News

 

New and improved euro

1/29/2013

When the European Union Euro was released, it replaced the currency for 14 countries. Since then, other European Union members have adopted the euro and the list continues to grow as the euro grows in popularity.
Total number of countries using the euro now is 17 of the 27 members of the European Union. Currencies that were replaced when the euro began to circulate in January of 2002:

European legacy currencies
Austria Schilling Ireland Punt
Belgium Franc Italy Lire
Finland Markka Luxembourg Franc
France Frank Netherlands Guilder
Germany Mark Portugal Escudo
Greece Drachma Spain Peseta

Other countries which have replaced their currency for the Euro since its physical release:

Cyprus Pound
Estonia Kroon
Malta Lira
Slovakia Koruna
Slovenia Tolar

While the euro stumbled in 2002 when it hit a record low of $0.8252, once it regained its composure, it rose to a record high of $1.6038 in 2008. Because of financial troubles which plagued the Greek and Spanish banking system, the euro seemed to be on its way down. As a result, the euro dropped back to $1.20.

 

Now with just over a decade since its release, the euro is getting a makeover. New technology and greater security features will make the new banknotes more difficult to counterfeit.

 

The two types of banknotes are expected to circulate at the same time, but not for very long. When traveling abroad, change your old banknotes to new because when you return, a quick swap will not be possible. If you have been holding onto euro banknotes in the US you will not be able to swap those for current, you will have to sell them then purchase the new banknotes at current market value.

 

If you bring them to us, we will do our very best to give you the best rates on both sides of the coin. In the meantime, take your vacations and spend your old and new euro, a total of 17 nations await your arrival.