There are currently mixed emotions in Germany over the scrapping of the 500 Euro banknote. The European Central Bank has announced they are in the last phases of removing the high-value note from circulation. As of Sunday, central banks in 17 of the 19 Eurozone countries have stopped issuing the bill. In cash-loving Germany and Austria, the central banks will hold off until April 26th for a “smoother transition.”
The regional divide over the 500 Euro note is understandable. To most in the Eurozone, the 500 Euro note is one which is loved by criminals, but rarely seen in everyday life. The fight against crime is the single most significant factor in the European Central Bank’s decision. In cash-heavy Germany and Austria, however, there’s been a more mixed reaction. Many people there have a special connection to their cash, and some prefer to make large payments for cars or rent in cash.
If you are reading this and currently have a small fortune in 500 Euro notes under your sofa, there is no need to worry. All existing bills will remain legal tender, but new bills will not be issued anywhere in the world after the German and Austrian central banks stop printing them. Right now 500 Euro notes account for less than three percent of all Euro banknotes in circulation.
