Banknotes of 2,000, 5,000, 20,000 and 50,000 printed on cotton paper lose value in 2022


QCOSTARICA – Banknotes of 2,000, 5,000, 20,000 and 50,000, printed on cotton paper, will lose their value as a means of payment, starting next year, and will begin a process of gradual withdrawal from circulation.

The 20,000 notes printed on cotton will lose their commercial value (lose their value as a means of payment) on January 1, 2022. However, they can be exchanged for new ones or deposited in banks after the date.

The measure, announced by Banco Central de Costa Rica (BCCR) – the Central Bank of Costa Rica – is part of a process of replacing these old banknotes with new prints made of polymer, which is a material close to plastic, which have been put into circulation. in mid-October.

People whose bills are printed on cotton paper can exchange them at financial institutions for new ones. Banks will also accept them for deposits.

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The old 50,000 and 20,000 banknotes will begin to be withdrawn from the national market as of January 1, 2022. In the case of the 5,000, it will be as of March 1, 2022; and the 2,000 on May 1, 2022.

New banknotes, awarded for the best series of new banknotes in Latin America in 2021, in circulation in Costa Rica. Banknotes vary in size, from smallest to largest, depending on their denomination.

Several companies (the case of Auto Mercado for example) alert their customers for days that on January 1, 2022, the ¢ 50,000 and 20,000 lose their value as a means of payment.

The 50,000 banknote ceased to be issued by the BCCR in 2018, but the copies in circulation remained active and it is until next month that they will cease to serve as a means of payment.

At the time, it was argued, among other factors, that they were unnecessary due to low inflation and that payments for amounts equal to or greater than 50,000 are usually made electronically.

On the other hand, banknotes printed on cotton paper of 1,000 and 10,000 will coexist as a means of payment with the new polymer denominations until the date on which the Central Bank establishes their withdrawal.

In October of this year, the issuing entity put into circulation the new 1,000 and 10,000 banknotes and thus completed the new series.

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The substitution process carried out by the Central Bank in collaboration with financial entities is to ensure that only polymer banknotes circulate in the country, which makes them more resistant and recyclable.

Now all banknotes are in material which makes them more durable and safer, like against counterfeiting through transparent window, floating circle and color change on the map of our country, compared to those printed on paper cotton.

The Central Bank also detailed that the new family of banknotes has been awarded as the best series of new banknotes in Latin America in 2021, by the English firm Reconnaissance International.

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