Bank of Finland being swamped with redeemable markka coins

Long delays in counting; largest consignments in the tens of thousands

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The Finnish silver or silver-coloured 1 markka coins and the 5 markka coins with the icebreaker motif, and all commemorative coins minted in the period from 1967 to 1985 ceased to qualify for redemption on December 31st, 2007.
      Those Finns who have returned their old markka banknotes and coins to the customer service office at the Bank of Finland’s Head Office in order to have them redeemed will have to wait for their euros for several months, as the flood of redeemable coins has caused congestion in the central bank.
     
"There is no need to worry over the delay in our payment, especially if the old coins were returned to us during the last few days of the year. We will contact those whose account number is unclear", said Kenneth Sainio, the Head of Division, Payment Instruments at the Bank of Finland.
      However, some consignments contained no information whatsoever about the sender, nor any bank account number. In such cases, the central bank will store the money, waiting for the sender to contact the bank.
      The returned coins will be sent to the melting furnace in order to be used for new euro coins which will then go into circulation.
      "We will sell the redeemed coins to the Ministry of Finance, whereafter they will be processed at the Mint of Finland. The banknotes will be destroyed by us", reported Sainio.
     
Those officials of the central bank who are in charge of redemption are facing a busy beginning of the year.
      New roller cages loaded with coin containers are arriving every day, posing a problem in the cramped quarters of the customer service office at the central bank, while the officials have been working overtime in order to cope with their redemption task.
      Additional employees have also been hired to help out in the office.
      Typically, the largest redeemable stacks of coins come from the estates of deceased persons.
     
The Bank of Finland will continue to accept all markka and penni coins that were in use just prior to the introduction of the euro and annulled following the euro changeover on March 1st, 2002, all commemorative coins minted after 1985, and all post-Second World War markka banknotes.
      The redemption period will expire once and for all on 29th February, 2012, after which time the money will only have value for collectors.


Previously in HS International Edition:
  Finland says hello to the euro (2.1.2002)

Links:
  Bank of Finland press release (2.1.2008): Bank of Finland will continue to redeem markka banknotes and coins until 29 February 2012
  Mint of Finland

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