Kr. 21.2 billion banknotes returned in major recall
Danmarks Nationalbank completed its largest banknote recall since World War II, with kr. 21.2 billion in banknotes handed in by the May 31, 2026 deadline. This represents 87 percent of the total amount recalled.
Kr. 21.2 billion collected
The recall, which lasted 2.5 years, saw more than kr.
21.2 billion in banknotes deposited with Danmarks Nationalbank by the May 31, 2026 deadline.
This corresponds to 87 percent of the total amount recalled, marking the largest recall of Danish banknotes since World War II. Specifically, kr.
20.1 billion of 1000-krone banknotes from the 2009 series were handed in, achieving a 96 percent return rate for that denomination.
The exchange of older banknote series (from 1944, 1952, 1972, and 1997) was significantly smaller, with just over kr.
1 billion returned, representing only 30 percent of their total recalled value.
These banknotes are now worthless and can no longer be redeemed.
Chief Cashier praises recall process
Niels Kaas, Chief Cashier at Danmarks Nationalbank, deemed the recall process satisfactory, highlighting the substantial amount submitted and high public awareness.
The 2.5-year process allowed banknotes to be used as legal tender for 1.5 years, followed by an additional year for exchange at designated points.
The majority of banknotes were returned while still legal tender in shops and banks.
While exchange points were quiet for most of the period, a significant surge occurred just before the May 31 deadline.
Approximately 7,000 citizens and companies who registered before the deadline will be contacted directly to finalize their exchanges in the coming months, as the Nationalbank could not process all cases immediately.
Effective, but not exhaustive
Danmarks Nationalbank's recall demonstrates effective public communication and logistical planning for a large-scale currency transition.
The high return rate for the 1000-krone notes, a key target, underscores public trust and compliance.
Yet, the lower return for older series highlights the persistent challenge of reaching all cash holders, suggesting a natural attrition of physical cash over time.