Frequently asked questions about the euro banknotes (2024)

FAQs

What is an interesting fact about the euro currency? ›

Unlike many competing currencies, euro banknotes do not display images of prominent national figures. Instead, every note features a map of Europe, the flag of the European Union, and recognizable architectural imagery.

Exchanging at central banks

You can exchange your old currency at a central bank for a much longer period. Like retail banks, central banks might apply limits on the amount per transaction. Very old cash may not be exchangeable.

There are seven different denominations of euro banknotes: €5, €10, €20, €50, €100, €200 and €500. All the notes are legal tender throughout the euro area.

The €20 and €50 denominations remain the most-often counterfeited. Combined, they account for more than 70% of the total. Statistics show 97.2% of the counterfeits were found in euro area countries, 1.9% in non-euro area EU member states and 0.9% in other parts of the world.

By far, the largest drawback of the euro is a single monetary policy that often does not fit local economic conditions. It is common for parts of the EU to be prospering, with high growth and low unemployment. In contrast, others suffer from prolonged economic downturns and high unemployment.

Its strong international role can shield our economy and financial system from foreign exchange shocks, reduce reliance on other currencies and ensure lower costs for EU firms. The euro is the currency of 19 EU countries, over 340 million EU citizens and the second most important currency in the world.

Banknotes from the first series are legal tender and will always retain their value. They will continue to circulate alongside the Europa series until the remaining stocks have been used up.

However, due to technical limitations, only folds fulfilling the criteria laid down for mutilations, i.e. folds leading to a reduction in length greater than 6 mm or a reduction in width greater than 5 mm, can be identified and are unfit.

The five-hundred-euro note contains several complex security features such as watermarks, invisible ink, holograms and microprinting that make counterfeiting very difficult. The note is being phased out due to concerns of widespread use for illegal purposes.

Euro cents are called Euro cents.

How do you understand the euro currency for beginners? ›

Like the US dollar, a euro is divided into 100 cents. There are seven different bills and eight different coins in use. The coins are: 1, 2, 5, 10, 20 and 50 cents; and one and two euro pieces. The bills are available in denominations of 5, 10, 20, 50, 100, 200 and 500 euros.

The security thread is em bedded in the banknote paper. Hold the banknote against the light – the thread will appear as a dark stripe. The word “EURO” and the value (“100”) can be seen in tiny letters on the stripe. Tilt the banknote – the hologram image will change between the value and a window or doorway.

If you possess more than half of a damaged euro banknote, or if you can prove that the missing part of the banknote has been destroyed, the national central bank can replace it. Intentionally mutilated or damaged euro banknotes are not replaced. As a general rule, replacement is free of charge.

In July 2024, there were approximately 3 987 000 000 hundred euro banknotes in circulation in the eurozone. It is the third most widely circulated denomination, accounting for 13.3% of the total banknotes.

EUR/USD Historical​

Over time, it became the currency accepted by the European Union. It replaced a lot of member currencies and represents multiple European economies. Because it is integrated into multiple economies, the euro stabilizes currency exchange rates and volatility for all European Union members.

The euro has eliminated the costs of exchange rate fluctuations within the euro area. This protects consumers and businesses within the euro area from costly swings in currency markets, which, in some countries, used to undermine confidence, discourage investment and cause economic instability.

Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro. The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar.

After a decade of preparations, the euro was launched on 1 January 1999: for the first three years it was an 'invisible' currency, only used for accounting purposes and electronic payments. Coins and banknotes were launched on 1 January 2002, and in 12 EU countries the biggest cash changeover in history took place.