In its annual report, the Banque Centrale de Luxembourg (BCL, the Luxembourgish Central Bank) publishes the total value of Luxembourg franc banknotes issued by the “Institut Monétaire Luxembourgeois” and not yet presented for exchange. Surprisingly enough, in 2013 the amount was LUF 205 million , that is c. EUR 5.1 million.
The report goes on to say that the 5,000 LUF banknote is exchanged more frequently than the 1,000 LUF or even the 100 LUF notes.
There many and more reasons why there are still so many LUF “in circulation”. Nostalgia always play a great role in the decision to get rid of the coins and notes one’s used most of their life. Similarly, collectors find it hard to part with something that now belongs in a museum. And probably the main reason: forgetfulness. All across Europe “old” coins and banknotes appear every day in drawers, old suitcases and attics. According to the Belgian and German central banks, it is estimated that BEF 6.1 billion (c. EUR 153 million), and DEM 12.9 billion (c. EUR 6.6 billion) are still in circulation. And the same goes for most of the other 14 countries – without counting Lithuania that just got started!