Denmark withdraws 1,000-crown note, its largest denomination, from circulation

The Danish central bank cites changing habits to justify its choice.

Denmark, where cash is little used, will withdraw from circulation 1,000 crown notes (134 euros), the largest denomination in the country. Lhe director of Nationalbanken, Christian Kettel Thomsen, explains that it has become useless, with “the evolution of Danes’ payment habits”, in a press release published Thursday, November 30. Entered into circulation in 1975, due to very high inflation, the 1,000 crown note will disappear by May 2025. After this date, the country will only use four notes: 50, 100, 200 and 500 crowns.

In the Scandinavian country, 10% of payments in stores are made in cash, more than half as much as in 2017, and in 90% of cases they are for an amount less than 500 crowns, noted the financial institution. Not all countries in the euro zone share these practices: half of commercial payments are made in cash.

In addition to a practical aspect, the Danish central bank intends to continue the fight against economic crime. “We are also listening to the concerns and wishes of the police, the financial sector and the retail sector… the 1,000 crown banknote is used to a greater extent than other banknotes in the context of various forms of financial crime”she emphasized.