It may sound crazy that an old currency is still being hoarded 16 years after the introduction of the euro. However, the Germans still have been hoarding Deutsche Marks and coins worth some 6.5 billion euros. Why? Germany never put a time limit upon when you had to swap out the old currency. About a third of old currency notes of the Eurozone are now totally worthless. Portugal gave the shortest exchange period to its citizens of the country – just one year.
This post was published at Armstrong Economics on Apr 12, 2017.