Eesti Pank issued 241 million euros of cash in the fourth quarter of last year

Autori Kristjan Lember pilt

Kristjan Lember

cash analyst



In the fourth quarter of 2023 Eesti Pank issued 7.3 million banknotes into circulation with a total value of 241 million euros. The banknote issued most commonly was the 50-euro note, which accounted for about half of the banknotes issued. The total amount issued in cash was 5% less than in the third quarter.

There were 6.3 million banknotes with a total value of 232 million euros returned to Eesti Pank in the fourth quarter. The banknote returned most commonly was the 50-euro note, which accounted for 41% of all the banknotes returned. The number of banknotes returned was essentially the same as in the third quarter. The sorting process saw the destruction of 1.22 million banknotes that were unfit for circulation, and the rest were returned to circulation.

Eesti Pank issued 4.5 million coins with a total value of 1.5 million euros into circulation in the fourth quarter of the year. The coins issued most were one and two-cent coins, which made up 54% of all the coins issued.

The commercial banks returned 4.9 million circulation coins with a total value of 1.2 million euros to Eesti Pank in the quarter. The coins returned most were one and two-cent coins, which made up about half of all the coins returned. The total amount of coins issued was 26% smaller than in the third quarter, and the amount returned almost quadrupled. The coin exchange service launched jointly by Eesti Pank and Omniva in autumn 2023 had a major impact on the coins issued and returned. Some 3.3 million coins were exchanged in two Omniva post offices in Tallinn and Tartu, and 65% of them were one and two-cent coins. The coin exchange service will continue in the Tallinn Järve and Tartu Kvartali post offices in the first half of this year.


Cash was withdrawn from ATMs on 5.8 million occasions in the fourth quarter of 2023, for a total value of more than 938 million euros. There were 5.4% fewer withdrawals of cash than in the same period of the previous year. Cash deposits of 541 million euros were made in the fourth quarter, which was the same level as a year earlier.

There were 668 ATMs in Estonia in the fourth quarter, of which 255 accept cash depositing. Alongside the ATMs, cash transactions can also be made in 20 bank offices.

There are some 800 shop tills across Estonia from which cooperation between the banks and points of sale allows cash to be withdrawn.

Coins can be paid into bank accounts using coin machines at 10 locations across Estonia.

Exchanging Estonian kroons for cash

Eesti Pank continues to exchange Estonian kroons in notes and coins for euros. There were 190 exchange transactions with kroons in the fourth quarter of 2023 at a value of 46,343 euros. There are still an estimated 28.4 million kroon banknotes, worth 37 million euros, and 319.6 million coins, worth 6.7 million euros, that have not been returned from circulation, making a total value of 43.7 million euros. Interest in exchanging kroons for euros has been 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 57 times in the fourth quarter as 436 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 107 counterfeit euro banknotes in Estonia in the fourth quarter, the majority of which were 50 and 200-euro notes. There were also 38 counterfeit coins discovered in the quarter.

  • 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, tel 668 0650.
  • Damaged banknotes can be submitted for expert analysis by contacting the Eesti Pank museum shop.