“These banknotes will expire soon.” Here’s what you need to know about such information
Do any banknotes actually expire in 2024? Here’s everything you need to know about exchanging them.
The money currently in circulation has no expiration date, which means we can use it to pay without restrictions. However, there are a few situations in which a banknote ceases to be a full-fledged means of payment, for example when it gets damaged. In the text below, we explain when and how to exchange damaged money in 2024.
The titles of these types of articles that you can read on the internet may seem alarming, but they are usually designed to attract attention in a clickbait style. In reality, there is no reason to panic: the money we have does not expire overnight. However, it is worth being aware of when to replace damaged banknotes to avoid problems in everyday use.
When should banknotes be exchanged?
The need to exchange banknotes does not mean that we have money in our wallets that has suddenly expired. However, if we have damaged or destroyed banknotes in our wallets, we must exchange them. Currently, we have two types of banknotes in circulation: those introduced on January 1, 1995, and banknotes with a refreshed graphic design that appeared on April 7, 2014. Both versions are valid means of payment, provided they are not damaged.
The principles for exchanging worn or damaged banknotes and coins are regulated by Order No. 31/2013 of the President of the National Bank of Poland of 17 December 2013.
Not everyone realizes that damaged money loses its validity and must be replaced. A person who has a damaged banknote should replace it. Even with minor damage, such as tears or writing, the money loses its validity. In a store, we may encounter a refusal to accept damaged banknotes.
Which banknotes are considered invalid?
1. Although it may seem that it is enough to glue a torn banknote or straighten a completely damaged one, this is not in accordance with applicable law.
2. Such banknotes are considered invalid if they are frayed, torn, glued, torn, excessively dirty, stained, discoloured or written on.
3. Damaged money (both banknotes and coins) can be exchanged for currency suitable for circulation at the cash desk of any bank operating in Poland, provided that the money is not significantly damaged.
4. In case of major damage, the replacement should be made at an NBP branch, which can be found in every province.
5. It is also possible to send the application together with worn or damaged Polish currency banknotes (with a total value not exceeding PLN 2,000) directly to the NBP Headquarters by post or courier to the following address: National Bank of Poland, Issue and Treasury Department, ul. Świętokrzyska 11/21, 00-919 Warsaw, with the note: “DES – exchange”.
6. Money loses its value if the banknote has retained 45 to 75% of its original surface in one fragment. In this case, it will be exchanged for half its face value. If less than 45% of the surface has been retained, the banknote loses its value completely.
7. Money does not lose its value if the banknote has retained more than 75% of its surface in one fragment or if it is torn into no more than nine pieces, constituting 100% of the banknote’s surface in total. In such a case, the bank will exchange it for its full face value.
