Despite Slovakia's transition to the euro in 2009, billions of Slovak koruna in banknotes remain unaccounted for – hidden, forgotten, or kept as keepsakes. (source: Sme)
Even though Slovakia has now been using the euro for longer than it did the Slovak koruna (SKK), a significant chunk of the old currency remains unaccounted for.
Currencies used in Slovakia since independence
Slovak crown – 1993-2008
euro – 2009-present
“In 2024, a total of 20,798 Slovak banknotes were exchanged at National Bank of Slovakia (NBS) cash desks, amounting to a total value of SKK 13.37 million (€443,700). Despite this, as of the end of 2024, SKK 2.75 billion was still extant, equivalent to approximately €91.44 million,” the national bank reported.
The NBS cites several reasons why such a large amount of banknotes remains unaccounted for.
First, many people are simply unaware that they still possess old notes.
“They often discover them while renovating homes inherited from their relatives, or have simply forgotten about them,” said Peter Majer, an NBS spokesperson, in an interview with The Slovak Spectator. “Many people hid their savings in unusual places – inside chimneys, buried in gardens, or tucked into their stockings or under a mattress.”
In addition to forgotten funds, some individuals have kept old banknotes as souvenirs. A portion of the unreturned banknotes also likely remains abroad, taken home by foreign tourists.
Could some of the missing cash be linked to crime?
The NBS declines to speculate about whether some of the unreturned Slovak koruna may be linked to illicit activities. However, strict anti-money laundering measures were in place when Slovakia transitioned to the euro in 2008.
At that time, individuals could exchange any amount of Slovak crowns for euros. However, transactions exceeding SKK 15,000 (just under €500) required proof of identity. These regulations remain in effect today.
“Banks also had the authority to request additional proof of the money’s origin, especially when handling unusually large sums,” Majer explained. “The NBS continues to apply such safeguards.”
He added that any further questions regarding criminal cases would be handled by law enforcement authorities.
Still time to exchange old Slovak banknotes
For those who come across forgotten Slovak crowns, it is still possible to exchange them for euros.
“Slovak banknotes can be exchanged at NBS cash desks without any time limit,” Majer confirmed. However, he clarified that this policy applies only to banknotes – coins can no longer be exchanged.
The exchange rate remains the same as when Slovakia adopted the euro: €1 = SKK 30.126.
Slovakia used the Slovak koruna from 1993 to 2008, a total of 16 years. The euro has now been in use in the country for more than 16 years.
