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Riksbank plots end of 20 kronor note

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14:50 CET+01:00
The days are numbered for the 20 kronor ($3) note, known as 'Selman' as it depicts the celebrated Swedish author Selma Lagerlöf, with a new coin set to replace the paper bill.

Selman's future, which has been a bone of contention between the Riksbank executive board and general council, will be decided in parliament.

The Riksbank has also proposed the introduction of a two-krona coin and a 200 kronor note. Existing coins will also be made lighter and smaller.

"This eases handling and reduces environmental impact," said Svante Öberg, Riksbank deputy-governor, in a statement.

Öberg explained that one advantage in switching to a coin is that notes wear out too fast.

"The reason is that the 20 kronor note is getting increasingly worn out, which leads to increasing problems in the mechanical handling of the banknotes. A coin has a much longer life cycle than a note," he said.

The general council of the Riksbank took a stand at a meeting in March against the decision to phase out the 20-kronor note.

 
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