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1.2.5.1. What will be in our wallets after 2002 ?

Various designs of euro notes were shown to the public in Dublin on 13 December 1996.  Sample coins were put on public display during the 1997 Amsterdam Summit.  The genuine notes and coins were revealed to the public at end of August 2001 by the President of the European Central Bank.

There are seven different notes, with values of 5, 10, 20, 50, 100, 200 and 500 euros, each with its own distinct colour and size.  Both sides are identical for all countries where the euro is legal tender - hence the notes have no national identity.  The notes have sophisticated security markings and are produced in several European centres under the direct supervision of the European Central Bank (ECB).

The European Central Bank (to be changed).  

There are eight coins of value .01, .02, .05, .1, .2, .5, 1 euro and 2 euros.  The euro is divided into 100 units with the full legal name "eurocent", but popularly called "cents" or sometimes "centimes".  The manufacture of coins is the responsibility of national banks.

In addition to the twelve countries of the euro zone, the Republic of San Marino, the Vatican City and the Principality of Monaco also mint their own euro coins, the first two with the agreement of the Italian government and the last with the agreement of the French government.

Euro notes and coins..
© Promeuro - Illustration 1.2.5.a  

Monetary agreements and rates of exchange for the European Community and its member states can be found on the Belgian euro site:

euro.fgov.be

1.2.5.2. What principles were followed in the design of the notes?

The graphics symbolise the European architectural heritage: the windows and portals on the face side evoke the spirit of openness and cooperation in the European Union. A bridge from one particular period symbolises the communication between the peoples within Europe and between Europe and the rest of the world.  The twelve stars of the European flag symbolise the dynamism of Europe and the harmony within Europe.  These designs are the work of the Austrian, Robert Kalina, of the Austrian central bank, whose proposals were selected in a Europe-wide competition.

The absence, on the notes, of persons who have helped to forge European civilisation or who advanced the concept  of Europe (Aristotle, Dr Gro Harlem Brundtland, Winston Churchill*, Leonardo de Vinci, Dante, Albert Einstein, Erasmus of Rotterdam, Alexander Fleming, Galileo, Victor Hugo, Emmanuel Kant*, Jean Monnet*, Wolfgang Amadeus Mozart, Henry the Navigater, Louis Pasteur, Marco Polo, Rembrandt, Robert Schuman*, William Shakespeare, Socrates, Altiero Spinelli*, Ludwig van Beethoven, etc.) is regrettable.  It reflects the concern not to impinge upon national sensitivities at the moment when national currencies were replaced with the euro.  Nevertheless the infatuation with the coins, with their national
designs, could encourage the evolution by ECB of such designs in the future.

Jean Monnet

Also, the absence of a one euro note has been regretted by travellers, given the number of different coin denominations.  The existence of a euro note (like the one dollar bill) would make it easier to give tips in euros, especially outside Europe, where it is easier to exchange notes than coins.

The longevity of low denomination coins could be increased through the use of plastics in production.

The 500 euro note has received criticism as a factor in promoting the informal economy

1.2.5.3. What principles were followed in the design of the coins ?

The coins all have the same designs on the face side.  They are the work of Luc Luycx of the Belgian Royal  Mint.  The reverse side designs represent one or several national symbols, but all coins are legal tender throughout the euro zone.  This feature is considered by some to be a detriment to the European character of the single currency.  Others regard it as the most visible expression of the concept that the euro brings "Europe into our pockets".  In fact, having coins which are variable according to country has awakened a considerable interest amongst both amateur and professional coin collectors.

Some countries, such as Finland, have decided to stop production of coins of 1 up to 5 cents.  Nevertheless these low denomination coins remain useful in countries where incomes are low, given that they avoid rounding upward to the nearest 10 cents.

The story behind the national design for each coin:

1.2.5.4. What security measures protect the euro against falsification ?

A number of sophisticated modern security markings have been incorporated into euro banknotes in order to protect them from forgery.  The security is at least as good as those of the notes they replace. The legal framework, agreed at Dublin enjoins member states to undertake the necessary measures to prevent possible counterfeiting.  The security features built into the notes, revealed by the ECB to the public, inlcude the security thread,  the holographic metallic strip, the watermark, the iridescent strip - and above all the quality of the paper.  The notes were not issued to the public before 1 January 2002, in order to minimise the risk of abuse and opportunities for falsification.  The coins, especially the 1 and 2 Euro coins, also have specific security features.

To combat counterfeiting, the ECB's own anti-counterfeiting centre is assisted by a national centre in each country of the EU.  The ECB, in turn, supports the International Group for the suppression of counterfeiting, a world-wide initiative of the central banks of 27 countries.

In practice, by the end of 2004 the average number of counterfeit notes withdrawn from circulation has turned out to be about 50,000 per month.  The main denominations affected were the 50 € (48%), the 20€ (24%) and the 100 € (17%).  The number of counterfeit notes withdrawn from circulation went down to 300,000 in the second half of 2004, after a steady increase up to that point.  These figures should be compared with the 8,900 million notes in circulation.  The euro has become one of the most secure notes in the world.  It is sufficient to "touch, examine and hold up to the light" to unmask the counterfeits with ease.

The Euro notes and coins on the website "Euro" of the ECB : www.euro.ECB.int

The security markings of the notes: www.ECB.de/bc/banknotes/security/htm/index.fr/html

The security markingsof the coins : www.ECB.de/bc/coins/security/htm/index.fr/html

The annual report of the fight against falsification : www.ECB.de/pub/pdf/annrep/an20  

1.2.5.5. Can euro notes and coins be distinguished correctly by people with vision difficulties?

The technical specifications included the needs of people who are completely or partially blind, and relevant organisations were consulted.   In order to facilitate identification, the notes are different in size and colour, according to their face value.  On both sides they have value in numerals printed clearly and legibly, in the same position for all denominations, along with symbols which can be detected by touch.

The coins, too, have variable characteristics, in order to help blind people determine their value.

Feedback has shown that people with vision difficulties not only appreciate the convenience of travel without the problem of dealing with a multiplicity  of notes and coins, but also the specifications for the euro notes and coins met their expectations.

English language website of the European Union of the Blind : www.euroblind.org (notes on how to organise familairisation sessions with euro coins).

German language video on the tandem tour of Europe

1.2.5.6. Do the coins contain metals which can cause allergies ?

For security reasons the 1 and 2 euro coins (but not the other coins) contain nickel.  Two laboratories (one in the UK and the other in Sweden) issued an alert regarding the presence of nickel in these coins. 25% of women and 2 to 5% of men are allergic to nickel.
 
Unlike the old French franc coins, for example, the euros do not contain nickel in its pure form.  Only the 1 and 2 euro coins contain nickel alloys.  The outer fringe of the 1 euro coin (yellow in colour) is 75% copper, 20% zinc and 5% nickel while the silvery centre is 75% copper and 25% nickel.  The same alloys are used on the 2 euro coin - but in the inverse positions.

Nickel is used in jewellery and cutlery.  It is a component of 75 of the coins in circulation prior to the launch of the euro.  Now, the 1 and 2 euro pieces account for no more than 8% of the coins in circulation following the withdraw of the national coins.

It appears that it is a problem, not so much for the public in general, but rather for cashiers and bank and postal employees who handle the coins in large quantities.

1.2.5.7. Why are consumers so fascinated by euro coins and notes?

The lack of popular support for the ECU and the euro as a unit of accounting led to the fear of the effects of a slow adoption of euro banknotes and a lengthy period of dual circulation dominated by national currencies.

That didn't happen.  The distribution of notes and coins was a clear success.  The stock of "demonstration kits" of the coins was exhausted rapidly.  The automatic teller machines in some countries were besieged in the first few days of January 2002.  The euro notes and coins replaced the national currency in circulation more rapidly than expected.  Certain coins whose motives evoke European cultural heritage (the seizure of Europa, Dante, etc.) became the subject of Internet requests by collectors.

An Italian coin which features Dante.

Undeniably the issue of the euro notes and coins gave rise to the feeling of experience of an exceptional historic moment and led to unusual acts of mutual assistance amongst businesses.

This feeling would be difficult to explain were it not for the opinion polls which showed that the majority of Europeans have been in favour of a single currency for a long time.  It is plain to see that only euro banknotes could fulfil this preference.  Undoubtedly both consumers and businesses had it in their interest to reduce the length of the transition period with the additional cost of double circulation.

In the end, the transition period of three years was perceived as too long. Nevertheless it should be noted that the production of 14,890 million banknotes (2/3 for circulation and 1/3 for reserve stocks) and 52,000 million coins (a total of more than 646,750 million euros) required exceptional measures, some of which were implemented in the final year before launch.  The year 2001 was also used to intensify information and preparation campaigns, which doubtlessly contributed to the smooth execution of the difficult operation of the permanent replacement of national currencies with the euro.