EN     ECB-PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 5 May 2014 
on certain banknotes and coins ceasing to be legal tender 
(CON/2014/32)  
 Introduction and legal basis 
On 28 March 2014, the European Central Bank (ECB) received a request from Sveriges Riksbank for an 
opinion on two related draft legislative proposals, including a draft law on certain krona banknotes 
ceasing to be legal tender and a draft law on certain kr ona coins ceasing to be legal tender (hereinafter the 
‘draft laws’). 
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the second indent of Article 2(1) of Council Decision 
98/415/EC1, as the draft laws relate to means of paym ent. In accordance with the first sentence of 
Article 17.5 of the Rules of Procedure of the Euro pean Central Bank, the Governing Council has adopted 
this opinion. 
 1. Purpose of the draft laws 
Under the draft laws, the current banknotes of the denominations SEK 20, SEK 50 and SEK 1 000 will 
cease to be legal tender at the end of June 2016, a nd the current banknotes of the denominations SEK 100 
and SEK 500 will cease to be legal tender at the end of June 2017. In addition, it  is proposed that the 
current coins of the denominations SEK 1, SEK 2 a nd SEK 5 will cease to be le gal tender at the end of 
June 2017. 
 2.  General observations Sveriges Riksbank has been planning the introduction of a new banknote and coin series since 2010. The 
new banknotes and coins will be introduced in two stages.  In particular, the ECB understands that the first 
new banknotes in denominations of SEK 20, SEK 50, SEK 200 and SEK 1 000 will be issued in October 
2015, while new banknotes of the denominations SEK 100 and SEK 500 will be issued in October 2016. 
                                                      
1 Council Decision 98/415/EC of 29 June 1998 on the consultati on of the European Central Bank by national authorities 
regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 
2 The current krona banknotes of the same  denomi nations will cease to be legal tender nine months 
following the issue of the new krona banknotes of the corresponding denomination. 
Based on the background information provided to the ECB, the ECB further understands that the short 
period when both current and new krona banknotes and coins of the same denomination will be 
circulated, is justified by the aim of avoiding unn ecessary costs for society. Therefore, Sveriges Riksbank 
has sought to minimise the period of dual circulation to the greatest extent possible. 
 3.  Specific observations  
Sveriges Riksbank is the competent authority to issu e krona banknotes and coins and to determine their 
design, including their denominations. The ECB welcom es the fact that Sveriges Riksbank has conducted 
an in-depth consultation process with stakeholders in  the cash market such as banks, retailers and cash-in-
transit companies, and that it has taken their views into account when determining the length of the nine-
month period, whose expiry marks the end of the le gal tender status of the current krona banknotes and 
coins, as mentioned in paragraph 2 above. 
While considering this period to be  relatively short, the ECB acknowle dges its consequent benefits as 
including a limitation on the cost to stakeholders. The ECB recognises that the length of this period 
reflects the preferences of such stakeholders. Moreove r, according to current legislation, there is no 
specific final date for redeeming the current krona banknotes or coins at Sveriges Riksbank once they have ceased to be legal tender. 
 This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 5 May 2014. 
 
[signed] 
 
The President of the ECB 
Mario DRAGHI