden, where there are significantly larger residual amounts in circulation of their most recently collected banknote series.
The latest deposit figures as of 31 May 2025 and the results of the awareness survey from the latter part of May 2025 give no reason to change the overall expectation for banknote circulation up to 31 May 2026.