Coin Issuance Falls in Estonia

According to the latest figures published by Eesti Pank, Estonia’s central bank issued 3.2 million coins with a total value of €1.5 million in the fourth quarter of 2024. This marks a 28% decrease in the number of coins issued compared to the same quarter of the previous year. 

The most common coin issued was the 1 cent, accounting for 21% of coins issued into circulation. This is similar to the final quarter figures in 2023, where the 1 cent comprised 26% of the coinage issued. 

Commercial banks returned 6.5 million circulation coins with a total value of €1.5 million euros to Eesti Pank in the fourth quarter. The most common denomination returned was the 2 cents, accounting for 25% of all coins returned – close to the figure of 27% seen in the same period in 2023 – although 26% more circulation coins were returned during the period than in the previous year. 

The number of circulation coins issued and returned was affected very much in the fourth quarter by the coin collection campaign run jointly by Eesti Pank and Omniva, said the central bank. 3.6 million circulation coins were exchanged in two Omniva post offices in 2024. The Bank noted that coin exchange service aided in increased coin circulation efficiency and reduced the need to produce new coins. 

Coins are able to be paid bank accounts using coin machines at banks at ten locations across Estonia, or exchanged in the aforementioned post offices operated by Omniva – although the latter option will cease operating at the end of this month. 

The introduction of a rounding rule for cash payments in shops on 1 January will likely impact the issuance and return figures for the first quarter of 2025 onwards, with circulation of 1 and 2 cent coins expected to occur far less often. 

Euro exchanging and counterfeits

Eesti Pank continues to exchange Estonian kroons for euros. There were 191 exchange transactions with kroons in the fourth quarter of 2024, at a value of €45,703. There are still an estimated 319.5 million coins, worth 6.7 million euros, that have not been returned from circulation, in addition to the unreturned banknotes. The total value of unexchanged currency is currently valued at €43.6 million. Interest in exchanging kroons for euros has been very low in recent years, observed the Bank, which is not particularly surprising given the near decade and half that it has been since Estonia officially adopted the euro. 

Banknotes remain the form of currency most likely to be counterfeited. The Estonian Forensic Science Institute registered 105 counterfeit euro banknotes in Estonia in the fourth quarter, the majority of which were €20 and €50 notes. Less counterfeit coins, 46 in total, were found during the same period.