Banknotes as old as 1976 can soon be traded in at the national bank following a decision by the federal government to eliminate the 20-year time limit.
The Swiss National Bank (SNB) issues a new series of banknotes every 15 to 20 years and removes the old notes from circulation. Six months later, the old notes don’t have a legal tender and therefore can’t be used as a means of payment.
However, old bills could still be exchanged with the Swiss National Bank at face value for 20 years – a deadline that was set in 1921.
On Wednesday, the federal government decided to eliminate the 20-year deadline, in effect making it possible for the owners of old 1,000-franc notes and other denominations to exchange them at the bank at any time. This is part of a partial revision of the Federal Act on Currency and Payment Instruments (WZG) that was approved by parliament earlier this year.
The decision will apply to bills of various denominations starting in the sixth seriesExternal link issued in 1976, which includes the 100-franc note with a portrait of architect Francesco BorrominiExternal link. It is estimated that notes worth over one billion francs from this series are still in circulation.
This brings Switzerland in line with other major industrialised countries on eliminating time limits for exchanging currency.
The SNB will keep 10% of the exchange value of bills that are more than 25 years old. The remaining will be allocated to fundsuisse, the Confederation and the cantons.
The decision will come into force in 2020.
More
More
How to set aside CHF1,000
This content was published on
The latest version of the world’s most valuable banknote has been unveiled. How much effort does it take to earn or save enough for one?
Federer-backed On boosts forecast after sneaker demand rises
This content was published on
Swiss footwear company On Holding AG posted strong first-quarter revenue, boosted by demand for its running shoes and new line of training apparel.
Michael Schumacher’s watches fetch CHF4 million at Swiss auction
This content was published on
Watches belonging to Formula 1 great Michael Schumacher sold for around CHF4 million ($4.41 million) at auction house Christie's in Geneva on Tuesday.
Macron will attend Swiss summit on Ukraine, says Zelensky
This content was published on
French President Emmanuel Macron will attend the peace conference on Ukraine at the Swiss Bürgenstock resort next month, according to Volodymyr Zelensky.
Top politician tells ‘corrupt’ Eurovision to stay away from Bern
This content was published on
A social media post by the president of Bern’s cantonal government critical of the Eurovision Song Contest has created waves and will be discussed in the cantonal parliament.
Swiss centre records over 200 victims of human trafficking
This content was published on
Last year 317 people took part in a protection programme run by the Specialist Unit for Trafficking in Women and Women’s Migration (FIZ) in German-speaking Switzerland.
This content was published on
The Geneva-based International Committee of the Red Cross (ICRC) and partners are opening a field hospital in southern Gaza on Tuesday.
Lack of smartphone sustainability in Switzerland hits environment
This content was published on
Almost half of all Swiss citizens hang on to their old smartphones, tablets and laptops, according to the Federal Statistical Office.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Some 60% of all Swiss banknotes are hoarded, study finds
This content was published on
The amount of Swiss CHF1,000 notes that are hoarded rather than being used in the economy for payments could be as high as 87%.
Will the thousand-franc note become the cash of choice for crooks?
This content was published on
A proposal that would see the Swiss 1000-franc note become valid for life has angered transparency advocates and the political left.
This content was published on
The Swiss National Bank is rolling out its newest banknote – and it’s one that people will actually use in the high street despite its high value.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.