PRAGUE (AP) — The Czech Republic's central bank says Thursday will be the last day the country's lowest value bank note, the 50–koruna ($3) bill, will be accepted as legal tender.

The bank began a gradual withdrawal of the bank note that bears a portrait of St. Agnes of Bohemia on its face side in 2007, replacing them with coins of the same value.

Bank board member Pavel Rezabek said Wednesday the cost of maintaining the notes in circulation is much higher compared with the coins.

Rezabek says all banks operating in the country and central bank branches will exchange the notes free of charge.