Euro Bits
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Euro basics
"new currency,
stable prices"
by Leslie Strom
If you've been to Europe and gone to more than
one country, you know how your pocket change turns into little
metal souvenirs as soon as you cross a border, and converting
paper money is always a losing proposition. Of course, you could
always hang on to foreign currency and after 22 years rattling
in a Mason jar you could empty out the francs and lire and go
on another vacation with this money in your pocket like nothing
has changed.
Well, something has changed. The Euro is in, and that old stuff in the Mason jar is OUT.
WHAT COUNTRIES ARE IN THE EUROPEAN UNION?
There are 15 Member States in the European Union: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom.
Twelve Member States of the European Union are participating in the common currency, but it's easier to remember who isn't playing the Euro game. Sweden, Denmark, and the United Kingdom have opted out of the Euro currency program. Norway and Switzerland are not part of the European Union at all. Sweden will begin to use the Euro in 2005.
WHAT'S A EURO WORTH IN EACH EU COUNTRY?
On January 1, 1999 the European Union countries locked the value of their individual currencies in relation to the Euro (when the Euro was more a notion than a thing) and prepared to embrace a new über-currency that would travel seamlessly across the borders. It was sort of like each country's currency was a boat floating in its own pool, and then they moved all the boats to one big pool, all rising and falling at the same rate. Right now a Euro is worth about 90 cents US. See the sidebar for other conversions.
Your old guidebooks will have prices in national currencies, so you may need to know this. The good news is that when things are priced in Euros, you'll know right away if that Italian B&B is priced higher than the French place just a mile away over the border. Comparison shopping will be a snap. The Eurostar train that goes from France to non-Euro England is going to be the same... you can go to the club car and pay for your lasagna and Orangina with either country's prevailing currency.
WHAT WILL THE NEW MONEY LOOK LIKE? ARE THE COINS COOLER THAN U.S. STATE QUARTERS?
There are 8 euro denomination coins - 2 and 1 euros, then 50, 20, 10, 5, 2 and 1 cents. The Euro coins have a common design on the face, and on the flip side, each of the 12 Member States decorates the coins with its own national designs. No matter what the coins look like or where they go, they spend the same.
They are comparatively interesting when you stack them against the U.S. State Quarters which are issued over ten years. The Euro coins are all hitting circulation at the same time. A full set of a year's Euro coins will cost 46.56EU compared to a full set of both mints of 100 U.S. quarters at $25 USD
CAN I GET A DISEASE FROM THE EURO?
Not a disease, exactly, but possibly an allergic reaction. According to an article in The Scotsman (by Allan Hall, Aug 1, 2001), German doctors "were shocked to find the one and two euro coins contain 25 per cent nickel, which many people are allergic to and which causes painful skin blisters and unsightly red blotches to many."
WHAT COUNTRY'S COIN DESIGNS ARE MOST BORING?
That would be Ireland, Belgium, the Netherlands and Finland. Each country had a chance to make unique designs for each of their eight denomination coins. They chose to stick with just one design for all eight coins. For example, there's the same little harp, only different sizes, on the Irish Euro coins. You'd think Ireland could have done something with potatoes, soccer hooligans, or the Book of Kells for the other seven, but they didn't.
Other countries trotted out themes and really had some flashy fun. My own personal favorites are on Greek coins. Have a look at the Euro web site at all the coin designs.
WHAT'S ON THE PAPER MONEY?
There are 7 euro notes. In different colors and sizes they are denominated in 500, 200, 100, 50, 20, 10 and 5 euros. On one side the designs show architectural gateways, and on the other they show bridges, none of which exist beyond the imaginations of the graphic artists. (Reportedly, Europeans are already grumbling that the new currency is boring. They should come to the US and get a load of what we use.) You can see all the designs on the official Euro Essentials site.
IS THERE A CHARACTER ON MY KEYBOARD FOR THE EURO LIKE A $ EXCEPT WHATEVER IT IS THEY'RE USING?
Newer fonts and operating systems have the Euro symbol at the ready. For United States keyboards, it takes a few extra keystrokes and depending on your browser, should look like an E with two crossbars:
€
On Windows machines key in Ctrl+Alt+4
and on the Macintosh it's Opt+Shift+2.
You can also refer to your word processing character map or Key Caps. If your system doesn't have the Euro symbol, you can use EU. There is a graphic standard for the Euro symbol (see sidebar), treating the symbol as though it's a logo.
WHEN WILL I BE USING THE NEW EURO? DO I HAFTA?
If you're spending money in a Euro country, then yeah, you hafta.
September 2001 - you can buy Euro traveler's checks.
Mid-December 2001 - Euro notes and coins available from banks in Eurozone.
January 1- February 28, 2002 will be Dual Circulation Time. In most EU countries people will spend their old currency and it will be pulled from circulation over a couple months. New money will be Euros. After that, depending on the country, national central banks will continue to accept banknotes for exchange for ten years and maybe longer. You only have a year to convert coins in most countries. It varies, but to be safe, pretend it doesn't.
WHERE DO I TAKE MY MASON JAR FULL OF OLD CASH?
If you're going to England, the
whole issue is irrelevant. Empty the Mason jar into your pockets
and go. They still have old shillings and tuppence floating around
with the pretty pound coins and shiny new pence. Old collectibles
can be found in pocket change.
For obsolete Eurozone currencies, take your paper money to your bank, a Thomas Cook's agency, or other exchange bureau. Or take the coins with you if you go to Europe in 2002. Or paste them carefully in your journal and enjoy your little metal souvenirs. You can also make one last charitable contribution of older coins at most European Cook's agencies.
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