
Paper money is disappearing more and more, as many people prefer to pay directly with their credit cards.
For this reason, there have been several updates to European Union regulations and indeed, some banknotes may soon lose their legal value. So anyone who has been holding cash savings with the cuts expected to disappear should be concerned as based on the new regulations, they will no longer be accepted to make payments.
The first thing you need to know is that the European Central Bank will regularly update the banknotes in order to improve security and thus prevent counterfeiting. Therefore, when 9 series are issued, some old ones go out of circulation and therefore will lose their legal validity.
For example, the Europa series, which was introduced in 2013, gradually replaced the first series of banknotes issued in 2002. However, in reality, some old banknotes are still usable today, but there are deadlines within which they must to be changed by the central bank as they will no longer be usable.
But which banknotes will soon be worthless:
First series of 500 euro banknote,
banknotes of the first series of 2002,
damaged or marked banknotes
To see if the banknotes you have stored or saved are still valid, it is best to first check the serial number to know if they are from the first series or from the Europa series. Those in the first series have the abbreviation 'EBB', while the Europa series have 19. You can also check with the bank to see if they are still valid for payment.
In addition, you can also consult the official website of the ECB, which contains all the updated information about the banknotes that are still valid and those that will expire. If you have expired notes, it is recommended to go to the Bank to exchange them, otherwise you can just keep them as collectibles.
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