When the euro was introduced in 2001, The Netherlands had made it clear, that they would NOT be holding on to the Guilder for much longer than three months. As promised, shortly after March 1st, the Guilder was no longer a currency that could be traded in coins or paper notes. Despite having released a new series of notes, the Netherlands was on board with the full circulation of the euro and the discontinuation of the Guilder. Eleven years later, other countries have removed their currencies from the market along with any monetary value they may have. It is customary for banks to announce that the currency legal tender to the country will be removed from circulation AND will loose all monetary value at least a year in advance, but Italy, just like The Netherlands, have completely disregarded that courtesy. As of December 5, all those holding onto any lire, would only have forty-eight hours to sell off any and all of their currency or loose all value it may have had. Initially, most wholesalers had chosen to no longer accept the lower denominations for most countries. Slowly, that short list of notes was increased to the mid-sized notes and most recently, all notes. As of the beginning of 2012, without much notice, wholesalers stopped buying these currencies, mainly because of the short time frame extended to turn over the currency. For years we have bought currency back from clients shortly after returning from their travels. Unfortunately for some, with the hope of returning some day, that was not possible. Just as their grandparents did, they put the money away in a safe, bedroom drawer, or a new shoe box. Now, their kids or grandchildren are finding out about their newly acquired treasures, but only to be disappointed. While the notes may be in mint condition, they no longer hold any monetary value. We suggest saving a note or two as a precious memento, but that's about it. The rates of exchange will fluctuate, no doubt, but if the money is moved, discarded unintentionally, or the country of origin figures, its time for a change, then you will have nothing to claim. While ten thousand lire may not have been very much ($2.50 at .00050 per lire or 2,000 per dollar), 500,000 lire (one note) would have been ($250 at .0005 per lire or 2,000 per dollar). Add other neighboring currencies, like the French franc, Spanish peseta, Portuguese escudo, and your $2.50 would add up to much more than $250. Costa Rica, India, Peru, Hong Kong, Brazil, Chile, and a few others have recently made improvements to their notes., These are not countries that would allow two years to change old notes for new ones or convert back to dollars. Unless you are heading to these countries in the next forty-eight hours, change the currency back to dollars now.
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