This is similar to what happened in Nigeria some time ago. The old currency notes were declared obsolete and people were asked to return old notes to the bank for the new notes. However, it's like a war and a period of suffering for the people. There was no cash in circulation and businesses were heavily affected. At the end of day, the old notes are still in used today.
It's also same thing with the Nigeria currency value against the US dollar, it keeps going up every day.
Sounds like it's bad around the world...