Sunday, February 15, 2009

Withdrawal of Indonesian Banknotes 1998 to 2001 Series

Bank of Indonesia is officially making an announcement on 26 November 2008 to withdraw the denomination of Rp10,000, Rp20,000, Rp50,000 and Rp100,000 (polymer note) which were the 1998 to 2001 Series with effective date of 31 December 2008. The withdrawal of these notes was one of the government routines or strategies to face out the older notes on the consideration of their security features. With this announcement made, these four denomination notes are no longer the legal tender in Republic of Indonesia.

However, for those people whom still hold these denomination notes are advised to go to the nearest branches of Bank of Indonesia to exchange to their new currency. There is a grace period given to public on the gradually withdrawal of these denomination notes from the market. The Bank of Indonesia has given 10 years right for public to exchange their notes in which the expire date will fall on 31 December 2018. Other commencial banks will only accept these notes for another 5 years which is untill 31 December 2013.

So, as a collector, have you added these 1998 to 2001 series of Indonesia notes into your collection? It will be cheaper to do it now than years later as they are beginning to obselete from the market.

1998 to 2001 Series

Rp10,000 issued on 18 February 1998

Rp20,000 issued on 23 Janaury 1998

Rp50,000 issued on 1 June 1999

Rp100,000 issued in 1999

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