Your old banknotes will become worthless

For almost a year, we have not been able to pay at the shops' cashier lines with old banknotes and the large 1,000 kroner, and the cold cash will go from invalid to completely worthless when the Bank of Greenland and Bankivik close on Friday afternoon, May 29.

The National Bank's chief treasurer Niels Kaas is urging people in Greenland to take a final look in drawers and shoe boxes, under the mattress and on the bookshelf to ensure that there are no old and soon-to-be worthless banknotes hidden and forgotten.

– In the last weeks of May, it would be a good idea to remind each other of the crucial date, not least older family members who may not be on social media as often, Niels Kaas tells Sermitsiaq.

The National Bank has put in a final sprint in Greenland. The word "worthless" flashes red in Sermitsiaq and other platforms to draw attention to the crucial cut-off date. - We will hardly get all the banknotes in, but it is important for us that as many as possible are aware of the risk of burning through worthless banknotes, says Niels Kaas.

Four banknotes left in the wallet

In November 2023, the National Bank of Denmark decided that the banknotes issued in the period 1944-97, and the large 1,000 kroner from 2009, would become invalid as a means of payment in shops from 31 May 2025.

In total, there are 22 different banknotes - from the old "ploughman" to the newest 1,000 kroner.

The old banknotes do not meet today's strict security requirements to prevent counterfeiting, and 1,000 kroner is not used very often in an age of digital payment solutions, but can be used to launder black money.

Back in the wallet are the four banknotes from the 2009 series with the values ​​50, 100, 200 and 500 kroner. This series has Danish bridges and ancient finds as motifs.

However, the Nationalbank is obliged to redeem the banknotes for one year after they cease to be valid means of payment.

In Denmark, the Nationalbank has entered into an agreement with the exchange company Forex, where people, including travellers from Greenland, can exchange the old banknotes in Copenhagen, Aarhus and Odense until 31 May.

In Greenland, the National Bank has entered into an agreement with the Bank of Greenland and Bankivik, so that bank customers all over the country can redeem the old banknotes. If you are so lucky to find 1,000 kroner in your stash, you should be aware that May this year ends on a Sunday. The last day of opening for banks this month is Friday, 29th May, and before that the banks were closed on 14th-15th May due to Ascension Day and 25th May due to Whitsun. “It is better to arrive in good time in places to wait until the last banking day,” is the advice from Niels Kaas.

Unknown amount exchanged in Greenland

Throughout the kingdom, there were 24.4 billion kroner in circulation in old banknotes and the new 1,000 kroner when the Nationalbank announced the banknote exchange in November 2023. Over the past 2 ½ years, 21.1 billion kroner have been redeemed, but 3.3 billion kroner still remain, divided into 917 million kroner in 1,000 kroner banknotes and 2.3 billion kroner in older banknotes.

– The Nationalbank does not know the exact amount for the exchange in Greenland, but in relation to the population, the figure is unlikely to differ significantly from Denmark, says Niels Kaas.

Bankivik has been collaborating with the telecommunications company Tusass for several years on cash handling.

– We informed our customers about the phasing out of the banknotes in question at the end of 2023, where we made customers aware that the banknotes should either be used in stores or deposited into an account at the bank before the deadline, says Marketing Manager Rúna Niclasardóttir Rasmussen to Sermitsiaq.

– Bankivik's customers have had the opportunity to submit banknotes for deposit into their account through Tusass. In addition, we have referred to KNI Pilersuisoq, which handles cash handling as part of a public service contract.

– We do not have insight into how many of our customers have used these options because we have not been responsible for exchanging the banknotes ourselves. We also do not have data on the type of banknotes, the amounts deposited or the customers' demand in relation to the exchange, says Rúna Niclasardóttir Rasmussen.

Most banknotes of 1,000 kroner

The Bank of Greenland has its head office in Nuuk and branches in five towns along the West Coast, but it has also been possible to exchange the banknotes at the bank through KNI Pilersuisoq.

The bank's customers have mainly handed in the large 1,000 kroner note, while it has been more limited with the old banknotes dating back to 1944. This is perhaps because Greenland had its own banknotes, which were not replaced by Danish banknotes until 1967.

The Bank of Greenland does not know the specific amount that has been handed in at the bank.

– In the first months after the Nationalbank's announcement in November 2023, we received a number of old banknotes from our branches and KNI Pilersuisoq, but from the autumn of 2025 until today, it has been more limited, the Bank of Greenland tells Sermitsiaq.

The Nationalbank's chief treasurer Niels Kaas admits that there are probably not many older banknotes left in circulation in Greenland. Some have been lost over the years; others have been used on holidays and business trips in Denmark.

From now on, the banknotes will only have value in collector circles.

– The special model in Greenland with continued depositing in the two banks over the past year has proven to work, and now we are starting the final sprint. It is important for us that as many people as possible are aware of the deadline so that those who have the old banknotes can decide whether they want to keep them as collectors' items or exchange them for valid banknotes, Niels Kaas tells Sermitsiaq.