May 10, 2002, Newsletter Issue #74: The Euro and You

Tip of the Week

Effective January 1 of this year, the Euro is the predominant currency of most of the European Union countries; it has replaced the national currencies of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

The theory behind one simplified currency is to eliminate high currency exchange costs, stimulate economic growth, and make tourism smoother by allowing easy price comparisons and decrease "what`s it really worth?" confusion.

The Caribbean islands of Martinique and Guadeloupe will use Euros exclusively.

One hundred cents make up a Euro, so calculations are easily made for Americans facing this new standard for the first time.

Major Canadian and US banks have supplies of Euros for those wishing to buy some in advance of their trip.

Do you have a collection of French francs from a previous trip? French commercial banks and post offices will exchange them through June 30. France`s Banque de France will exchange franc notes until 2012; coins until 2005.

Bills are issued in seven denominations: 5, 10, 20, 50, 100, 200 and 500 Euros.

Coins range from 1 cent, 2 cent, 5 cent, 10 cent, 20 cent, 50 cent, and a 1-Euro & 2-Euro coin.


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