On this date in 1998, a French mint produced the first coins of Europe's single currency, the euro. 10 things you might not know about the Euro currency:
The name for a Europe wide currency was first suggested by a Belgian teacher called Germain Pirlot. He wrote a letter to the President of the European Commission in August 1995 with his suggestion. The name was formally agreed at the 1995 European Council meeting in Madrid.
The euro symbol – € - is full of meaning. It was inspired by the Greek letter Epsilon, Greece being regarded as the cradle of European civilisation. It’s also the first letter of the word “Europe” in the Latin alphabet. Even the two lines running through it mean something – they represent stability.
The front sides of the banknotes depict Windows and Doors, to suggest openness and co-operation. On the reverse side are Bridges, to represent connection. Each denomination features a particular architectural style: €5: Classical; €10: Romanesque; €20: Gothic; €50: Renaissance; €100: Baroque and rococo; €200: 19th century Iron and Glass architecture.
None of the windows, doors, or bridges actually existed – until Dutch designer Robin Stam decided to replicate the fictional bridges in the Dutch town of Spijkenisse.
The banknotes are made from Cotton fibres or cotton noils, a waste product from the textile industry.
Printing of euros takes place under license by national central banks and private companies in 11 highly secure locations across The EU. It’s possible, if you’re in the know, to figure out from the serial number of a note where it was printed. For example, if the number starts with an X or a W, it was printed by Giesecke+Devrient.
One euro is divided into 100 cent or "cents" although these units are often known by different names in some languages, for example "centimes" in French and "céntimos" in Spanish.
Euro coins have a common side and a national side. The common sides show images of the European Union or of Europe and symbolise the unity of the EU. The common sides were designed by Luc Luycx. The national sides show an image chosen by the issuing country.
The euro is the world’s second favourite currency for borrowing, lending and central bank reserves. It’s not as popular with forgers, though. In 2020, only 17 in every 1 million notes was identified as a forgery, one of the best ratios of any major currency.
As well as 19 EU countries, the Euro has also been adopted by some countries outside the EU, including Kosovo, Vatican City, Montenegro, Andorra, San Marino and the Sovereign Base Areas of Akrotiri and Dhekelia. These Sovereign Base Areas are a British Overseas Territory on the island of Cyprus, making them the only places under British sovereignty to use the euro.
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