"THE EURO" Page 1, 2, 3

ABOVE: Back of €10 banknote.

Q. How long will I be able to exchange old currencies for euros?

The euro became the only legal tender in the 12 euro countries in February, 2002. Central banks will accept old coins in exchange for euros for three years, and they'll exchange banknotes for 10 years after the changeover. If you have a stash of pre-euro currency that you need to convert, you can try exchanging it at a large bank. (My wife managed to unload D-Marks and lire at a bank in the U.S. in spring of 2002.)

Q. How does the euro affect exchange rates?

Exchange rates will continue to fluctuate between the euro and other currencies such as the dollar, the British pound, and the Swiss franc.

For a practical example, let's assume that you're an American tourist arriving in France and traveling to Belgium, Germany, and Switzerland. You'll exchange dollars for euros at the Paris airport, and you'll use that currency in France, Belgium, and Germany. However, when you arrive in Switzerland, you'll need to buy Swiss francs with dollars or euros, because Switzerland has chosen to keep its national currency.

Next Page > Coins, Web links > Page 1, 2, 3

Photos courtesy of Europa. Copyright © European Monetary Institute and European Central Bank.

Home

Copyright © 1996-2008 Durant and Cheryl Imboden and their licensors.
All rights reserved.

Privacy Policy