The Central Bank of Denmark, Danmarks Nationalbank, issued a press release on the 21st October advising of their decision to stop coin and banknote production from 2016, citing a drop in demand.
Though the Bank recognises that the volume of cash in circulation within Denmark is high, it has seen a trend of falling demand for new coins and banknotes during the past few years, of which it “does not expect the trend to reverse.”
Danmarks Nationalbank states that the reasons for the drop in demand is due to “…better recirculation of banknotes and an improved banknote quality so that banknotes have a longer life.”
“Consequently, Danmarks Nationalbank has decided to initiate a process to discontinue internal printing of banknotes and minting of coins during 2016. Like a number of other central banks, Danmarks Nationalbank will outsource these functions to external service providers. This decision is expected to yield total savings of kr. 100 million until 2020.”
Source: Danmarks Nationalbank