The E-Sylum:  Volume 8, Number 50, November 27, 2005, Article 13

SWEDEN PHASING OUT HIGH-DENOMINATION NOTES

Ralf W. Böpple of Stuttgart, Germany writes: "One of
the recurring topics in the E-Sylum has been the process
of electronic money replacing cash. According to recent
newspaper reports, the Swedish monetary authority has
published a proposal to take the county’s largest bill,
1,000 kroner (about $120), out of circulation. At a
later stage, even the 500 and 100 kroner bills should
follow. The reason behind this is the officials’ view
that large amounts of cash and high denomination bills
are predominantly used in illegal transactions. Cash
is not electronically traceable, tax evasion or money
laundering can thus not be documented. Simply put, no
honest individual or reputable company should have a
significant demand for high denomination bills. There
is also another point to this. A number of spectacular
assaults on cash transports have occurred in Sweden in
the recent past, and the authorities simply think that
it is much more difficult to carry away an amount of,
say, ten million kroner, if it consisted of 50 kroner
bills only.

According to the report, credit cards and electronic
payment systems are widely used in the population,
and many Swedes don’t even know how what a 1,000
kroner bill looks like."

[So what DOES it look like?  Can anyone point us to
a web page with an image and information on the Swedish
1,000 kroner note?  -Editor]

  Wayne Homren, Editor

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