Retailers have to accept the new five-euro banknotes
Eesti Pank underlines that the new five-euro banknote that came into circulation from the start of May is legal tender that retailers must accept as payment.
The central bank and journalists have been informed of cases where retailers have refused to accept the new five-euro note because their banknote authentication devices did not recognise it.
Retailers must accept legal tender and if their banknote authentication device is broken or is not set up for the new five-euro note, then the shop should test the authenticity using the simple feel-look-tilt method.
Looking at the five-euro note against the light reveals a watermark of the princess Europa from Greek mythology. Tilting shows a portrait hologram with Europa, the number 5 and the euro symbol. When the note is tilted, the emerald-green number 5 in the bottom left corner turns deep blue. The new five-euro note has raised lines along the edges that can be felt with a finger.
A clear and simple illustration of how to check the authenticity of the banknotes can be found in the humorous videos on the Eesti Pank website.
Although the overall design of the new five-euro banknote is the same as in the first series, it has new and improved security features.
The watermark and hologram strip featuring the mythological princess Europa are a unifying motif for the second series that will appear in all the new banknotes.
The security features
For the watermark to be seen, the banknote should be viewed against the light so that the mark appears on the upper left hand side below the signature of Mario Draghi. When the banknote is tilted, the hologram strip will reveal the portrait of Europa, the number 5, the euro symbol and a design of a doorway or a window. A new security feature is the emerald-green number printed on the lower left side of the note, which changes colour from green to deep blue when the note is tilted. The new five-euro note has raised lines along the edges that stand proud of the paper and can be felt with a finger.
If companies have problems with their cash authentication devices, then cashiers and client service staff are recommended to check first using the feel-look-tilt method, which ensures that customers can complete their purchases in the shop. To test the operability of the cash authentication devices for the second series banknotes and to fix any possible technical problems, companies should contact the suppliers of their devices, who are responsible for their operability.
The first series banknotes continue to be valid for purchases, but they will gradually be withdrawn from circulation and at some point they will cease to be legal tender. An announcement will be made well in advance. After this the central bank will continue to exchange them indefinitely.
Presentation of the new five-euro note
For more detailed information on the second series of banknotes, see www.new-euro-banknotes.eu
In addition, Eesti Pank is offering 12 cash handler training courses across Estonia during April and May. The Tallinn training sessions were attended by 150 cash handlers, and the sessions around the country have so far been attended by 130. More information about the training sessions and related publications can be found on the Eesti Pank website.
In April the European Central Bank sent out a brochure on the security features of the new five-euro banknote by direct mail to companies across Estonia. The brochure was sent to 8735 companies.
Eesti Pank will distribute the cash handler booklets through various partners, and additional copies may be requested from Eesti Pank by emailing info [at] eestipank.ee. The training and the publications are both free.