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Still hanging on to your old peso bills? Read this (Peso notes from 1985-2009 to be removed)


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Demonetizing banknotes when a newer series is available is basically a quick way for a gov't to make money :lol:

 

And I'm sure they make a lot of money doing this. I also believe that it targets drug dealers and such who by the nature of their dealings have large stocks of cash that cannot be easily converted.

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"For overseas Filipinos abroad, who have in their possession (old) bank notes which could not be exchanged within the prescribed period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP website,” Guinigundo said.

 

I have a bunch with me, Have to wait til 10/01/2015 to exchange

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Yes, I agree. Demonetizing the older issues or some denominations is a tool many governments use to unearth unaccounted money.

 

Indian government did something like this in the 70s by demonetizing the larger denominations of 1000 Rupees and above (1000, 5000, 10000). Very effective.

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  • 7 months later...

These will then go up in value like crazy, in order to get them, esp. If they are in UNC condition... wow.

 

Not necessarily. For high denomination notes in western countries, part of the value of a note is in part due to its value either as legal tender or redeemable money.

 

Consider obsolete 1000 CHF notes for example - they can be obtained for less than their "face value" - a poor investment for anyone who intentionally put some aside.

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  • 1 year later...

This is an effective way to neutralize undocumented/unaccounted for money in circulation. What other countries have done this? I am familiar with Switzerland, but not of any other countries. Also from the collector standpoint it has made the larger denominations (Swiss) much more collectable as they are valued well below face value. I am curious to see if the same effect occurs when the next series of Swiss notes is devalued in either 2020 or 21.

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