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  #21  
Old 29.04.2021, 17:54
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Re: Recall of eighth series of Swiss banknotes

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Can anybody please advise how can you tell which banknotes are from the eighth series (as opposed to other series)? One press release seems to suggest that all banknotes with the portrait of a certain person will be recalled, which I find odd, since I would think that the portrait does not change with each series. Thank you.
The newest series doesn't have portraits at all, so it should be easy to tell. If any of your notes have portraits, they're not the most recent. The most recent ones have scenes of nature and science. I think most of them have images of hands.

Here's an image of the new series:

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  #22  
Old 29.04.2021, 19:15
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Re: Recall of Swiss banknotes from eighth series

Does anyone know if it would be still possible to exchange them abroad after April 30? We gave some money to our relatives just in case, does it mean that they are left with pieces of paper instead of money, with which they cannot do anything in their country?
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  #23  
Old 29.04.2021, 19:22
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Re: Recall of Swiss banknotes from eighth series

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Does anyone know if it would be still possible to exchange them abroad after April 30? We gave some money to our relatives just in case, does it mean that they are left with pieces of paper instead of money, with which they cannot do anything in their country?
Depends how up-to-date their local Forex place is - I guess there's a good chance they wouldn't know about this change straight away.

Or they can post them to SNB and get the cash in their account:

https://www.snb.ch/en/mmr/reference/...d_notes.en.pdf
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Old 29.04.2021, 19:39
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Re: Recall of Swiss banknotes from eighth series

I'm rather disappointed with the ninth series - they don't have obvious cute names like the eighth series did. I was nicely used to "Bertie" for a ton, "Chuck" for two ton, and "Jack" for a bag. Now the rug's been completely pulled from under me and any names for the ninth series seem so contrived.


It's all about the Berties...
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Old 30.04.2021, 01:13
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Re: Recall of Swiss banknotes from eighth series

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But that's not the definition of legal tender.

Legal tender means that you can repay any debt using legal tender at any time and the lender cannot refuse.

Legal tender has nothing to do with the payment of goods or services.

In Switzerland whether or not you can theoretically repay your mortgage with a wheelbarrow of cash is up to the leniency of your bank, not to the law.

In fact with anti money laundering regulations, there may be limits to how much cash you can use at once without proving its provenance.
It seems to me that your view is too narrow. A contract can define different forms of payment/makegood, or limit the time during which you can free yourself of the obligation, or impose a virtually endless list of other forms of restrictions.

Legal tender only applies to situations where you free yourself of an obligation by payment in the local currency and according to the contractual conditions, acceptance whereof the counterparty can't refuse without placing themselves into "Verzug" (default?).
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Old 30.04.2021, 10:53
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Re: Recall of Swiss banknotes from eighth series

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But that's not the definition of legal tender.

Legal tender means that you can repay any debt using legal tender at any time and the lender cannot refuse.

Legal tender has nothing to do with the payment of goods or services.

In Switzerland whether or not you can theoretically repay your mortgage with a wheelbarrow of cash is up to the leniency of your bank, not to the law.

In fact with anti money laundering regulations, there may be limits to how much cash you can use at once without proving its provenance.

I did not mention anything about payment of goods or services. Art. 84 Swiss Code of Obligations states: "Pecuniary debts must be discharged in legal tender of the currency in which the debt was incurred."

The Federal Act on Currency and Payment Instruments defines what legal tender is for Switzerland. Additionally, it states "1 Everyone is obliged to accept up to 100 Swiss regular issue coins in payment. [...] 2 Everyone must accept Swiss banknotes in payment without restriction."

My reading is that if you try to pay off your mortgage in coins, the Bank can refuse to accept payment above CHF 500 in coins (which is the maximum of 100x CHF 5 coins), the Bank could not - subject to contractual agreements - however, refuse to accept payment in bank notes.

Since the provisions on what is considered legal tender impose these limitations as to the number of coins to be accepted, a debtor would not sucessfully discharge a debt if he simply brings a cart-load of coins. The refusal of the Bank to accept would not be a "Gläubigerverzug", i.e. a default of creditor, but instead the debtor would be in default "Schuldnerverzug" since he did not offer payment in legal tender under the strictures of the Federal Act on Currency and Payment Instruments.
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  #27  
Old 30.04.2021, 11:27
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Re: Recall of Swiss banknotes from eighth series

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Since the provisions on what is considered legal tender impose these limitations as to the number of coins to be accepted, a debtor would not sucessfully discharge a debt if he simply brings a cart-load of coins. The refusal of the Bank to accept would not be a "Gläubigerverzug", i.e. a default of creditor, but instead the debtor would be in default "Schuldnerverzug" since he did not offer payment in legal tender under the strictures of the Federal Act on Currency and Payment Instruments.
But there being a limit on the number of coins that can be used implies that coins are not legal tender, or only legal tender under certain conditions.

Notes are not genuinely legal tender either because if the bank can refuse to accept a cartload of CHF notes on the grounds that they may be laundered and the debtor is unable or unwilling to explain their provenance in a manner that satisfies the bank's requirements, that also limits the extent to which they are legal tender, or means other laws and regulations override the concept of legal tender.

In other words, the concept of legal tender in Switzerland, as far as it exists, is compromised by other laws and regulations.
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  #28  
Old 30.04.2021, 12:02
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Re: Recall of Swiss banknotes from eighth series

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In other words, the concept of legal tender in Switzerland, as far as it exists, is compromised by other laws and regulations.
"Legal tender" is in its very nature defined by the laws and regulations of a country, and simply defines with which currency you can discharge your debts (e.g. I cannot pay with a series 5 bank note).

Here also the Federal Finance Administration's view:
https://www.efv.admin.ch/efv/en/home...ngsmittel.html

Whether or not there may be additional restrictions does not change the concept of legal tender. I would expect that every jurisdiction will have AML-restrictions, which require a bank to refuse certain payments. However, such refusal is not because the funds are not legal tender but because they subject to other statutory duties.
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  #29  
Old 30.04.2021, 15:50
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Re: Recall of Swiss banknotes from eighth series

Well, I guess I'd better empty the mattresses then ... *sigh*
I did have other plans for the weekend, but I'd better prepare for a trip to the bank on Monday. I hope they have a lot of 9th series notes in stock - I don't want any large denominations with consecutive serial numbers!
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  #30  
Old 30.04.2021, 16:41
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Re: Recall of Swiss banknotes from eighth series

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"Legal tender" is in its very nature defined by the laws and regulations of a country, and simply defines with which currency you can discharge your debts (e.g. I cannot pay with a series 5 bank note).

Here also the Federal Finance Administration's view:
https://www.efv.admin.ch/efv/en/home...ngsmittel.html

Whether or not there may be additional restrictions does not change the concept of legal tender. I would expect that every jurisdiction will have AML-restrictions, which require a bank to refuse certain payments. However, such refusal is not because the funds are not legal tender but because they subject to other statutory duties.
The rules are even more restrictive in some countries - for example, in Scotland legal tender is only Bank of England coins!

Paying off your 200k mortgage with £2 coins would be challenging as they'd weigh over a tonne.
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Old 01.05.2021, 18:44
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Re: Recall of Swiss banknotes from eighth series

Just realised I must have missed entire 7th series as for a moment I was under impression we EOL current bills - as last one I remember was 6th and now 8th is gone (to fast for me it seems) and seems it's due to the fact that 7th was never released (thank you wikipedia)

Anyway - they keep changing it too often - or it is last one they want to do before we all more to e-currencies and see no more bills ?
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  #32  
Old 01.05.2021, 21:57
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Re: Recall of eighth series of Swiss banknotes

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The newest series doesn't have portraits at all, so it should be easy to tell. If any of your notes have portraits, they're not the most recent. The most recent ones have scenes of nature and science. I think most of them have images of hands.

Here's an image of the new series:

That picture is missing the most important one, without which lighting cigars is only one fifth the fun
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Old 01.05.2021, 22:17
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Re: Recall of Swiss banknotes from eighth series

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Does anyone know if it would be still possible to exchange them abroad after April 30? We gave some money to our relatives just in case, does it mean that they are left with pieces of paper instead of money, with which they cannot do anything in their country?
I would hope so! For one thing, there are probably a lot of kids out there with piggy banks full of old notes that they had received for Christmas, from the tooth fairy, etc. I actually just went through my son's piggy bank to see if there were any old notes in there and managed to get my fingers stuck inside of it for a while, as I was trying to get the notes out without tearing them. For a minute there, I was afraid I was going to have to call someone to break the piggy bank to get it off of my hand.
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Old 02.05.2021, 09:29
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Re: Recall of Swiss banknotes from eighth series

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I would hope so! For one thing, there are probably a lot of kids out there with piggy banks full of old notes that they had received for Christmas, from the tooth fairy, etc. I actually just went through my son's piggy bank to see if there were any old notes in there and managed to get my fingers stuck inside of it for a while, as I was trying to get the notes out without tearing them. For a minute there, I was afraid I was going to have to call someone to break the piggy bank to get it off of my hand.
I think you missed the word "abroad". I don't suppose there are that many kids outside Switzerland with spare swissie notes in their piggy banks.
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Old 02.05.2021, 11:41
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Re: Recall of Swiss banknotes from eighth series

For those who are looking to exchange old notes...

From the SNB website at -- https://www.snb.ch/en/iabout/cash -- you can [continue to use] your notes at any "public cash offices of the Confederation (SBB/CFF, Swiss Post)" until 30 October 2021.

Also, I was able to use up my old notes in an SBB ticket machine at the Zurich HB this morning. So that's also an option if you have rail tickets to buy...

Last edited by 3Wishes; 05.05.2021 at 13:32. Reason: edited to clarify use instead of exchange, as the poster can't edit
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  #36  
Old 03.05.2021, 18:48
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Re: Recall of eighth series of Swiss banknotes

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That picture is missing the most important one, without which lighting cigars is only one fifth the fun
I know, but it was rather challenging to find a small enough image to link here. Besides, everyone on EF has stacks of the purple ones under mattresses anyway, right?
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Old 03.05.2021, 19:13
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Re: Recall of eighth series of Swiss banknotes

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I know, but it was rather challenging to find a small enough image to link here. Besides, everyone on EF has stacks of the purple ones under mattresses anyway, right?
Nope, on prime number pages of engineering handbooks fatter than the Bible....dreaming awake
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Old 03.05.2021, 21:29
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Re: Recall of Swiss banknotes from eighth series

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From the SNB website at -- https://www.snb.ch/en/iabout/cash -- you can exchange your notes at any "public cash offices of the Confederation (SBB/CFF, Swiss Post)" until 30 October 2021.
Are you sure you can really exchange the notes there? As I understand it you may only pay for services/goods at the SBB/Post.
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Old 05.05.2021, 00:20
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Re: Recall of Swiss banknotes from eighth series

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Are you sure you can really exchange the notes there? As I understand it you may only pay for services/goods at the SBB/Post.
I don't know. When I read it, I assumed that it meant you could exchange notes -- but the exact wording is that they will "continue to accept notes"

I will go back and edit the wording in my original post (actually, it seems I can't edit my original post)...
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Old 05.05.2021, 13:33
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Re: Recall of Swiss banknotes from eighth series

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I don't know. When I read it, I assumed that it meant you could exchange notes -- but the exact wording is that they will "continue to accept notes"

I will go back and edit the wording in my original post (actually, it seems I can't edit my original post)...
Took care of it for you, let me know if you prefer different wording.
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