Time to check your money

All of Sweden's households will over the next few days receive a folder from the Riksbank calling on them to "Check your money!" This marks the start of an information campaign designed to ensure that as many people as possible check whether they have banknotes that will become invalid after the turn of the year. It is the older versions of the 50-krona and 1,000-krona banknotes, those without a foil strip, that will become invalid. The campaign also includes a film which will be shown in a regular public information programme on Swedish television, and special measures aimed at groups in society who may otherwise be difficult to reach.

There are currently two versions of the 50 and 1,000-krona banknotes. It is the older versions, those without a foil strip, that will become invalid after 31 December 2013. The newer versions, with a foil strip, will remain valid even after the turn of the year.

Pay with the banknotes before they become invalid

The simplest ways of getting rid of the older banknotes before they become invalid are either to use them to pay with or to deposit them in a bank account. "We advise people not to wait too long to do this as the banks and the shops may set limits for accepting, above all, 1,000-krona banknotes," says Christina Wejshammar, head of division at the Riksbank.

Banknotes to a value of SEK 3 billion have been handed in since May, but there are still approximately 9 million 1,000-krona banknotes and almost 4 million 50-krona banknotes of the older versions in circulation, that is the equivalent of approximately SEK 9 billion.

The Riksbank's information campaign consists of a folder that will be sent to all Swedish households, a film that will be shown, for instance, in a regular public information programme on Swedish television, special measures through municipalities and non-profit organisations to reach people who find it more difficult to access and assimilate public information through the traditional channels and measures in both the traditional media and social media. The folder has also been translated into the most common minority and immigrant languages. The campaign will begin on 20 September and continue throughout the autumn and winter.

The older version of the 1,000-krona banknote was first issued in 1989 and the older version of the 50-krona banknote in 1996. Both of these banknotes will become invalid after 31 December 2013. The newer versions of the banknotes were issued in 2006 and the main difference compared to the older versions is that they have a foil strip (see the images below). The newer versions, with a foil strip, will remain valid after the turn of the year.

Banknotes and coins will be replaced in stages

The withdrawal of the older 50-krona and 1,000-krona banknotes without a foil strip is the first step in the replacement of the entire banknote and coin series that will be carried out in 2015 – 2017. The main reasons for the replacement are to make it more difficult to counterfeit the banknotes and to make the coins cheaper and easier to handle. The replacement will be carried out in stages, in line with the wishes of the retail sector, the banks and the cash-in-transit companies.

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