Czechs have millions of expired banknotes in their wallets

People in Czechia still have tens of millions of banknotes in their wallets that expired this year and should be careful not to try to pay for Christmas presents with them, the Czech Banking Association warned on Thursday. The most widespread invalid denomination is CZK 100 notes, of which 22 million remain in circulation - roughly a third of all notes of that denomination in circulation.

CZK 100, 200, 500, 1000 and 2000 banknotes issued between 1995 and 1999 expired at the end of June, but can still be exchanged for new ones at any bank free of charge until the middle of 2024. After this date, it will be possible to exchange them only at the Czech National Bank.

The Czech National Bank decided to withdraw the older model of banknotes so that there would be only one type in circulation, in order to make it easier for people to tell whether the banknote is a counterfeit or not. Banknotes withdrawn from circulation are primarily recognizable by the silvery strip that crosses the banknote. The older notes have a narrow strip that does not change colour when tilted, while the newer designs have a wider strip that changes colour from brown-purple to green when tilted.