July 3, 2022

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Billions of old money in banks and socks |  Money

Billions of old money in banks and socks | Money

The euro was introduced nearly twenty years ago, on January 1, 2002, in twelve countries, including the Netherlands.

It is not clear why the money has not yet been refunded. Savings hidden under a mattress, for example, may be forgotten. They can also be souvenirs from the pre-European era. On average, this amount is approximately 20 euros per EU citizen.

scraps and yellow

There are still about 25.6 million guilders in circulation, says De Nederlandsche Bank (DNB). Its total value is 440 million euros. The number of guilders still in circulation has declined in recent years.

In 2009, the total value of banknotes not yet exchanged was 502 million euros and in 2015 it was 462 million euros. It is not clear why the money was not refunded. Savings hidden under a mattress, for example, may be forgotten. They can also be souvenirs from the pre-European era.

Usually the signs

It is known that the vast majority of funds are located in Germany. Cash is still common there and German marks can still be exchanged at the Bundesbank. The Bundesbank has not yet set a time limit for this.

Countries like France, Spain and Italy have already stopped exchanging old money. In the Netherlands, guilder notes can be exchanged for ten guilders until 1 January 2032. The coins can no longer be returned to De Nederlandsche Bank (DNB). The guilder is about 0.45 euros. DNB does not charge any exchange costs.