Eesti Pank issued 6.4 million banknotes into circulation in the first quarter of 2025 with a total value of 213 million euros, and 1.5 million coins with a total value of 1.6 million euros.

The banknote issued most commonly was the 50-euro note, which accounted for half of all the banknotes. The most common coin was the two-euro coin, which was also half of the total number of coins issued into circulation. One and two-cent coins have dominated in earlier years among the coins issued, but they are no longer issued into circulation since the rounding rule started to apply on 1 January. The number of banknotes issued was 18% lower than in the previous quarter, while the number of coins was down by about half. The first quarter is typically the quarter of the year when the smallest volumes of cash are issued.

There were 5.8 million banknotes with a total value of 200 million euros returned to Eesti Pank in the first quarter. The banknote returned most commonly was the 50-euro note, which accounted for 40% of all the banknotes returned. The total number of banknotes returned was 14% higher than in the previous quarter. The cash sorting process saw the destruction of 2.2 million banknotes that were unfit for circulation, and the rest were returned to circulation.

The commercial banks returned 14.2 million circulation coins with a total value of 1.9 million euros to Eesti Pank in the first quarter. The coin returned most commonly was the one-cent coin, which accounted for 40% of all the coins returned. There were more than twice as many coins returned as in the previous quarter. The return of coins from circulation was affected above all by the introduction of the rounding rule at the start of the year.

January was the month with the highest number of coins returned at 6.3 million, but the numbers remained high at 4.6 million coins returned in February and 3.3 million in March. Three quarters of the coins returned were one and two-cent coins. The rounding rule means that merchants no longer need the small coins for change, and so they are gradually pulling them out of circulation and the coins are making their way back to Eesti Pank. Statistics and the experience of other countries show that the number of small-denomination coins returned will fall to its normal level within a few months. Some decline in the share of one and two-cent coins among those returned has already been observed in Estonia. Eesti Pank supplied the small coins that were returned to the Latvian central bank in exchange for an equivalent supply of two-euro coins.

See the figure showing coins returned from circulation.

Coins can be paid into bank accounts using coin machines at banks at ten locations across Estonia. Eesti Pank and Omniva extended the joint coin exchange programme in two Omniva post offices at Rocca al Mare in Tallinn and the Eeden centre in Tartu. Coins can be exchanged at those two Omniva post offices until the end of 2025.

Cash was withdrawn from ATMs on 4.8 million occasions in the first quarter of 2025 with a total value of 836 million euros. There were about 7% fewer withdrawals of cash than in the same period of last year. Cash deposits of 439.8 million euros were made in ATMs in the first quarter, which was also 7% less than a year previously.

There were 664 ATMs in Estonia at the end of the first quarter, of which 223 accept cash depositing. Alongside the ATMs, cash transactions can be made in 18 bank offices. There are some 700 shop tills across Estonia from which cooperation between the banks and points of sale allows cash to be withdrawn.

Exchanging Estonian kroons for cash

Eesti Pank continues to exchange Estonian kroons in notes and coins for euros. There were 229 exchange transactions with kroons in the first quarter of 2025 at a value of 41,300 euros. There are still an estimated 28.4 million kroon banknotes, worth 36.9 million euros, and 319.5 million coins, worth 6.7 million euros, that have not been returned from circulation, making a total value of 43.6 million euros. Interest in exchanging kroons for euros has been very low in recent years.

Eesti Pank expert analysis of cash

Eesti Pank exchanges damaged euro banknotes and coins. Expert analysis of cash was carried out 51 times in the first quarter as 4065 banknotes were examined for authenticity and were classed as damaged notes where appropriate. Banknotes are exchanged when more than half of them remains. Damaged banknotes are removed from circulation and are destroyed.

The Estonian Forensic Science Institute registered 148 counterfeit euro banknotes in Estonia in the first quarter, the majority of which were 20 and 50-euro notes. There were also 25 counterfeit coins discovered in the quarter. Eesti Pank recommends that all businesses and people that use cash should be careful and attentive when handling banknotes. It is also wise to be careful when paying in cash while travelling.

12. Estonian kroon banknotes and coins can be exchanged for euros at the shop of the Eesti Pank Museum during its opening hours from Tuesdays to Fridays 12.00-17.00 and Saturdays 11.00-16.00.
13. Damaged banknotes can be submitted for expert analysis by contacting a bank or the Eesti Pank museum shop.

Additional information:
Hanna Jürgenson
Communications Specialist
Eesti Pank
Tel: 5692 0930
Press enquiries: [email protected]