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In the beginning of January, 2002, twelve countries in the European Union (EU) began using the new European currency called the euro. It is the currency that replaced the old currencies of Spain, Luxembourg, Ireland, Greece, Portugal, Belgium, Germany, France, The Netherlands, Italy, Austria, and Finland.
In 1999 some countries had started to switch money, but could only do it by check.
The name "euro" was introduced in 1995. People ages eighteen through seventy-five voted between eight different symbols. The symbol that was chosen was picked for its strong design and modern looks. The symbol for the euro is:
The euro comes in seven different bills and eight different coins.
The bills come in 5, 10, 20, 50, 100, 200, and 500 euro denominations. The bills are different sizes.
There are 8 coins. The value of the coins are 1, 2, 5, 10, 20, and 50 euro cents. There are also coins that are 1 and 2 euros. Visit our page "Who Designed the Euro Coins and Banknotes?" to find out more information.
Countries can change the word "cent" if they want to, and call the new coins by the names of money they had used before. That means the German people might call their coins "euro-pfennigs" and the French people might calls theirs "euro-centimes."
Each of the eight euro coins will look the same on the European side, but each country will choose what to put on the national face of those coins they make in their own country.
Coins minted in different countries might not be exactly the same size. They will also look different on the back, but they're still worth the same amount. Even though people might call them by different names, the euro will be worth the same in each country.
This is the 2 euro cent coin. In each euro country, this is how the common face of the 1,2, and 5 coin looks. (The real coin is smaller than this image.)
