The largest recall of Danish banknotes since World War II has now ended

When Sunday 31 May 2026 turned into Monday 1 June 2026, 1000-krone banknotes from the 2009 series and all banknotes from the older banknote series from 1944, 1952, 1972 and 1997 became worthless. This was two and a half years after Danmarks Nationalbank announced the recall. This marks the largest recall of Danish banknote since World War II.

Since Danmarks Nationalbank launched the recall on 30 November 2023, banknotes worth more than kr. 21.2 billion had been exchanged as of 31 May 2026. This corresponds to 87 per cent of the total recalled amount of kr. 24.5 billion. The amount covers all completed transactions, and the final amount will therefore be higher, as the banknote exchange points were busy, especially in the last weeks before the deadline. This means that several transactions must be completed before they are included in the final amount. So far, around 1 per cent of the calculated amount has been submitted through the banknote exchange points, while 99 per cent has been handed in through banks, retailers, etc., before the banknotes became invalid as legal tender at the end of May 2025.

More than a total of kr. 20.1 billion of 1000-krone banknotes from the 2009 series was handed in, which corresponds to 96 per cent of the total amount of kr. 21.1 billion in 1000-krone banknotes. The exchange of older banknote series has been less. In total, more than kr. 1 billion in older banknotes has been handed in, which corresponds to 30 per cent of the total value of the recalled older banknotes.

The kr. 2.4 billion in older banknotes that were not returned by the deadline is a relatively low amount, considering the age and circulation time of the banknotes.

"These are older banknotes that have not been in general circulation in shops and banks for several decades. At the same time, they are physical products, some of which date back to the period immediately after World War II, and many will therefore have been lost or deteriorated over time. Others may have been removed from the country or disappeared in some other way. Some of the banknotes are also popular as collectors’ items. In this light, we have been somewhat a bit surprised that kr. 1 billion in older banknotes has been handed in," says Chief Treasurer at Danmarks Nationalbank, Niels Kaas.

Danmarks Nationalbank carried out numerous exchanges after the banknotes became invalid.

Most of the recalled banknotes were exchanged while they were still legal tender in shops and banks – particularly in the first months of the recall. The vast majority of 1000-krone banknotes from the 2009 series were exchanged during the first phase of the recall via deposits at cash machines and payments in physical stores. The older banknotes were primarily exchanged at banks – either in person or via cash machines, which could also accept the 1997 series.

In the second phase, the recalled banknotes could be exchanged at Danmarks Nationalbank's three banknote exchange points in Aarhus, Odense and Copenhagen, as well as via the banks in Greenland and the Faroe Islands. The three banknote exchange points in Denmark were operated in close collaboration with the payment institution, FOREX Danmark. The exchange facility in Greenland and the Faroe Islands was established in collaboration with GrønlandsBANKEN, Bankivik, Tusass, KNI, Betri Banki, Føroya Banki, Nordoya Sparikassi and Suduroyar Sparikassi.

The amounts exchanged during this phase were significantly smaller than in the first phase. Nevertheless, many Danes have made use of Danmarks Nationalbank's banknote exchange points.

The three banknote exchange points were used extensively in the period after May 2025, when the banknotes became invalid as legal tender. In addition, there were particularly many enquiries in March, April and May 2026, which were the last months leading up to the final deadline. Danmarks Nationalbank has therefore increased capacity on several occasions by opening more cash desks at the three banknote exchange points. To meet the extraordinarily large number of enquiries in the last couple of weeks, Danmarks Nationalbank also made it possible to assert claims via online registration from 29 to 31 May. However, this arrangement requires later post-processing and physical submission.

Danmarks Nationalbank's three banknote exchange points opened on 2 December 2024. Since opening, the three banknote exchange points have handled more than 47,000 transactions, of which more than 45,000 transactions were in the second phase of the recall from 1 June 2025 to 31 May 2026. 

In total, an amount of recalled banknotes exceeding kr. 237 billion have been submitted at the three banknote exchange points up to and including 31 May 2026.

These figures do not include statements of the many registrations for later physical submission that were carried out in the last weeks leading up to the deadline.

Ongoing communication efforts and collaboration have ensured a stable inflow

Danmarks Nationalbank has continually carried out information campaigns in Denmark, Greenland and the Faroe Islands to make citizens aware that 1000-krone banknotes and older banknotes would first become invalid as a means of payment and would subsequently become worthless.

In addition, Danmarks Nationalbank has been in ongoing dialogue and collaboration with banks, businesses, municipalities, member organisations for elderly and vulnerable citizens, Danes living abroad, tourism organisations and others to ensure that all parties involved have been well and promptly informed and have had relevant information packs at their disposal.

Danmarks Nationalbank announced the recall of banknotes on 30 November 2023 by holding a press conference and issuing a press release. During the subsequent two and a half years of the recall period, Danmarks Nationalbank has continued to focus on communicating about the recall, including via the press and on social media. Furthermore, Danmarks Nationalbank conducted four major campaigns:

• 13 May – 2 June 2024: Press and advertising campaign in Denmark and Greenland about public involvement in developing 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 on the Faroe Islands focusing on the deadline of 31 May 2025.
• 20 April 2026 – 31 May 2026: Press and advertising campaign in Denmark, Greenland and the Faroe Islands focusing on 31 May 2026 as the last opportunity to exchange at the three banknote exchange points.

The communication efforts have been comprehensive and wide-ranging, and have been organised so that both digital and analogue media have been used. In September 2024, letters were sent to the public about the recall. Notifications were sent via Digital Post to all residents of Denmark aged 15 and over, while physical letters were sent to those who, for various reasons, were not registered for Digital Post.

High level of public awareness

Throughout the process, Danmarks Nationalbank conducted awareness surveys of a representative sample of the Danish population. The survey in May 2025 showed that, at that time, 97 per cent of citizens were aware that the 1000-krone banknote would become invalid. According to the May 2025 survey, 75 per cent of citizens were aware that older banknotes would also become invalid.

The awareness surveys conducted have shown that awareness of the recall of banknotes has been fairly evenly distributed across genders and geographical locations. 

Expectations for banknote exchanges were met

In February 2025, Danmarks Nationalbank announced its expectations for the total number of invalid banknotes in circulation. The expectation at the time was that around kr. 3 billion worth of notes would not be exchanged before 31 May 2026. Of these, unreturned 1000-krone banknotes were expected to amount to approximately kr. 1 billion, while banknotes from older banknote series were expected to 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.

At the end of the recall, banknotes equivalent to 0.9 billion in 1000-krone banknotes and 2.4 billion in older banknotes had been exchanged. Thus, the previously published expectations have been met. The remaining amounts are expected to be lower when the final transactions have been processed. 

Danmarks Nationalbank assesses that the banknote recall has proceeded satisfactorily. This assessment is based on the volume of banknotes exchanged, the high level of awareness, the generally smooth process surrounding the exchanges and the close collaboration with relevant parties in the sector.