Businesses need to be ready for the new 50-euro banknotes in less than a month
- Fifty-euro notes account for 36% of the total number of euro banknotes in circulation
- The main security features of the new fifty-euro note are the transparent portrait window, the portrait watermark, the emerald green number and the raised lines
- The new note will enter into circulation in the whole of the euro area on 4 April
- Businesses will need to update their cash handling systems
- Seminars will be held across Estonia so businesses can see the new security features
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 new series is the same as on the new twenty-euro notes, the 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 hologrammic strip, the emerald green number, and the short raised lines on the edge of the note - are like those on the five and ten and twenty-euro notes of the new series.
“All traders have to accept currency that is legal tender, and those who haven’t made preparations are nearly at the last moment for doing so”, said Rait Roosve, Head of the Cash and Infrastructure Department at Eesti Pank. “The new notes must be accepted even if the technical upgrades have not been made or there is no cash authenticating equipment. The authenticity of all the banknotes can be checked by hand, and not just by professional cash handlers but by anyone”, he emphasised.
The new fifty-euro note will enter into circulation on 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. Further details on the security features of the banknotes can be found on the new-euro website.
- Eesti Pank is organising 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 information about the training sessions and related publications can be found in Estonian on the Eesti Pank website. 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 ([email protected], 6680 719).
- 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/Resources/IMAGES.
- 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).