when a country changes it's currency, is the old currency still valid?

Answer 1

The answer is....maybe.
All US banknotes issued since 1865 are still legal tender. All banknotes ever issued by the Bank of England are still valid.
Other than that, there isn't much consistency. Most European banknotes that were replaced by the Euro can still be redeemed, but each country has different laws regarding redemption (time limits, which banks can accept them, and so on).
Still others demonetize their banknotes after a set time limit. All Swiss banknotes issued before 1978 have been demonetized. All Mexican banknotes issued before 1992 are demonetized. All older banknotes from Argentina, Brazil, Chile, and the Philippines, to name a few, are all no longer valid.
There are a number of reasons why this happens: High inflation rates in the case of Mexico, Brazil, and Argentina. Wars in the case of Iraq and Kuwait. Problems with counterfeiting in the case of Switzerland and the Philippines.

Answer 2

Depends on the country. When the U.S. began changing its currency, the old currency was withdrawn as it wore out and was replaced.

I believe that all bank notes are redeemable that have been issued by the Bank of England. Of course, because of the age and rarity, some of these notes may be worth far more than the face value.

Answer 3

The Government decides, Limited time window may be open for changing old currency in to new. Govt. in difficulty may just make higher denomination currency notes invalid for payments/ transactions and get them exchanged for new currency at a fraction of their original values.

Answer 4

Yes, it is valid for a certain period of time like two years. That gives everyone a chance to trade it in for the new as well as assures people their money is still "good." It would cause a tremendous panic if people thought the old money wasn't good anymore. They are only able to print so much currency at one time. This also allows their treasury to do it in an orderly manner.

Answer 5

yes it is but only for a while just enough time for you to go exchange it for the new currency.

Answer 6

Well....My parnets live in florence, Italy...when it changed from the LIRA to the EURO...there was time frame for the Lira to be excepted. But they also gave all Italians an option to turn in their Lira's to the bank and it would get exchanged at the bank.

Answer 7

i do no longer think of that Bureau de modifications or everywhere that deals with remote places remote places funds echange will substitute funds; you will might desire to consult with a professional coin series provider for that. related to the notes, whilst they're nevertheless in circulate you could desire to attempt everywhere this is fee-loose, such because of fact the submit workplace

Answer 8

No, the only reason currency exists is for use. If you can't use it, it's void.

Answer 9

usually not
but the government will help change them through banks