Have any stashes of european banknotes laying around? Read this..

[aldabra]

The long awaited euro currency switch takes effect very soon....these are the participating countries Austria, Belgium,Ireland,Finland,France,Germany,Greece,Italy,Luxembourg,Netherlands,Portugal,Spain

They will make their respective currencies
non-legal tender by Feb 28 this year!!!

Reason I bring this up is I had a friend who
liked to buy high denomination German notes..
1000 marks (currently about 500.00) and salt
them away as they took up less space then
US hundreds..she did not believe in banks...
she has since moved to arizona and I have lost touch with her....

Hope this info helps someone....

 

[wondo]

true that they're not legal tender, but it's a 3 yr phase out program, so initially you can trade them in at almost any local bank. Then after a certain amount of time, you are only able to exhange at larger regional banks, and so forth, until it hits around 3 years from now when you're screwed....

 

[pepin46]

i doubt very much anyone will get screwed with hard currencies, other than their perennial loss of purchasing power.

i have not read of any such laws, and suspect it even exists. what will happen is that you will have to deposit them on a "collection" basis at your bank, whether here or in europe, or make a trip to the country's central bank offices.

there will be plenty of renegades who will refuse to exchange their "old" currency, and 10, 20 years down the line, it will be found by a heir somewhere.

and as far as holding high denomination bills, doesn't the euro have a 500 issue, worth around 450 u.s.? the singapore dollar is still king there, with their 10,000 sing. dollar bill, worth around 5-6,000 u.s. last time i looked. go try to cash that somewhere.


pep

 

[aldabra]

Good question...I have since lost article...
have sent e-mail to Belgium monetary authority with direct question as to length of time till bills are totally unredeemable,will post response..

 

[He Hate Me]

1 World currency is in the future, think about it.

 

[aldabra]

Info I received...National Central Banks will
honor notes (not local banks) for at least 10
years,coins till the end of 2002,sometimes longer depending on country...right now they
have dual currencies...however your change from a purchase is in Euros....if you have
a bunch of high denomination marks or whatever,you can freely exchange them now...
in the future it sounds like you will have to
put them in collection,fill out paperwork,
then sit back and wait for your money...

The highest denomination Euro note is the 500
currently worth about 470.00 us

Hate me, we already have one world currency...
the almighty dollar.