Banks, Estonia, Financial Services

International Internet Magazine. Baltic States news & analytics Saturday, 21.01.2017, 15:20

There are three months left to prepare for the arrival of the new fifty-euro note

Ingrid Mitt, Eesti Pank, 05.01.2017.Print version
At the start of April, Eesti Pank and the other central banks of the euro area will release a new €50 banknote into circulation with a new design and new security features. So that the new note can enter smoothly into circulation, it is important for companies to update their cash handling equipment in good time, and to know about the new features of the notes.

The most eye-catching change to the fifty-euro notes of the second series is the same as on the twenty-euro notes, the new security feature of a transparent portrait window on the right of the note on the hologrammic strip. The portrait window is transparent, and looking at the note against the light reveals a portrait of Europa in the window. The other security features – the watermark portrait of Europa and the hologrammic strip, the emerald green number, and the short raised lines on the edge of the note – are like those on the five, ten and twenty-euro notes of the new series.

“All traders have to accept currency that is legal tender, and there is still three months to prepare for the arrival of the new fifty-euro note”, said Rait Roosve, Head of the Cash and Infrastructure Department at Eesti Pank. “Not being ready technically or not having authentication devices is not a reason to refuse to accept any banknote. If the cash authentication device is broken or needs updating, it is still possible to check the authenticity of notes manually”.

The new fifty-euro note will enter in to circulation from 4 April. Paying with the new banknotes will be simple and straightforward as long as merchants update their cash-handling equipment and authentication devices. To do this they will need to contact their equipment suppliers.

To check the security features of notes of both the old and the new series, look at the banknote against the light, tilting it back and forth, and feel its surface. More detailed materials on the security features of the banknotes can be found on the new €50 website.

Traders can get help in preparing their cash handling equipment from equipment suppliers. Suppliers needing to test the equipment with the new €50 banknote should contact Eesti Pank.

Eesti Pank will organise thorough training courses for cash handlers in February and March on the new banknote in Tallinn, Tartu, Jõgeva, Võru, Pärnu, Haapsalu, Narva and Rakvere. More detailed information on the courses will be published on the website and sent out by email. Anyone interested in these courses may contact Eesti Pank about them directly.

In addition to this, the European Central Bank will send all cash handlers in Estonia a booklet on the new €50 banknote. The booklet is free and can also be ordered from Eesti Pank (info@eestipank.ee, 6680 719).

Further information

  • The first series of fifty-euro notes, which are currently in circulation, will continue to be valid. This means they do not need to be exchanged as they can be used in the future for paying in shops and elsewhere. The same was true when the new five, ten and twenty notes were introduced.

  • When the new fifty-euro notes are introduced into circulation from 4 April, it will be done gradually. This means that the earlier banknotes of the first series will be in use at the same time as the new second-series notes. The same happened with the five, ten and twenty-euro notes, which are in use in banks, shops, cash machines and elsewhere with both the new and old designs.

  • All the banknotes of the first series will keep their value indefinitely, though at some point it will no longer be possible to use them for paying in shops. When this point has been decided on, it will be announced and publicised well in advance. After this point, it will only be possible to exchange the old notes for new ones at Eesti Pank and other central banks of the euro area, and there will be no limit on how long this can be done for.

  • Anyone can learn how to identify the new fifty-euro notes using the simple method of feel, look and tilt. It is always best to check multiple security features on a note, not just look at only one.

  • The fifty-euro notes of the second series have new and additional security features that are like those on the five, ten and twenty-euro notes. All of the designs have a series of short raised lines on the edges of the note, a portrait watermark, a portrait hologram, and an emerald green number. The twenty and fifty-euro notes of the second series also have a portrait window. The window is a transparent part of the note, but the front and reverse sides of the window are slightly different. The window in the hologram seen from the front shows a portrait of Europa, and when the note is tilted, the value of the note appears in the window and rainbow-coloured lines appear around it. On the back of the banknote, rainbow-coloured value numerals appear in the window.

  • Pictures and videos of the new €50 note can be found at http://www.new-euro-banknotes.eu/.

  • The European Central Bank has published a list of devices that can authenticate banknotes of the new series on its website and has added a list of those that can authenticate the €50 note (http://www.ecb.europa.eu/euro/cashprof/cashhand/devices/html/results.en.html).






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