The central bank of Libya has said it is withdrawing from circulation the 50-dinar note, which bears the picture of former dictator Muammar Gadaffi wearing tinted glasses.
The bank's governor Al-Seddiq Omar al-Kabir told reporters that Libyans have until 15 March to hand the note in to banks and the bills will in turn be forwarded to the central bank.
Mr Kabir said the central bank is attempting "to erase the bad traces of the dead tyrant's rule" by removing the note from the monetary system.
It will also gradually withdraw the 20-dinar and one-dinar notes.
On the 20-dinar bill, Gadaffi is shown standing with several heads of state, including Tunisia's ousted president Zine El Abidine Ben Ali.
The one-dinar note has a picture of a smiling Gadaffi wearing a headscarf and with one hand on his left cheek.
"The one- and 20-dinar notes will be phased out because these images remind the Libyans of the time of the dictatorship," the media manager of the central bank, Issam Buajila, told AFP.