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 How to convert pre-Euro coins and notes
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AGgressive Metal
Administrator


USA
1937 Posts

Posted - 12/07/2009 :  20:35:34  Show Profile Send AGgressive Metal a Private Message
A short guide by AGgressive Metal on converting pre-Euro currency

As most people are aware, many European nations have adopted the Euro as their currency, replacing their previous national currencies. The original member nations began using the Euro in 1999 and others have joined later on. Exceptions to the Euro in Europe are:

Great Britain & Northern Ireland, Pound (GBP)
Denmark Kroner(DKK)
Sweden Kronor (SEK)
Norway Kroner (NOK)
Switzerland Franc (CHF)
Romanian New Lei (RON)
Poland Zlotych (PLN)
Hungary Florint (HUF)
Estonian Krooni (EEK)
Czech Republic Koruny (CZK)
Croatia Kuna (HRK)
Bulgaria Leva (BGN)
Latvia Lat (LVL)
Lithuania Litas (LTL)
Macedonia Denar (MKD)
Albania Lek (ALL)
Moldova Leu (MDL)
Ukraine Hryvna (UAH)
Belarus Ruble (BYR)

Countries that switch to the Euro agree to switch from their old currency at a fixed rate - for example, the French Franc is permanently fixed at 6.55957 Francs per Euro. The countries' respective central banks have discretion as to how long and in what manner the old coins and banknotes may be redeemed. Some allow for redemption by mail, while others require currency to be redeemed in person. Some allow citizens to redeem by mail, but not non-citizens. Some require you to have a European bank account if redeeming by mail. Some have unlimited redemption and others have set cut-off dates, after which the old currency cannot be redeemed. If you need to check details for a particular currency, you can either go directly to their central bank's website, or the European Central Bank's website (You must be logged in to see this link.).

Here is a chart of redemption time limits:


Country --- Exchange of banknotes until --- Exchange of coins until
Belgium ---- unlimited --- 31 December 2004
Germany --- unlimited --- unlimited
Ireland --- unlimited --- unlimited
Greece --- 1 March 2012 --- 1 March 2004
Spain --- unlimited --- unlimited
France --- 17 February 2012 --- 17 February 2005
Italy --- 29 February 2012 --- 29 February 2012
Cyprus --- 31 December 2017 --- 31 December 2009
Luxembourg --- unlimited --- 31 December 2004
Malta --- 31 January 2018 --- 1 February 2010
Netherlands --- 1 January 2032 --- 1 January 2007
Austria --- unlimited --- unlimited
Portugal --- 28 February 2022 --- 31 December 2002
Slovenia --- unlimited --- 31 December 2016
Slovakia --- unlimited --- 31 December 2013
Finland --- 29 February 2012 --- 29 February 2012

Other areas that use the Euro: The Azores, Canary Islands, French Guiana, Guadeloupe, Vatican City, Madeira Islands, Martinique, Mayotte, Monaco, Montenegro, Reunion, Saint Pierre & Miquelon, Saint-Martin, San Marino.

Before converting coins or notes, be sure to check that they are not rare dates or otherwise worth more than their value in Euros. Also be sure that the coins and notes were legal tender in the country at the time that they adopted the Euro. If the currency was already obsolete before the Euro was adopted, you will not be able to change it. If you have a crisp note, chances are that you are better off saving it as a collector item.

Hope that helps!

Here I am changing Spanish Pesetas to Euros in Madrid:



And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484

Edited by - AGgressive Metal on 06/08/2010 10:16:41

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PennySaved
1000+ Penny Miser Member



USA
1720 Posts

Posted - 12/14/2009 :  09:39:32  Show Profile Send PennySaved a Private Message
I have the chance to buy a bunch of 10 pfenning for 12 for $1. I looked at the German bank and could not find what the conversion is exactly from pfenning or marks to Euros. Also, looks like you have to convert it at certain banks in Germany. Didn't see where you could mail them in. Is it worth buying them at 12 for $1?

SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson
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NiBullionCu
Penny Pincher Member



USA
168 Posts

Posted - 12/15/2009 :  09:36:41  Show Profile Send NiBullionCu a Private Message
No.

1.2 DM is currently only 89¢

(current rate is $0.744 to one DM)

You can still get exchange rates for the pre-euro at xe.com

You must be logged in to see this link.
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wolvesdad
1000+ Penny Miser Member



USA
2164 Posts

Posted - 12/15/2009 :  09:52:36  Show Profile Send wolvesdad a Private Message
Wow, all seems to complicated. Perhaps someone in the know with connections to coin stores all over the country could arrange for the purchase of their surplus at a cheap rate and make one big exchange. And one big profit.

But I doubt it.

"May your percentages ever increase!"
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Lemon Thrower
1000+ Penny Miser Member



USA
1588 Posts

Posted - 12/15/2009 :  10:10:03  Show Profile Send Lemon Thrower a Private Message
its a big pia although you get a pretty good gross price on fee bay

Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X


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vrbsroma
Penny Collector Member



394 Posts

Posted - 12/15/2009 :  10:12:53  Show Profile Send vrbsroma a Private Message
I have lots of old/discontinued/deprecated (there's another word, isn't there?) foreign bank notes that I'd like to exchange. Is there a resource you can recommend?

As far as I know, it is stated "In God We Trust" on the US dollar. How can I trust this currency if I do not believe in God?

Possession is nine-tenths of the law.

When I give my two cents, they're always copper!
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NiBullionCu
Penny Pincher Member



USA
168 Posts

Posted - 12/15/2009 :  13:05:34  Show Profile Send NiBullionCu a Private Message
The bible for currency exchange is:

The MRI bankers Guide to foreign currency

You must be logged in to see this link.

It comes out quarterly

The best bet is to find if you have an international exchange bank nearby.

I buy outdated copies of this guide for reference.

The trick is learning "current" legal tender vs "outmoded" but still redeemable currency vs "obsolete" and de-monetized.

For example, the Canadian $1 and 2$ notes are still legal tender, but my local currency exchange will no longer buy them.
They are still exchangeable at Canadian banks and I will take them with me on my next trip there.

In some/many countries the outmoded but still redeemable currency must be taken to a central bank for redemption.

If you check in Numismatic News and Coin World there are usually adds for people buying exchange at a discount.
(I've let my subscriptions lapse, so not sure how active the ads are any more).

I typically sell my Outmoded but redeemable (except for Canada which I do myself) to ECE, 101 Boulder Canyon way, Folsom, CA.

He pays 90% of exchange for currency, and 80% of exchange for certain coins (primarily higher value Euro, Swiss, German).



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PennySaved
1000+ Penny Miser Member



USA
1720 Posts

Posted - 12/23/2009 :  09:25:51  Show Profile Send PennySaved a Private Message
I saw the tellers at B of A using that manual for foreign currency. I wonder if they would sell someone an outdated copy? Someone had given me a $2 Canadian note and B of A wouldn't exchange it because they said the said they won't do conversions under $5. I took it to Chase though and got it converted.

SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson
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AGgressive Metal
Administrator



USA
1937 Posts

Posted - 12/23/2009 :  09:46:34  Show Profile Send AGgressive Metal a Private Message
A $2 Canadian note is a collector item because they are no longer made - worth more than face for sure.

And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484
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PennySaved
1000+ Penny Miser Member



USA
1720 Posts

Posted - 12/23/2009 :  11:05:57  Show Profile Send PennySaved a Private Message
Woops how much?

SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson
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PennySaved
1000+ Penny Miser Member



USA
1720 Posts

Posted - 12/23/2009 :  11:07:05  Show Profile Send PennySaved a Private Message
Even if it is bent up and crinkled?

SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson
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AGgressive Metal
Administrator



USA
1937 Posts

Posted - 12/23/2009 :  11:39:18  Show Profile Send AGgressive Metal a Private Message
Not much if it's well worn. But $7 to $10 if its uncirculated.

And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484
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PennySaved
1000+ Penny Miser Member



USA
1720 Posts

Posted - 12/23/2009 :  11:46:50  Show Profile Send PennySaved a Private Message
If someone had it bent and there are noticeable creases, does that make it a circulated note? I dont know much about paper money. I figured it would have to have no creases for it to be considered uncirculated but maybe I am wrong. If I get my hands on any more foreign currency, I will ask you guys 1st.

SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson
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AGgressive Metal
Administrator



USA
1937 Posts

Posted - 06/08/2010 :  10:19:49  Show Profile Send AGgressive Metal a Private Message
Right, creases are a sign of circulation. A note can have light creases and still be a decent grade, but not uncirculated.

And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484
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