Kroons may not be handed out as souvenirs after euro changeover

The proposal of the Tartu Savings and Loan Association to hand out kroons as souvenirs after the introduction of the euro is not well-advised.
3. 05. 2010
 

Eesti Pank has undertaken the responsibility to exchange Estonian kroons into euro for an unlimited period and therefore this proposal would allow exchanging the same kroons into euro repeatedly.

A dual circulation period will start upon the introduction of the euro, after which the kroon will no longer be legal tender. Eesti Pank has assumed the responsibility of exchanging kroons into euro without a specified term. Thus, people may come to the central bank even decades later with kroons they have found and exchange them into euro.

After the changeover, Eesti Pank will count the kroon bank notes and during the counting process the bank notes will be shredded automatically. Kroon coints will be counted after collection and distorted by rolling. The deformed coins are planned to be sold as scrap metal.

On Monday, the Tartu Savings and Loan Association sent the Government, the Parliament and Eesti Pank a proposal to hand out kroons as souvenirs, once the Estonian kroon is no longer legal tender after the introduction of the euro. Eesti Pank sees no possibility of considering this proposal, as this would allow exchanging the same kroons repeatedly into euro.