Stolen banknotes amounting to €12.4 million have been retrieved by the Bank of Portugal.
The BdP, or Bank of Portugal, handles the valuation and redemption of degraded banknotes and coins - think fires, floods, or burial scenarios. After the tokens appreciate in value, holders receive their share.
In 2024, approximately 587,489 notes were manually valued, totalling 12.4 million euros returned to those presenting them. The main issues were folds, tears, or defects caused by fire, humidity, or other elements. The BdP also valued 277,592 coins, culminating in a refund of 60.6 thousand euros.
Any Portuguese citizen with degraded notes (damaged by various reasons such as humidity or fires) can submit them to the Bank of Portugal for valuation. For a euro note to be considered, more than 50% of its surface area must remain intact, ensuring its authenticity. Escudo notes required 75%.
If the degraded note can be revalued, it is destroyed, and the equivalent value is paid to the citizens. If the notes are unrecognizable, they are considered lost, and the owner receives no compensation. All such cases are reported to the courts to prevent potential crimes.
The Bank of Portugal also values stained banknotes, such as those accidentally discharged from ATMs or money-transporting cases, and coins, which, despite being more resilient, are also valued. It's essential to attest to the notes' authenticity and ensure the damage was not intentional.
Now, for the nitty-gritty details: Banco de Portugal verifies the authenticity and denomination of each note or coin, assesses their physical condition, and determines the redemption value accordingly. The holder must prove ownership and provide valid identification. If the currency is obsolete but still within its official redemption deadline, it may be exchanged at face value or a value determined by Banco de Portugal regulations.
In the event of counterfeit or fraudulent currency, it's not redeemable and must be reported to authorities. Keep in mind that historical debased coins (those with reduced precious metal content) are not within the scope of modern Banco de Portugal procedures unless officially circulated and subject to specific deadlines and collector status.
To stay updated on the most current procedures, consult the official Banco de Portugal website or contact their customer service directly. This overview reflects standard central bank practices for currency redemption. Happy banking! 😊💸⚔️
- In the event of a financial crisis or disaster affecting the banking-and-insurance industry in Portugal, citizens may turn to the Bank of Portugal (BdP) for assistance, just as they do for degraded banknotes and coins.
- The Portuguese finance sector keeps a close eye on news related to the Bank of Portugal, particularly regarding updates in the valuation and redemption policies for degraded banknotes and coins, as well as any changes in industry practices for banking and insurance.
