Original article (in Albanian) was published on 7/1/2024; Author: Pustina Patris
Claim: Certain Euro banknote denominations will be withdrawn from circulation in 2025
Verdict: False
In the first days of January, several Albanian-speaking portals reported that certain euro banknote denominations are set to be withdrawn from circulation.
The portals claim that ‘the first series of 500-euro banknotes, the first series from 2002, and damaged or marked banknotes will soon no longer be valid.’ Although they recommend that readers contact their banks to learn more about the fate of their euro banknotes, the articles mentioned above do not provide any sources or references for this news, which could cause concern about the loss of value in foreign currency savings for Albanian families.
There has been no such announcement on the official website of the European Central Bank (ECB).
On the contrary, the official page explains that, although ‘the ECB decided to stop producing the 500 euro banknote in 2016, the first series of 500 euro banknotes remains legal banknotes.’ Furthermore, ‘the first series of euro banknotes will continue to be issued alongside the Europa series until the remaining reserves are exhausted. After that, they will be gradually withdrawn. The date when the first series of euro banknotes will cease to be legal will be announced well in advance. However, the first series banknotes will always retain their value: they can be exchanged indefinitely at the National Central Banks (NCBs) of the Eurosystem.’
Up to now, two series of euro banknotes have been issued: the first series, introduced with the launch of the common European currency on January 1, 2002, and the Europa series, which began circulating in 2013. The Europa series incorporates additional security features, with the most prominent being the image of Princess Europa from Greek mythology. The European Central Bank regularly publishes reports on the usage of both series of banknotes and coins in the European Union member states.
ECB Reports on the Current Usage of Issued Euro Banknote Series
Regarding damaged or marked banknotes, the ECB, explains that ‘national central banks in the euro area replace any euro banknote that is damaged, torn, or accidentally mutilated, provided certain criteria are met. If you have more than half of the damaged euro banknote, or if you can prove that the missing part has been destroyed, the national central bank may replace it. Euro banknotes that are intentionally damaged or mutilated are not replaced. As a general rule, replacements are free of charge.’
