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 Replies: 186 / Views: 36,485 |
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Pillar of the Community
 Sweden
1078 Posts |
I only saw one old note yesterday, but that one was being traded for a new one at an exchange office. Otherwise I didn't see much, but that's because I wasn't out for long. However, the days leading up to today I've seen plenty of old 20 SEK notes. There seemed to be no stop. I wonder today, how many people are unintentionally left with these notes trying to get rid of them? As for the 50 SEK note, I've only seen one old note past month. I did get an old 1000 SEK note in May, trying to get a new 1000 SEK note (but not asking explicitly for it). I later deposited it a few weeks later. Now that they're all gone, focus will be turned to leftover coins. I know of a few friends who have change lying all other the place, that "never" use cash and now feel the need to cash them only to get rid of them while they can. Agreed, Swexit, or any other sort of EU-exit from the remaining EU-countries seems higly unlikely as of now. In my eyes, France and Netherlands seem highly unlikely aswell. Though I didn't think Brexit would be a think, it seemed much more likely there than anywhere else. Afterall, they are a bit different  Yes, many people draw a parallel between the UK and Sweden regarding the EU. We are in a lot together, but just because Great Britain now leaves won't mean the end of it all. Apparently, 2/3 of Swedes want to remain in the EU, myself included. Naturally, there's the "leavers", and they got media attention during the standard large news broadcast at 7:30 PM. From what I've heard, plenty of countries "want an independence referendum", including Sweden, Netherlands, France, Denmark, Finland and most likely everybody else. The "leavers" just got some inspiration, for now. Although the Swedish krona and Norwegian Krone are very similar, agreed, the Norwegian krone is affected by, but not dependent on, oil prices, unlike the Russian Ruble. As we've seen, the oil prices have gone down by crazy amounts and the NOk has dropped below the SEK by marginal amounts. It might almost seem like there's a peg since the value is so close (1 SEK ~~ 1 NOK). It's easier to just think that way. And besides, the slighlty decreased value of the NOK and the fact it drops below the SEK means nothing for the actual economy. As UltraRant has explained, there's a pretty peculiar border shopping going on, one of the more famous border malls are in Svinesund, Sweden. Plenty of Swedes also work in Norway, especially in Oslo. The economical situations are notably different in both countries. Altohugh a Nordic currency union might seem likely, I don't think there's enough political support for it. By enough, I'm not denying there's in fact a lot. It's not the first time it's been broguht up, and it has actually been performed (the Scandinavian Monetary Union and currency standard was formed in 1873 and dissolved around 1920/1924). Considering Iceland, I've heard talk about them adopting the Canadian Dollar rather than closing up to the EU. Their location is a bismal. A wide currency union Sweden, Norway, Iceland, Canada and the UK seems very far-fetched. Considering the UK now leaving the EU (and maybe dissolving due to disagreements?) wanting "independence", I find this impossible to achieve. I also don't think Canada would be very interested as there's a lot of support needed to be gathered. Again, seems impossible to achieve in my eyes. Speaking of values, as of when I'm posting this, the NOK is worth more than the SEK. |
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Pillar of the Community
Sweden
1078 Posts |
Also, I have to point out that dduring these past months from my last circulatio reports, the 200 SEK note has become common, though it's not everywhere yet. Most ATMs dispense them, but they are all from the same company. Naturally, some can be out and don't dispense them all but as of now I haven't seen an ATM that isn't programmed to accomodate 200 SEK notes, of the most apparent ATM company atleast. Since the 100 SEK note isn't disappearing from ATMs, atleast from what I've heard, seen and tried, the 500 SEK note is still the note you'll get when withdrawing 500 SEK or more. But again, most people would indeed find it "primitive" to use cash, I could suppose  |
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Valued Member
United States
411 Posts |
http://www.bbc.com/news/uk-politics...dum-36548114Certainly the idea of Sweden following the UK out of the EU is not unique to me. I've read a number of articles on the subject. As of May 31 there were 19.1 million 200kr banknotes circulating and 83.6 million 500kr banknotes circulating. My personal prediction is that by the end of June 2017 there will be at least twice the number of 200kr banknotes circulating as 500kr notes. http://www.norges-bank.no/pages/681...stics_15.htmAccording to Norges bank website no 1000-krone banknotes have been produced since 2005. However circulation has dropped from 26 million to about 18 million notes, and has largely been made up by circulating more 500 krone notes. Compared to the rest of the world (including Denmark) keeping the cash supply steady for the last decade is unique as all the world is increasing cash. However Sweden is in the process of eliminating most cash. As Norway introduces new notes, it seems likely they will copy the Swedish model and replace only a small percentage of cash. In the days of the Scandinavian Monetary Union all crowns were fixed at 2.48 crowns per gram of gold. At present prices a gram of gold is worth: 5,261 ISK 359 NOK 363 SEK 287 DKK In a similar manner a pound (lb) of silver is now worth 214 GBP The origins of sterling lie in the reign of King Offa of Mercia, (757-796) who introduced the silver penny. It copied the denarius of the new currency system of Charlemagne's Frankish Empire. As in the Carolingian system, 240 pennies weighed 1 pound (corresponding to Charlemagne's libra),
Edited by PacoMartin
07/01/2016 12:07 pm
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Valued Member
United States
411 Posts |
Quote:
A monetary union between Sweden, Norway, Iceland, Canada and the UK is not something that's likely to happen. Where did you even find rumors? In fact, it's quite unlikely that the UK will keep existing as it does today. All the aforementioned countries refused to trade their own currencies for the Euro or to join the EMU for many different reasons.- Ultrarant While Denmark voted against joining the European Monetary Union in their referendum, it was likely that the every single country in the EMU would have voted to retain their national currencies if they were given the chance. That's why no other countries put it up for vote. The drive for greater integration is going to come from multi-national corporations and from governments tired of purchasing huge amounts of bonds in an effort to stabilize their exchange rate. Fighting off currency speculators will soon grow exhausting. Look how distorted Switzerland's accounts are growing as they try to maintain a reasonable exchange rate with the Euro. The push for fixed exchange rates among the small wealthy countries will not be a populist movement. I think Sweden is paving the way for future Monetary Unions. Although they eliminated the 10,000kr denomination in 1991, they have not tried to eliminate the smaller denominations. They just reduced them: from 48 million 1000kr banknotes to around 2 million; from 120 million 500kr banknotes to around 80 million. By not actually eliminating the higher denominations there is less political alarm. If the other countries follow this pattern, then the demand for phone apps that work across currencies will increase. Eventually people will grow used to seeing prices on their phone in several currencies. Then the pressure will increase to minimize volatility. I see this monetary union evolving slowly and in the background. It won't be in your face like the EMU with the new banknotes and coins. We forget that European Exchange Rate Mechanism (ERM) was set up in 1979, twenty two years before the banknotes and coins were introduced for the EMU. If banknotes are reduced to only small denominations with electronic transfers making up the bulk of transactions, and an ERM is in place for the smaller wealtheir countries, you effectively have a monetary union. Edited by PacoMartin
07/01/2016 1:55 pm
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Valued Member
United States
411 Posts |
Here are the final numbers in millions of Swedish krona.
Valid : Denom
893 kr : 20 kr
862 kr : 50 kr
5,892 kr : 100 kr
4,479 kr : 200 kr
41,699 kr : 500 kr
2,337 kr : 1,000 kr
56,162 kr : TOTAL
Do you realize that at 11,657 SEK per ounce, Sweden's 125.7 tons of gold is worth 47,115 kr million today. So given an uptick in gold price and the Riksbank destruction of more cash, they might actually have enough gold to back their currency?
Edited by PacoMartin
07/05/2016 9:07 pm
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New Member
United States
18 Posts |
I was NEVER a fan of Euro's. I may be the minority here, but to me, Euros, look just ugly... no matter the value... I am still going for PRE-Euro European notes, which are beginning to get harder and harder to get. These Swede notes(not one of the Euro I believe), are as beautiful as they usually are... Great notes all around.
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Valued Member
United States
411 Posts |
I am not sure why the Euro banknote has to be so ugly. In their quest to find designs that didn't lean towards one nation, they pulled a "Brave New World" and went for completely bland.
But back to this great social experiment in Sweden. As of 1 August there are now 2.547 million 1000kr banknotes circulation. I thought they might drive them to total extinction, but they are slowly creeping back into the stockpile.
The 500kr banknote inches downward every month, and is currently at 82.0 million in circulation. Without a large number of these banknotes, ATM withdrawals will end up maxed out at no more than 8,000SEK ~ US$100. Many ATMs can dispense no more than 40 banknotes at a time, and 40*200SEK=8,000SEK.
Of course, they would then need far more than the 24.7 million 200kr banknotes currently in circulation (even at the minimal cash use in Sweden).
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Valued Member
United States
411 Posts |
CORRECTION: Without a large number of these banknotes, ATM withdrawals will end up maxed out at no more than 8,000SEK ~ US$1000. Many ATMs can dispense no more than 40 banknotes at a time, and 40*200SEK = 8,000SEK.
It is possible that maximum limits will be set much lower, even as low as 2000SEK-4000SEK. I am sure that some ATMs are already using this lower limit, but it may become universal.
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Pillar of the Community
Sweden
1078 Posts |
Let's see where the new numbers land. Today is the launch day of the remaining new Swedish notes. Like last year, the Riksbank will be conducting a public introduction event where one can exchange a 100 kr note and a bag of new coins of 20 SEK worth. There will also be a public exhibition on the new coins and notes, with information and display of the new notes and coins, like last year. This event is for today only. Again, I will post my own observations regarding these notes. Statistics will soon be found on the Riksbank's webpage. The biggest ATM company, Bankomat AB announced a while back that new notes would be progressively avalible through ATMs on the 5th. Source: Bankomat AB (in Swedish) |
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Pillar of the Community
Sweden
1078 Posts |
  Today's event went down nicely. The new 100 SEK note was handed out to plenty of people and the exhibition, although very like the one last year, was nice to see. Like last year, Note sheets were on display along with a full display of all new notes (and coins). |
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Valued Member
United States
411 Posts |
Do you know how old she was when that portrait was done?
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Pillar of the Community
Sweden
1078 Posts |
Quote:
Do you know how old she was when that portrait was done? No, sorry. I tried looking it up but nothing came up. |
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Pillar of the Community
Germany
992 Posts |
Do I see it correctly? A ''C'' prefix?  |
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Valued Member
United States
411 Posts |
Quote:
X2an Pillar of the Community
How is the US$100 being distributed since it's so common? AFAIK every branch in the USA will handle cash at the teller. Source: The Financial Services Policy Committee of the Federal Reserve "2013 Federal Reserve Payments Study Detailed Report." In 2012, consumers made 5.8 billion ATM withdrawals totaling $687 billion in value. The average ATM withdrawal was $118 (similar to Sweden), and amounts to about 18 withdrawals per year per capita. The number of over-the-counter withdrawals (2.1 billion) had an average value of $715. Since the $50 banknote is the least popular banknote in the USA I assume most of these withdrawals are in $100 bills.
Sweden ATM withdrawals in millions
yr 2011 2012 2013 2014 2015
a)213.0 202.0 225.0 214.0 151.0
b) 5.0 5.0 4.0 2.0 3.2
Sweden average ATM withdrawals in SEK
a)926 872 917 914 992
b)1847 1265 3014 6029 1097
a) Transactions at terminals in the country by cards issued in the country
b) Transactions at terminals in the country by cards issued outside of Sweden
So assuming roughly 10 million population that is 15 withdrawals per year per capita of roughly 1000SEK apiece. Surprisingly ATM statistics are not that much different between USA and Sweden. P.S. I don't believe that 2014 statistic for ATM cards issued outside of Sweden. The fact that it is half as many transactions as 2013 for exactly twice the average amount is too much of a coincidence. I would treat that data point as a probable error. Edited by PacoMartin
10/04/2016 4:05 pm
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Pillar of the Community
Sweden
1078 Posts |
I got a request to add comparison images. Old vs. new:  Currencies vs. new 100 SEK note: USD 1  EUR 10  AUD 10  CAD 10  RUB 100  Oldest vs. newest:  I might have overdone it a bit but everything gets better with pictures  |
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Replies: 186 / Views: 36,485 |
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Posted 07/01/2016 04:41 am
