Swiss franc
The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein and also legal tender in the Italian exclave of Campione d'Italia. Although not formally legal tender in the German exclave of Büsingen am Hochrhein (the sole legal currency is the euro), it is in wide daily use there; with many prices quoted in Swiss francs. The Swiss franc is the only version of the franc still issued in Europe.
Banknotes of the Swiss franc
Switzerland is unusual among affluent countries in that it expires its banknotes; the Swiss National Bank has declared several older series of banknotes to be no longer legal tender some time after introducing newer series. Notes from these "recalled" series can be exchanged for still-valid notes at the National Bank for up to 20 years after the date of recall, after which the notes lose all value. When recalled series become valueless, the National Bank transfers an amount of money equal to the sum of the now-worthless notes to a state-run last-resort disaster insurance fund, the Swiss Fund for Aid in Cases of Uninsurable Damage by Natural Forces. The most recently recalled series of banknotes, the sixth series, was recalled on 1 May 2000 and will expire on 1 May 2020. The Swiss Federal Council (executive cabinet) and National Bank have proposed to remove this twenty-year time limit for the sixth series as well as any future recalled series; as of mid-2018, this proposal remains in the draft bill stage.