Facts about the Euro

Facts About The European Euro

Click on this link to take a look at the various Euro notes and coins

At PT Shamrock we would like to help demystify the concept of a single currency and explain some of its less well-known aspects. Most people are still confused about the introduction of the euro, and at this site we will answer some of the most frequently asked questions we receive from our customers.

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In which countries will the euro become legal tender?
The euro will become legal tender in the 12 members of the Economic and Monetary Union (EMU): Germany, France, Spain, Portugal, Belgium, The Netherlands, Luxembourg, Italy, Greece, Finland, Austria and Ireland.

What is the conversion rate for the euro for each participating currency?
The rates, which have remained irrevocably fixed since 1 January 1999, appear from the table below.

Is there a euro symbol?
Yes, just as is the case with the dollar ($) and the British pound (£) there is a symbol for the euro, too. The euro symbol is €.

What is the official euro abbreviation, and how will the euro be denominated?
The official abbreviation is EUR. One euro equals 100 eurocents. You can write 15.45 euro, €15.45 or EUR 15.45.

How is the euro used today?
Until 1 January 2002, the euro was used as an electronic currency only.

When will euro notes and coins be introduced?
Euro notes and coins were introduced on 1 January 2002.

How many different euro notes and coins will be introduced?
There are seven bank notes in denominations of 5, 10, 20, 50, 100, 200 and 500 euros and eight coins in denominations of 1 cent, 2 cents, 5 cents, 10, cents, 20 cents, 50 cents, 1 euro and 2 euro.

How can you tell the eight euro coins apart?
The eight coins are different in size, weight, material, colour, edge and thickness allowing the blind and visually impaired to tell the coins apart.

How can you tell the seven bank notes apart?
The seven bank notes are different in both size and colour allowing the blind and visually impaired to tell the notes apart.

For how long will national notes and coins remain legal tender?
Changeover plans vary from country to country-national currencies will, however, no longer be considered legal tender after 28 February 2002.

What happens to nationally denominated shares and bonds?
Securities denominated in one of the 12 in-currencies were automatically be converted into euro on 1 January 2002.

What happens to account balances in one of the "old" currencies?
In-currency balances were automatically converted into euro on 31 December 2001.

What do you do with the remaining notes and coins once they are no longer legal tender?
For a limited period, notes and coins may be converted into euro by local banks. Subsequently, only the national central banks will be in charge of converting outdated notes and coins. In a number of countries, however, this service is offered for a limited period only. It is therefore highly recommended that you contact your bank as soon as possible so as not to be left with invalid currencies.

Country
Per 100 euro
Per 100 currency units
Belgium
BEF 4033.99
2.48 euro
Germany
DEM 195.58
51.13 euro
Greece
GRD 34075.00
0.29 euro
Spain
ESP 16638.60
0.60 euro
France
FRF 655.96
15.24 euro
Ireland
IEP 78.76
126.97 euro
Italy
ITL 193627.00
0.05 euro
Luxembourg
LUF 4033.99
2.48 euro
The Netherlands
NLG 220.37
45.38 euro
Austria
ATS 1376.03
7.27 euro
Portugal
PTE 20048.20
0.50 euro
Finland
FIM 594.57
16.82 euro

Just click on this link to take a look at the various Euro notes and coins