Currency Questions – Old Currencies

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"What is that 2000 peso note worth?" is frequently requested here at American Currency Exchange. Unfortunately, the answer is, inevitably, "nothing".

In 1996, the Mexican peso was devalued and new money was issued in the form of 20, 50, 100, 200, 500 and 1000 peso banknotes. The new banknotes are issued by “Banco de Mexico”. Banknotes prior to 1992 are exchangeable at the rate of 1000 "pesos moneda nacional" for each new peso. At this rate, a 2000 pesos moneda nacional note would currently be worth 2 cents, virtually nothing.

Other currencies have also been devalued, including the Turkish Lira and the Romanian Lei. It is therefore particularly important to call us on 248 203 9883 before commuting to Birmingham, especially if we are a long distance from your home. We should be able to easily tell you if your notes are up to date by asking you a few questions about the notes.

After the formation of the European Union, the countries which joined the Union changed their currency to euro. The countries belonging to the European Union are:

Austria,

Belgium,

Cyprus (except Northern Cyprus),

Finland,

France (except New Caledonia, French Polynesia, Wallis and Futuna, Germany,

Greece,

Ireland,

Italy,

Luxembourg,

Malta,

Netherlands (except Aruba and Netherlands Antilles),

Portugal,

Slovenia,

and Spain.

In all of these countries, with a few exceptions, the Euro is the currency used. Currencies that were used before the euro are accepted in banks and most exchange offices, but are redeemed at a lower rate since they are no longer in use. Examples are the Italian lira, the German mark and the French franc. At some point in the future, these currencies are worth nothing except for nostalgic value. Therefore, anyone who owns them should resell them as soon as possible.

American Currency Exchange is currently buying back these obsolete currency notes at a competitive exchange rate.

Countries that do not enter the European Union always hold their own currency. These countries are:

Denmark, crown

Sweden, crown

United Kingdom, pound

Bulgaria, lev (a)

Czech Republic, crown

Estonia, kroon (i)

Hungary, forint

Latvia, lats (lati, latu)

Lithuania, litas (lital, litu)

Poland, zloty (zlotych)

Romania, leu (lei)

and Slovakia. Koruna (koruny, korun)

Among these banknotes, Romanian polymer banknotes dated 2000-2003 can be exchanged without time limit at the rate of 10,000 old lei for 1 new leu. Older paper notes are of no value.

Another country that has devalued its currency is the Turkish lira. Old-fashioned and mutilated banknotes can only be refunded at the central bank. All Turkish banknotes in denominations of 50,000 and above are refundable until the end of 2015, at the rate of 1,000,000 old pounds for a new one.

The rule of thumb is this: do a little research before you go to redeem your foreign currency. If it has been in someone's drawer for years, it might not be worth paying for the gas it would take to get to the bureau de change. Worse yet, it may not be worth anything at all.


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