Days numbered for 50 crown banknote
The days of the pale-red 50 crown banknote, featuring the likeness of Saint Agnes of Bohemia, are numbered. In an aim to cut back on costs, the Czech National Bank announced the paper 50 would be taken out of circulation by the spring of 2011. It will be fully replaced by the copper and zinc 50, which has gradually dominated the bill in recent years.
“By terminating the 50 crown banknote the Czech National Bank will directly lower the costs associated with ensuring smooth currency; coins have a much longer shelf life than bills. By removing the 50 crown note from circulation we will lower direct expenditure associated with issuing money.”
How high were the costs in maintaining the banknotes?
So obviously a big difference there... How soon will the process of taking the 50 out of circulation be completed?
“We are counting on the pre-Christmas period and early 2011 to gradually take the banknote out of circulation and by the end of March the process be complete. As of April 1, only the coins will still be legal tender.” Even so, my understanding is that consumers will still be able to exchange their 50 crown banknotes at commercial banks for some time – is that correct?