8 ms·

This is exactly how the physical representation of money works as well. The central bank controls how many bills are in circulation, and the central bank regul

This is exactly how the physical representation of money works as well. The central bank controls how many bills are in circulation, and the central bank regularly expires old bills and coins.

crotchfire 3y ago
Only unstable third-world countries do that. The Bank of England honors all of its old banknotes: "There is no deadline to exchange old banknotes with the Bank of England." https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes https://www.bankofengland.co.uk/banknotes/exchanging-old-ban... The United States has never demonetized any of its coins or banknotes. All of them are honored and are in fact still legal tender to this day -- even the $100,000 bill! https://en.wikipedia.org/wiki/Obsolete_denominations_of_United_States_currency#Treasury_notes https://en.wikipedia.org/wiki/Obsolete_denominations_of_Unit... Although Canada has revoked legal tender status for some of its older bills, "The Bank of Canada continues to honor them at face value" https://www.bankofcanada.ca/banknotes/about-legal-tender/ https://www.bankofcanada.ca/banknotes/about-legal-tender/
- Yoric 3y ago
  In contrast, all of Europe has demonetized its old currencies (Deutschmark, French Francs, Italian Lira, etc.) when switching to Euros, and a few times before that. I've just looked it up and one Napoleon Franc is currently worth ~20€. So, it's not that uncommon.
  - RandomLensman 3y ago
    You can still convert old DM into Euros at the initial rate in Germany (https://www.bundesbank.de/de/aufgaben/bargeld/dm-banknoten-und-muenzen/-/umtausch-von-dm-in-euro-599338#:~:text=Der%20amtliche%20Umtauschkurs%20betr%C3%A4gt%201%20Euro%20f%C3%BCr%201%2C95583%20DM%20 https://www.bundesbank.de/de/aufgaben/bargeld/dm-banknoten-u....)
    - mrighele 3y ago
      The majority of EU member set a limit date: https://www.ecb.europa.eu/euro/exchange/html/index.en.html https://www.ecb.europa.eu/euro/exchange/html/index.en.html
      - RandomLensman 3y ago
        I don't think the majority in that list has set a limit for bills, only for coins
        mrighele 3y ago
        Uhm, i guess you are right. (9 vs 11). Sorry I guess I didn't pay enough attention.
        RandomLensman 3y ago
        No worries, you were right that a majority put time limits on at least some exchanges into Euro.
  - anhner 3y ago
    Europe is an unstable third world country, haven't you heard?
- a0-prw 3y ago
  Denmark must be an unstable, third-world country, then: https://www.al-bank.dk/presse-og-nyheder/nyheder/2023/1000-kronesedlen-udgaar https://www.al-bank.dk/presse-og-nyheder/nyheder/2023/1000-k...

This is exactly how the physical representation of money works as well. The central bank controls how many bills are in circulation, and the central bank regularly expires old bills and coins.

crotchfire 3y ago

Only unstable third-world countries do that. The Bank of England honors all of its old banknotes: "There is no deadline to exchange old banknotes with the Bank of England." https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes https://www.bankofengland.co.uk/banknotes/exchanging-old-ban... The United States has never demonetized any of its coins or banknotes. All of them are honored and are in fact still legal tender to this day -- even the $100,000 bill! https://en.wikipedia.org/wiki/Obsolete_denominations_of_United_States_currency#Treasury_notes https://en.wikipedia.org/wiki/Obsolete_denominations_of_Unit... Although Canada has revoked legal tender status for some of its older bills, "The Bank of Canada continues to honor them at face value" https://www.bankofcanada.ca/banknotes/about-legal-tender/ https://www.bankofcanada.ca/banknotes/about-legal-tender/

Yoric 3y ago
In contrast, all of Europe has demonetized its old currencies (Deutschmark, French Francs, Italian Lira, etc.) when switching to Euros, and a few times before that. I've just looked it up and one Napoleon Franc is currently worth ~20€. So, it's not that uncommon.
- RandomLensman 3y ago
  You can still convert old DM into Euros at the initial rate in Germany (https://www.bundesbank.de/de/aufgaben/bargeld/dm-banknoten-und-muenzen/-/umtausch-von-dm-in-euro-599338#:~:text=Der%20amtliche%20Umtauschkurs%20betr%C3%A4gt%201%20Euro%20f%C3%BCr%201%2C95583%20DM%20 https://www.bundesbank.de/de/aufgaben/bargeld/dm-banknoten-u....)
  - mrighele 3y ago
    The majority of EU member set a limit date: https://www.ecb.europa.eu/euro/exchange/html/index.en.html https://www.ecb.europa.eu/euro/exchange/html/index.en.html
    - RandomLensman 3y ago
      I don't think the majority in that list has set a limit for bills, only for coins
      - mrighele 3y ago
        Uhm, i guess you are right. (9 vs 11). Sorry I guess I didn't pay enough attention.
        RandomLensman 3y ago
        No worries, you were right that a majority put time limits on at least some exchanges into Euro.
- anhner 3y ago
  Europe is an unstable third world country, haven't you heard?
a0-prw 3y ago
Denmark must be an unstable, third-world country, then: https://www.al-bank.dk/presse-og-nyheder/nyheder/2023/1000-kronesedlen-udgaar https://www.al-bank.dk/presse-og-nyheder/nyheder/2023/1000-k...