Eesti Pank issued 9.3 million banknotes into circulation in the second quarter of this year with a total value of 304 million euros, and 4.9 million coins with a total value of 2.6 million euros. The banknote issued most frequently was the 50-euro note, and the number and value of banknotes issued were roughly the same as a year earlier. The most common coin was the two-euro coin, which was 21% of the coins issued into circulation.

There were 6.1 million banknotes with a total value of 218 million euros returned to Eesti Pank in the second quarter. The banknote returned most commonly was the 50-euro note, which accounted for a fairly typical 41% of all the banknotes returned. The total value of the banknotes returned was 5% higher than in the first quarter. The sorting process saw the destruction of 0.91 million banknotes that were unfit for circulation, and the rest were returned to circulation.

The commercial banks returned 4.4 million circulation coins with a total value of 1.4 million euros to Eesti Pank in the second quarter. The coins returned most were two-cent coins, which made up 22% of all the coins returned. The number of coins returned has been high since the third quarter of last year because of the coin exchange service provided jointly by Eesti Pank and Omniva. The coin exchange service will continue to be provided in Tallinn and Tartu at least until February 2025. Creating additional opportunities for coin exchange will support the recirculation of coins and benefit the environment as there will be less need to produce new coins.

The circulation of coins will also be made lastingly more efficient by the rounding rule that will start to apply from the beginning of 2025, when the final price of a basket of shopping will be rounded to the nearest five cents, though only if the buyer is paying in cash. One and two-cent coins are mainly given out as change in shops, but they then remain in people’s pockets or wallets as they are rarely used again for making payments. However, the costs of producing and handling one and two-cent coins and their environmental impact are disproportionately large relative to their value. Under the rounding rule that will start to apply in the new year, one and two-cent coins will no longer be given out as change. This means that shops will no longer have any need for them, and so there will be no further need to keep producing them.

Read more about the rounding rule on the Eesti Pank website.

Cash was withdrawn from ATMs on 6.2 million occasions in the second quarter of 2024, for a total value of around 971 million euros. There were about 6% fewer withdrawals of cash than in the same period of last year. Cash deposits of 515 million euros were made in the second quarter, which was 5% less than a year earlier.

There were 668 ATMs in Estonia in the second quarter, of which 310 accept cash depositing. Alongside the ATMs, cash transactions can also be made in 21 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 banks at ten locations across Estonia. Coins can still also be exchanged in the Tallinn Järve and Tartu Kvartali post offices operated by Omniva.

Exchanging Estonian kroons for cash

Eesti Pank continues to exchange Estonian kroons in notes and coins for euros. There were 173 exchange transactions with kroons in the second quarter of this year at a value of 35,740 euros. There are still an estimated 28.4 million kroon banknotes, worth 37 million euros, and 319.5 million coins, worth 6.7 million euros, that have not been returned from circulation, making a total value of 43.7 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 92 times in the second quarter as 3937 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 293 counterfeit euro banknotes in Estonia in the second quarter, the majority of which were 20 and 100-euro notes. All businesses, and indeed all people, that use cash should be careful and attentive with all banknotes. It is also wise to be careful when paying in cash while travelling. There were also 44 counterfeit coins discovered in the second quarter.

50. 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.
50. Damaged banknotes can be submitted for expert analysis by contacting a bank or the Eesti Pank museum shop.

For further information:
Viljar Rääsk

Head of Communications
Eesti Pank
6680 745, 5275 055
Email: [email protected]

Press enquiries: [email protected]