If you have old Finnish markka (FIM) and are wondering how much they are worth in euros (EUR), you’re not alone. Finland adopted the euro in 2002, replacing the markka, which had been the country’s official currency for over 140 years. However, many people still have old markka banknotes or coins and want to know their equivalent value in today’s currency.
In this topic, we will explain how to convert Finnish markka to euros, the official exchange rate, and whether old markka banknotes can still be exchanged.
Official Exchange Rate: Finnish Markka to Euro
When Finland switched to the euro on January 1, 2002, an official exchange rate was set:
1 EUR = 5.94573 FIM
Using this rate, we can calculate how much 1000 Finnish markka is in euros:
So, 1000 Finnish markka is equal to 168.19 euros based on the official exchange rate.
Can You Still Exchange Finnish Markka for Euros?
Unfortunately, the Bank of Finland stopped exchanging markka banknotes on February 29, 2012. This means that if you still have old Finnish markka, you can no longer exchange them for euros through official channels.
However, some collectors or private exchange services might still be interested in old Finnish currency, especially rare or historical banknotes.
A Brief History of the Finnish Markka
The Finnish markka (FIM) was introduced in 1860 as Finland’s national currency when the country was an autonomous Grand Duchy under Russia. Over the years, the markka evolved through various economic periods, including:
- Tied to the Russian rouble (1860-1865)
- Independent currency under the gold standard (1878-1914)
- Pegged to different currencies (USD, GBP, Deutsche Mark) in the 20th century
- Joined the European Exchange Rate Mechanism (ERM) in the 1990s
- Replaced by the euro in 2002
The introduction of the euro was a major milestone for Finland, aligning the country’s economy with the rest of the Eurozone.
What to Do With Old Finnish Markka?
Since you can no longer exchange them at the bank, here are some options for old Finnish markka banknotes or coins:
1. Sell to Collectors
Some rare markka banknotes and coins are valuable to collectors. If you have special edition or historical banknotes, check online auction sites or numismatic forums.
2. Keep as a Souvenir
If the value is not significant, keeping old markka as a memento of Finland’s history might be a good option.
3. Donate to Museums or Exhibitions
Some museums accept old currency for historical preservation. This way, your markka could contribute to Finland’s cultural heritage.
Why Did Finland Switch to the Euro?
Finland joined the Eurozone to promote economic stability, easier trade, and financial integration with Europe. The euro brought several benefits, such as:
- Elimination of exchange rate risks for businesses trading within Europe.
- Easier travel within the Eurozone without needing to exchange currency.
- Stronger economic ties with other EU countries.
However, some people still feel nostalgic about the markka and believe that having an independent currency might have given Finland more economic flexibility.
If you have 1000 Finnish markka, its official value in euros is 168.19 EUR. However, since the Bank of Finland no longer exchanges markka, the only way to get value from old banknotes is through collectors or private buyers.
While the markka is no longer in use, it remains an important part of Finland’s financial history. If you still own old Finnish currency, it might be worth exploring its collector’s value or simply keeping it as a piece of history.