Swiss National Bank (SNB) re-validates old currency

Swiss National Bank (SNB) re-validates old currency

 

Today the Swiss government decided to eliminate the 20-year deadline regarding the rule that old, out of circulation banknotes could still be exchanged with the Swiss National Bank at face value for 20 years after that particular series was removed from circulation.

 

The Swiss National Bank (SNB) issues a new series of banknotes every 15 to 20 years and removes the old notes from circulation. Six months later, the old notes don’t have a legal tender and therefore cannot be used as a means of payment.

 

Under the new rule, banknotes as old as from 1976 can soon be exchanged in at the national bank for face value, following this decision by the federal government to eliminate the 20-year time limit.

 

This partial revision of the Federal Act on Currency and Payment Instruments (WZG) will apply to bills of various denominations back to 1976. It is estimated that people are still sitting  on old banknotes from 1976 to the last new series notes worth over one billion francs!