Each of twelve member countries of the European Union will start to use the same seven banknotes and eight coins. To accomplish the task 14.5 billion banknotes have been printed. The notes are identical throughout Europe. The coins however, will have one side common to all European states, with the reverse side specific to each country. The banknotes and coins being produced are worth a total of over 664 billion euros.

A circulation period has been established for each state when either currency can be used although it is expected that by 15 January the bulk of all transactions will be using the new euro. Within a few more weeks all transactions will use the euro. No worry for travelers or for those holding old notes and coins however. You will be able to exchange old currency for an indefinite period of time at central banks.

The official euro web site has a currency converter and images of the notes and coins. The pictures show both the beautiful designs as well as help explain the many security features employed in the banknotes. A click on the flag on of any of the EU states provides the same site information about the euro in the local language.

There are many other sites available with similar information. This “official” site is however, simple, pleasant and provides most of the information needed by travelers and locals in the affected countries: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal, and Finland. Denmark, Sweden and the United Kingdom are EU members that are not presently participating in the new currency.

I will bet there will be many of us that will find a nice place to put away a few of the old coins and notes. They will bring back interesting memories in a few years and might even become more valuable as collectors create a market for them.