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 How the euro will change your travel experience After a three-year evolution from world-changing idea to actual banknotes and coins, the euro made its appearance January 1, 2002, with appropriate fanfare. It is now legal tender in the 12 European countries that have adopted it as a common currency, relegating their own money to the history books. The euro is also being adopted in semi-independent principalities like Vatican City, Monaco and San Marino. Montenegro, legally part of Yugoslavia, dropped the Yugoslav dinar and adopted the German mark and is using the euro as its main currency but not minting its own coins. A New Look for New Money Since final designs were widely publicized in August 2001, Europeans have become accustomed to the look of the new money, even though it has not been available for use until now. The banknotes – in denominations of 5, 10, 50, 100, 200 and 500 euros – look the same everywhere in the “euro-zone,” no matter where they may have been produced. The coins, in eight denominations, also share a design, but only on one side. The design on the reverse of each coin is a national symbol signifying the country in which it was minted. However, all the coins can be used in the 12 participating countries and the other locations listed above. Producing and distributing the new money has been a monumental task that came to a climax over the New Year’s holiday. The money arrived at banks under top security to thwart counterfeiters. The notes themselves have watermarks, a security thread, fiber-based paper with a distinctive feel, and holographic panels. Traveling with a Pocketful of Euros The new currency is bound to make traveling in the European Union much simpler than it used to be. You no longer need to exchange money at every border, and pay a fee every time you do. And you can figure out the price of goods and services without multiple calculations. You may want to consider packing euro-denominated American Express Travelers Cheques. Some Key Facts You Should Know The rollout of the new currency is still in transition: Officially, the last date for use of “legacy” money (national currencies) is February 28, but some countries are making the change earlier. A small amount of “legacy” money might come in handy for use in coin-operated machines that have not been converted to euros yet. Leftover legacy money can be exchanged at banks after the deadline. American Express offices that provide foreign exchange are selling euros. Click here to find a convenient location. Listings of offices with foreign exchange services are marked $ = £. Not every country is participating: A look at the map of the “euro-zone” shows the large areas where you can be certain of using your euros without difficulty. However, there are some important exceptions: Britain, Sweden, Denmark, Norway and Switzerland. You will need to take a small amount of currency for each of these countries that you plan to visit, or exchange euros at the border. January 10, 2002
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