Danish banknote recall ends, 21.2 billion kroner exchanged
Danmarks Nationalbank has concluded the largest recall of Danish banknotes since World War II. By the May 31, 2026 deadline, 21.2 billion kroner, or 87 percent of the total recalled amount, had been exchanged.
Billions exchanged, expectations met
The recall, announced in November 2023, saw 1000-krone banknotes from the 2009 series and all older series from 1944, 1952, 1972, and 1997 become worthless after May 31, 2026.
Danmarks Nationalbank exchanged over kr.
21.2 billion by the deadline, representing 87 percent of the total kr.
24.5 billion recalled.
This figure covers completed transactions, with the final amount expected to be higher due to busy exchange points in the final weeks.
Of the amount exchanged, more than kr.
20.1 billion were 1000-krone banknotes (96 percent of their total), while kr.
1 billion were older banknotes (30 percent of their total).
Chief Treasurer Niels Kaas noted that the kr.
2.4 billion in unreturned older banknotes is relatively low, considering their age and potential loss or deterioration over time, and some are popular collectors' items.
Phased withdrawal, high awareness
The recall was executed in two phases.
In the first phase, until May 31, 2025, affected banknotes were continually withdrawn as legal tender through banks, shops, and Danmarks Nationalbank's exchange points.
The second phase, from June 1, 2025, to May 31, 2026, allowed exchanges exclusively at Danmarks Nationalbank's three dedicated banknote exchange points in Odense, Aarhus, and Copenhagen, as well as via banks in Greenland and the Faroe Islands.
Extensive communication campaigns were conducted across Denmark, Greenland, and the Faroe Islands, utilizing digital and analogue media, including letters to residents.
Awareness surveys in May 2025 indicated that 97 percent of citizens were aware of the 1000-krone banknote invalidation, and 75 percent knew about older banknotes.
The Nationalbank's expectations for unexchanged amounts were met, with final figures anticipated to be lower once all transactions are processed.
Operational success, historical closure
Danmarks Nationalbank successfully managed a complex logistical challenge, ensuring a high return rate for active banknotes.
The comprehensive communication strategy and multi-channel exchange points proved effective in reaching the public.
This sets a strong precedent for future currency management, even as it underscores the difficulty of fully recovering very old, out-of-circulation notes.