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EUROLAND

Drachma
Currency: Drachma (Dr). 1 drachma (Dr) = 100 lepta. Notes are in denominations of Dr10,000, 5000, 1000, 500, 200 and 100. Coins are in denominations of Dr100, 50, 20, 10, 5, 2 and 1.

Note : Monetary unit and weighing measure of Ancient Greeks. Thus, 100 dracmas were equivalent to mina, and 60 minas to a talent, which in thus was corresponding to 6,000 Dracmas. The Dracma was subdivided into 6 óboles. The Dracma is the currency of modern Greece.

Euro 1 = 340.75 Greek Dracma

Escudo
Currency : Escudo (Esc). 1 Portuguese Escudo (Esc) = 100 centavos. Notes are in denominations of Esc 10,000, 5000, 2000, 1000 and 500. The Esc1000 note is known as "um conto". Coins are in denominations of Esc 200, 100, 50, 20, 10 and 5.

Note : Portuguese currncy since 1911. However, from the reign of King D. Duarte to that of King D. João VI, there had been gold coins bearing the name of Escudo. The Escudo has replaced the old Real in 1911, following the establishment of the Republic in 1910.

Note : Name of some Portuguese coin, whose designation came from the symbol represented on the coins : a shield (escudo) - similar to some coins minted in other foreign countries. it was under the reign of Dom Duarte that the word "escudo" was used for the first time to designate the coins. Under the reigns of Dona Maria I and Dom João VI some Escudos were minted again. Following the establishment of the republic in 1910 the Escudo became for good, the national currency.

Euro 1 - 200.48 Portuguese Escudos

Franc
Currency : French Franc (FFr)1 franc = 100 centimes. Notes are in denominations of FFr500, 200, 100, 50 and 20. Coins are in denominations of FFr20, 10, 5, 2 and 1, and 50, 20, 10 and 5 centimes.

Euro 1 = 6.56 French francs

Note : The original franc was a gold coin minted in 1360 by order of King John II of France in order to pay off his ransom to Britain which had imprisonned him. The french Kingdom had to pay off ("retourner franc" was the medieval term where the name Franc came from).The coin bore a Latin inscription on its face that read : Johannes Dei Gratia Francorum Rex (John by the Grace of God King of the Franks). By the mid-15th century this Franc had gone out of circulation, but the name was applied to other French coins that succeeded the original. The present French Franc is divided into 100 centimes.

Franc, Belgian
Currency : Belgian Franc (BFr) 1 Belgian franc (BF) = 100 centimes. (Flemish centiemen). Notes are in denominations of BFr10,000, 2000, 1000, 500, 200 and 100. Coins are in denominations of BFr50, 20, 5 and 1, and 50 centimes.

Euro 1 = 40.34 Belgian francs

Franc
Luxembourg

Currency : Luxembourg Franc (Luxfr) 1 Luxembourg franc (LuxF) = 100 centimes ; note - centimes no longer in use. Notes are in denominations of Luxfr10,000, 5000, 2000, 1000, 500, 200 and 100. Coins are in denominations of Luxfr50, 20, 5 and 1. The Luxembourg Franc is on a par with the Belgian Franc. However, Luxembourg Francs are not always legal tender in Belgium, whereas Belgian Francs are always accepted in Luxembourg.

Note : The monetary history of Luxembourg is rather confusing for it reflects the main events that occurred in the country.The country had various monetary systems among which the French one, Belgian, Dutch or German. Luxembourg has never led an autonomous policy because of its limited econimic power. In 1921, Luxembourg joins a monetary union with Belgium. The present currency was put into circulation on June 1st, 1993.

Euro 1 - 40.34 Luxembourg francs

Guilder
Currency : Guilder (Dfl or Fl) 1 Netherlands guilder, gulden, or florin (f.) = 100 cents. Notes are in denominations of Dfl1000, 250, 100, 50, 25 and 10. Coins are in denominations of Dfl5, 2.5 and 1, and 25, 10 and 5 cents.

Note : Banks were created in Middelbourg , Delft , Rotterdam and Amsterdam in 1609 and allowed to finance the settlement of polders. The XVIth century was a golden one for the Netherlands both in the aristical and economic fields. The economic expansion upset British interests and the war boke out in 1652. The Dutch currency , the Florin divided into 100 "Centen" ( Dutch, gulden ) . The Florin was coined and regulated by the Nederlandshe Bank 1814, the Dutch Bank . Presently, the budgetary policy of The Netherlands tends to reduce public expense, budget deficit and the public debt.

Euro 1 - 2.20 Dutch guilders

Lira
Currency : Italian Lira (L). 1 Italian lira (Lit) = 100 centesimi. Notes are in denominations of L100,000, 50,000, 10,000, 5000, 2000 and 1000. Coins are in denominations of L500, 200, 100, and 50. There is a plan to introduce a 'new Lira' worth 1000 times the present currency, but no firm date has been established for this at the time of writing.

Note : The Italian Lira was born under the Monetary reform set by Carolus Magnus in 793-794. Initially, it was a mere monetary account unity, subdivided into 20 sous 240 deniers, the latter being the only minted coin. The Lira owes its name to the fact that it stands for a silver pound weight (but less than de 5 grammes under the metric system). The decimal standard of measure spread over the whole country in 1862, and it was also adopted for the Lira.

Euro 1 - 1,936.27 Italian Lira

Mark
Currency : Deutschmark (DM) 1 deutsche mark (DM) = 100 pfennige. Notes are in denominations of DM1000, 500, 200, 100, 50, 20 and 10. Coins are in denominations of DM5, 2 and 1, and 50, 10, 5, 2 and 1 pfennigs.

Note : Monetary unit of Germany, from a Norse term for a unit of measure that probably dates as far back as the 3rd century AD. It was employed as a monetary unit by the Goths and then the Germans. It was given a uniform value (0.35842 metric grains of fine gold) throughout the German Empire in 1873. After a period of inflation it was again stabilized as the reichsmark in 1924. It was reestablished (1948) as the deutsche mark in West Germany and the ostmark in East Germany. When Germany unified in 1990, the deutsche mark, divided into 100 pfennige, became the national monetary unit. It remains one of the world's strongest currencies.

Euro 1 = 1.96 German marks

Markka
Currency : Markka (Fmk) 1 markka (FMk) or Finmark = 100 pennia. Notes are in denominations of Fmk1000, 500, 100, 50 and 20. Coins are in denominations of Fmk10, 5 and 1, and 50 and 10 penni.

Note : The currency is the Markka (marco, mark, mk,), whose rate of exchange since October 1996 remains linked to the value of most European currencies within EMS (European Monetary System)

Euro 1 = 5.95 Finnish Markkas

Peseta
Currency : Peseta (Pta). 1 peseta (Pta) = 100 centimos. Notes are in denominations of Pta10,000, 5000, 2000 and 1000. Coins are in denominations of Pta500, 200, 100, 50, 25, 10, 5 and 1.

Note : Owing to its coloniesSpain imported huge quantities of precious metal was imported to Europe and millions of silver and gold coins were minted. The Spanish Peseta was introduced in 1869, and owes its name to a popular say for a small silver coin. Currency of Spain since 1868. It is divided into 100 cêntimos. The 5 Pesetas is called " duro". Since the XVth century silver Pesetas were circulating in Cataluña.

Euro 1 - 166.39 Spanish Pesetas

Punt
Currency : Irish Punt (IR£) 1 Irish pound = 100 pence. Notes are in denominations of IR£50, 20, 10 and 5. Coins are in denominations of IR£1, and 50, 20, 10, 5, 2 and 1 pence.

Note : Until the beginning of the XXth century, English Pounds were in circulation. The Irish Punt was born in 1926, following the great 1916 Easter Uprising and the civil war which led to the independence of the country and the birth of the Irish Republic. A special committee namely chaired by the famous poet William Butler Yeats was entrusted with the choice of the symbols to appear on the Irish coins. The Irish currency has been issued by the Central Bank of Ireland created in 1942. Currency : Irish Punt

Euro 1 = 0.79 Irish punts

Schilling
Currency : Austrian Schilling (ASch) 1 Austrian schilling (AS) = 100 groschen. Bank notes are in denominations of ASch5000, 1000, 500, 100, 50 and 20. Coins are in denominations of ASch20, 10, 5 and 1, and 50, 10 and 5 groschen.

Note : The Napoleonic Wars, in 1811, were at the origin of the creation of the National Bank in 1816 following the State's bankrupcy. The gold coin was created in 1892 with the crown as unity (1 crown =100 heller). In 1923, the National Bank was refounded. In 1924, the Shilling was created. 10000 Crowns were 1 Shilling worth. There also is a grosher which is 1/100 of a Shilling worth.

Euro 1 = 13.76 Austrian schillings

Euro

Currency : There are 7 Euro notes. In different colours and sizes they are denominated in 500, 200, 100, 50, 20, 10 and 5 Euros. There are 8 Euro coins denominated in 2 and 1 euros, then 50, 20, 10, 5, 2 and 1 cents.

MONETARY UNIONS
- German Monetary Union 1857-1867

- Latin Monetary Union 1865-1925

- Scandinavian Monetary Union (1873-1914)

-African Monetary Union 1962, linked to the franc
MONETARY UNIFICATION
- 1970 : First proposal: Werner's Plan

- 1972 : monetary snake

- 1979: The European Monetary System : a 15% fluctuation of the currencies around an axis

- 1989 : Delors'Proposal for an Economic and Monetary Union in 3 stages

- 1992 : Maastricht Treaty: diary, convergent criterion, European system for central Banks système européen des banques centrales

- 1994 : Creation of the European Monetary Institute

- 1996 : Pact of stability and growth, choice of Euro notes.

- 1997 : Creation of the Council for the Euro for the Finance Ministers of "in"countries
1998-2002 DIARY
- 1° to 3 May 1998 : Advice Council of Finance ministers of the 15 on the list of qualified countries ; Vote of the parliament on the very same list ; designation of the countries "in" by the European Council; appointment of the President of the Central bank ; assessment of exchange at par.

- 01/06/1998 : The Central bank replaces the IME

- 01/01/1999 : The Euro becomes legal currency in "in" countries. The European financial markets (bonds, stocks) are converted into euros.

- 01/01/1999-01/01/2002 : Transitionnal Period : payments in Euros by scriptural means (checks, transfer, cards...)

- 01/01/2002 : Circulation of coins and notes in Euros.

- 01/07/2002 : The national currencies are out of circulation
SEE MORE ABOUT IT

Drachma	Currency: Drachma (Dr). 1 drachma (Dr) = 100 lepta. Notes are in denominations of Dr10,000, 5000, 1000, 500, 200 and 100. Coins are in denominations of Dr100, 50, 20, 10, 5, 2 and 1. Note : Monetary unit and weighing measure of Ancient Greeks. Thus, 100 dracmas were equivalent to mina, and 60 minas to a talent, which in thus was corresponding to 6,000 Dracmas. The Dracma was subdivided into 6 óboles. The Dracma is the currency of modern Greece. Euro 1 = 340.75 Greek Dracma
Escudo	Currency : Escudo (Esc). 1 Portuguese Escudo (Esc) = 100 centavos. Notes are in denominations of Esc 10,000, 5000, 2000, 1000 and 500. The Esc1000 note is known as "um conto". Coins are in denominations of Esc 200, 100, 50, 20, 10 and 5. Note : Portuguese currncy since 1911. However, from the reign of King D. Duarte to that of King D. João VI, there had been gold coins bearing the name of Escudo. The Escudo has replaced the old Real in 1911, following the establishment of the Republic in 1910. Note : Name of some Portuguese coin, whose designation came from the symbol represented on the coins : a shield (escudo) - similar to some coins minted in other foreign countries. it was under the reign of Dom Duarte that the word "escudo" was used for the first time to designate the coins. Under the reigns of Dona Maria I and Dom João VI some Escudos were minted again. Following the establishment of the republic in 1910 the Escudo became for good, the national currency. Euro 1 - 200.48 Portuguese Escudos
Franc	Currency : French Franc (FFr)1 franc = 100 centimes. Notes are in denominations of FFr500, 200, 100, 50 and 20. Coins are in denominations of FFr20, 10, 5, 2 and 1, and 50, 20, 10 and 5 centimes. Euro 1 = 6.56 French francs Note : The original franc was a gold coin minted in 1360 by order of King John II of France in order to pay off his ransom to Britain which had imprisonned him. The french Kingdom had to pay off ("retourner franc" was the medieval term where the name Franc came from).The coin bore a Latin inscription on its face that read : Johannes Dei Gratia Francorum Rex (John by the Grace of God King of the Franks). By the mid-15th century this Franc had gone out of circulation, but the name was applied to other French coins that succeeded the original. The present French Franc is divided into 100 centimes.
Franc, Belgian	Currency : Belgian Franc (BFr) 1 Belgian franc (BF) = 100 centimes. (Flemish centiemen). Notes are in denominations of BFr10,000, 2000, 1000, 500, 200 and 100. Coins are in denominations of BFr50, 20, 5 and 1, and 50 centimes. Euro 1 = 40.34 Belgian francs
Franc Luxembourg	Currency : Luxembourg Franc (Luxfr) 1 Luxembourg franc (LuxF) = 100 centimes ; note - centimes no longer in use. Notes are in denominations of Luxfr10,000, 5000, 2000, 1000, 500, 200 and 100. Coins are in denominations of Luxfr50, 20, 5 and 1. The Luxembourg Franc is on a par with the Belgian Franc. However, Luxembourg Francs are not always legal tender in Belgium, whereas Belgian Francs are always accepted in Luxembourg. Note : The monetary history of Luxembourg is rather confusing for it reflects the main events that occurred in the country.The country had various monetary systems among which the French one, Belgian, Dutch or German. Luxembourg has never led an autonomous policy because of its limited econimic power. In 1921, Luxembourg joins a monetary union with Belgium. The present currency was put into circulation on June 1st, 1993. Euro 1 - 40.34 Luxembourg francs
Guilder	Currency : Guilder (Dfl or Fl) 1 Netherlands guilder, gulden, or florin (f.) = 100 cents. Notes are in denominations of Dfl1000, 250, 100, 50, 25 and 10. Coins are in denominations of Dfl5, 2.5 and 1, and 25, 10 and 5 cents. Note : Banks were created in Middelbourg , Delft , Rotterdam and Amsterdam in 1609 and allowed to finance the settlement of polders. The XVIth century was a golden one for the Netherlands both in the aristical and economic fields. The economic expansion upset British interests and the war boke out in 1652. The Dutch currency , the Florin divided into 100 "Centen" ( Dutch, gulden ) . The Florin was coined and regulated by the Nederlandshe Bank 1814, the Dutch Bank . Presently, the budgetary policy of The Netherlands tends to reduce public expense, budget deficit and the public debt. Euro 1 - 2.20 Dutch guilders
Lira	Currency : Italian Lira (L). 1 Italian lira (Lit) = 100 centesimi. Notes are in denominations of L100,000, 50,000, 10,000, 5000, 2000 and 1000. Coins are in denominations of L500, 200, 100, and 50. There is a plan to introduce a 'new Lira' worth 1000 times the present currency, but no firm date has been established for this at the time of writing. Note : The Italian Lira was born under the Monetary reform set by Carolus Magnus in 793-794. Initially, it was a mere monetary account unity, subdivided into 20 sous 240 deniers, the latter being the only minted coin. The Lira owes its name to the fact that it stands for a silver pound weight (but less than de 5 grammes under the metric system). The decimal standard of measure spread over the whole country in 1862, and it was also adopted for the Lira. Euro 1 - 1,936.27 Italian Lira
Mark	Currency : Deutschmark (DM) 1 deutsche mark (DM) = 100 pfennige. Notes are in denominations of DM1000, 500, 200, 100, 50, 20 and 10. Coins are in denominations of DM5, 2 and 1, and 50, 10, 5, 2 and 1 pfennigs. Note : Monetary unit of Germany, from a Norse term for a unit of measure that probably dates as far back as the 3rd century AD. It was employed as a monetary unit by the Goths and then the Germans. It was given a uniform value (0.35842 metric grains of fine gold) throughout the German Empire in 1873. After a period of inflation it was again stabilized as the reichsmark in 1924. It was reestablished (1948) as the deutsche mark in West Germany and the ostmark in East Germany. When Germany unified in 1990, the deutsche mark, divided into 100 pfennige, became the national monetary unit. It remains one of the world's strongest currencies. Euro 1 = 1.96 German marks
Markka	Currency : Markka (Fmk) 1 markka (FMk) or Finmark = 100 pennia. Notes are in denominations of Fmk1000, 500, 100, 50 and 20. Coins are in denominations of Fmk10, 5 and 1, and 50 and 10 penni. Note : The currency is the Markka (marco, mark, mk,), whose rate of exchange since October 1996 remains linked to the value of most European currencies within EMS (European Monetary System) Euro 1 = 5.95 Finnish Markkas
Peseta	Currency : Peseta (Pta). 1 peseta (Pta) = 100 centimos. Notes are in denominations of Pta10,000, 5000, 2000 and 1000. Coins are in denominations of Pta500, 200, 100, 50, 25, 10, 5 and 1. Note : Owing to its coloniesSpain imported huge quantities of precious metal was imported to Europe and millions of silver and gold coins were minted. The Spanish Peseta was introduced in 1869, and owes its name to a popular say for a small silver coin. Currency of Spain since 1868. It is divided into 100 cêntimos. The 5 Pesetas is called " duro". Since the XVth century silver Pesetas were circulating in Cataluña. Euro 1 - 166.39 Spanish Pesetas
Punt	Currency : Irish Punt (IR£) 1 Irish pound = 100 pence. Notes are in denominations of IR£50, 20, 10 and 5. Coins are in denominations of IR£1, and 50, 20, 10, 5, 2 and 1 pence. Note : Until the beginning of the XXth century, English Pounds were in circulation. The Irish Punt was born in 1926, following the great 1916 Easter Uprising and the civil war which led to the independence of the country and the birth of the Irish Republic. A special committee namely chaired by the famous poet William Butler Yeats was entrusted with the choice of the symbols to appear on the Irish coins. The Irish currency has been issued by the Central Bank of Ireland created in 1942. Currency : Irish Punt Euro 1 = 0.79 Irish punts
Schilling	Currency : Austrian Schilling (ASch) 1 Austrian schilling (AS) = 100 groschen. Bank notes are in denominations of ASch5000, 1000, 500, 100, 50 and 20. Coins are in denominations of ASch20, 10, 5 and 1, and 50, 10 and 5 groschen. Note : The Napoleonic Wars, in 1811, were at the origin of the creation of the National Bank in 1816 following the State's bankrupcy. The gold coin was created in 1892 with the crown as unity (1 crown =100 heller). In 1923, the National Bank was refounded. In 1924, the Shilling was created. 10000 Crowns were 1 Shilling worth. There also is a grosher which is 1/100 of a Shilling worth. Euro 1 = 13.76 Austrian schillings