The euro : our money .
Date: 2005-11-07
Institutions: European Central Bank
Subjects: European currency, European symbol, euro, paper money, public awareness campaign

JUNE 2002/EN

EURO GLOSSARY

EURO

The name of the 
European currency 
was adopted by 
the European Council 
at its meeting in 
Madrid on 15 and 
16 December 1995.

EURO AREA

The euro area 
encompasses the Member
States of the European
Union which have
adopted the euro and
in which a single 
monetary policy is 
conducted under 
the responsibility of 
the decision-making
bodies of the European
Central Bank. Since 
1 January 2001 the
euro area has comprised
Belgium, Germany,
Greece, Spain, France,
Ireland, Italy,
Luxembourg, the 
Netherlands, Austria,
Portugal and Finland.

EU COUNCIL

The EU Council is an
institution of the
European Community
made up of
representatives of the
governments of the
Member States of the
European Union.

A NEW 
CURRENCY 
FOR EUROPE

On 1 January 2002 the euro banknotes and coins
were  successfully  introduced  and  became  legal 
tender in the 12 countries of the euro area. This was
the final step in a process which was started formally
in 1991 and led to the signing of the Maastricht Treaty in 1992. The
completion  of  the  cash  changeover  was  a  unique  event, directly
affecting the lives of over 300 million people in the euro area.

This brochure on “the
EURO. OUR  money”
should  be  a  helpful
to  our  new
guide 
currency.
gives 
It 
information about the
design  and 
security 
features  of  the  seven
banknotes  and  eight  coins. The  banknotes  are  the  same  in  all  12
countries, but the coins each have a common side and a national side.
All euro banknotes and coins can be used anywhere in the euro area
and Europe is already reaping the benefits.

EURO GLOSSARY

EURO SYMBOL – K

The graphic symbol 
for the euro was 
inspired by the Greek
letter epsilon and 
refers to the first letter
of the word “Europe”.
The parallel lines 
represent the stability
of the euro. The 
official abbreviation 
for the euro, which has
been registered 
with the International 
Organization for 
Standardization (ISO)
and is used for 
business, financial and 
commercial purposes,
is “EUR”.

EUROPEAN 
CENTRAL BANK 

The European Central
Bank (ECB) was
established on 1 June
1998 and is located in
Frankfurt am Main,
Germany. The ECB
ensures that the tasks
conferred upon the
Eurosystem and the
European System of
Central Banks (ESCB)
are carried out either
by the ECB itself or by
the national central
banks, as laid down in
the Statute of the ESCB.

EURO
BANKNOTES – 
FROM DESIGN 
TO PRINT 

In  February  1996  the  European  Monetary 
Institute,
the  forerunner  of  the  European 
Central Bank, launched a competition in which
banknote designers nominated by the national
central banks of the European Union were asked
to sketch a series of seven banknotes (A5, A10,
A20, A50, A100, A200 and A500) using one or both of the following
themes: “Ages  and  styles  of  Europe” and  an  abstract  or  modern
design.

In December 1996 the Council of the European Monetary Institute
selected the winning designs on the basis of a public survey and a
recommendation made by an expert panel. The winning designs were 
produced by Mr. Rober t Kalina of the Oesterreichische Nationalbank
and were inspired by the theme “Ages and styles of Europe”.

Of course, banknotes have to be more than just attractive pieces of
paper. Security  features  had  to  be  incorporated  into  the  designs 
to ensure that the banknotes could be easily recognised as genuine 
by  the  general  public, bank  cashiers  and  banknote-accepting 
machines. Pilot series were printed and analysed before production
could star t on a large scale.

In spring 1999 the Governing Council of the European Central Bank
approved the final technical specifications. The initial supply of some 
15 billion euro banknotes was produced in 15 printing works across
the European Union. The national central bank of each Member State
was responsible for deciding where to print its initial supply of euro
banknotes.

Well-defined inspection and quality control procedures ensure that
all banknotes are identical and comply with the technical specifications.
This  means  that  any  euro  banknote  can  be  used  in  all  banknote-
accepting and dispensing machines throughout the euro area.

EUROPEAN 
CULTURE 
AT A GLANCE

The euro banknotes depict the architectural styles
of  seven  periods  in  Europe’s  cultural  history  – 
classical, Romanesque, Gothic,
renaissance,
baroque  and  rococo, the  age  of  iron  and  glass 
architecture, and modern 20th century architecture – and show three
main architectural elements: windows, gateways and bridges.

The windows and gateways on the front of each banknote symbolise
the spirit of openness and co-operation in Europe. The 12 stars of 
the European Union are also featured to represent the dynamism and
harmony of contemporary Europe.

These  design  elements  are  complemented  on  the  reverse  of  each 
banknote, which  features  a  bridge  typical  of  the  respective  age  of 
European  cultural  development. These  bridges  range  from  early 
constructions to the sophisticated suspension bridges of the modern
era  and  are  used  as  a  metaphor  for  communication  among  the 
people of Europe and between Europe and the rest of the world.

T H E   OT H E R   M A I N   D E S I G N   F E AT U R E S  
O F  T H E   B A N K N OT E S  A R E :
■ the name of the currency – euro – in both the Latin (EURO) and

the Greek (EYPø) alphabet;

■ the  initials  of  the  European  Central  Bank  in  the  five  linguistic 
variants – BCE, ECB, EZB, EKT and EKP – covering the 11 official
Community languages; and

■ the signature of the President of the European Central Bank.

VO L U M E S   O F   E U RO   B A N K N OT E S  A N D   C O I N S  
P RO D U C E D   F O R  T H E   C A S H   C H A N G E OV E R :
■ around  15  billion  euro  banknotes  with  a  value  of  A633  billion,

enough to cover 15,000 football pitches; and

■ around 52 billion euro coins with a value of more than A15 billion,

equivalent to 9,000 lorryloads.

EURO GLOSSARY

DECISION-MAKING
BODIES 
OF THE EUROPEAN
CENTRAL BANK

EXECUTIVE BOARD
The Executive Board
comprises the President,
the Vice-President 
and four other members
appointed by common
accord of the Heads of
State or Government 
of the Member States of
the European Union
which have adopted 
the euro.

GOVERNING COUNCIL
The Governing Council
comprises all the
members of the 
Executive Board and 
the governors of all 
the national central
banks of the Member
States of the European
Union which have
adopted the euro.

GENERAL COUNCIL
The General Council
comprises the President,
the Vice-President and
the governors of the
national central banks
of all 15 Member States
of the European Union.

EURO GLOSSARY

ECONOMIC AND
MONETARY UNION

The Treaty establishing
the European 
Community sets out the
process of achieving
Economic and 
Monetary Union (EMU)
in the European Union
in three stages. Stage
One of EMU started on
1 July 1990 and ended
on 31 December 1993.
It mainly involved 
the dismantling of all 
internal barriers to 
the free movement of 
capital within the 
European Union. Stage
Two of EMU began 
on 1 January 1994 and
provided for, among
other things, the 
establishment of the 
European Monetary 
Institute (the
forerunner of the
European Central
Bank), the 
prohibition of public
sector financing by 
the national central
banks and the
avoidance of 
excessive deficits in
public finances.
Stage Three started on
1 January 1999 
with the transfer of
monetary competence
to the Eurosystem 
and the introduction of 
the euro.

L5: 120 x 62 mm grey

L10: 127 x 67 mm red

L50: 140 x 77 mm orange

L100: 147 x 82 mm green

L20: 133 x 72 mm blue

L200: 153 x 82 mm yellow

L500: 160 x 82 mm purple

THE EURO 
BANKNOTES 
IN CIRCULATION

The  national  central  banks  of  the 
euro  area  use  high-speed  sor ting 
machines 
that  euro 
them  via 
banknotes 
credit  institutions  are  genuine  and  in  a  satisfactory  condition. Fit 
banknotes are reissued and unfit* banknotes are destroyed.

to 
returned 

check 

to 

The average life cycle of a euro banknote is assumed to
be  one  year  for  the  widely  used  low-denomination 
banknotes  and  several  years  for  high-denomination 
banknotes. Changes in demand for cer tain denominations
and  the  replacement  of  unfit  banknotes  mean  that  the
economy needs a continuous supply of new banknotes.

Production  has  now  been  pooled  between  the  national
central banks of the euro area in order to produce these relatively
small  volumes  (compared  with  the  initial  supply)  efficiently  and  to
better monitor the quality. Each printing works has been commissioned
by the national central banks to produce only one or two of the seven
banknote denominations, thus helping the European Central Bank to
ensure  effective  quality  control. The  banknotes  are  subsequently
exchanged between the issuing central banks.

The European Central Bank monitors the stocks and flows of euro
banknotes and coins on the basis of data collected by the national 
central banks. Potential shor tages of banknotes in one country can
be compensated easily with surplus stocks from a national central bank
in  another  country. Any  major  shifts  in  demand  for  banknotes  can 
be accommodated by a common strategic reserve.

* The national central banks of the euro area will exchange mutilated or damaged euro

banknotes on presentation of:
• more than 50 % of the banknote; or
• 50 % or less of the banknote provided that the applicant proves the missing parts have

been destroyed.

Intentionally mutilated or damaged banknotes will not be redeemed.

LOOK– FEEL–TILT

Various  security  features  have
been incorporated into the euro
banknotes to help people recognise a genuine banknote at a glance.
The euro banknotes are printed on pure cotton paper, which gives
them a unique feel. Several par ts on the front are printed in relief so
that the banknotes can also be identified by touch.

Other security features can be seen by holding the banknotes up to
the light or by tilting them. Two of the security features on the A50,
A100, A200 and A500 banknotes are different to those on the lower-
value banknotes, adding fur ther to their security.

H E L P   F O R  T H E   B L I N D  A N D   PA RT I A L LY   S I G H T E D
Some 2 % of the current population of the euro area have a significant
visual disability.The European Blind Union was consulted extensively
during the design phase of the euro banknotes to ensure that the
needs of blind and par tially sighted people were adequately catered
for. Besides, design features useful for people with par tial sight are
often helpful to fully sighted people as well.

The different sizes of the seven euro banknotes help blind people to
distinguish between them. Several design elements on the front of the
banknotes  are  printed  in  relief, using  deep  engraving  and  a  special
printing  method  known  as  intaglio.
In  addition, tactile  marks  are
printed along the edges of the A 200 and A 500 banknotes. For the
partially sighted, different dominant colours for each denomination and
large numerals in bold print allow the banknotes to be recognised
more easily.

SECURITY FEATURES: L5 , L10 AND L20

WATERMARK
When held up to
the light, a picture
and the value of
the banknote 
become visible.

SECURITY
THREAD
When held up
to the light,
a dark line 
becomes visible.

FOIL STRIPE
When tilted, a
hologram 
shows the euro
symbol and 
the value of the
banknote.

IRIDESCENT
STRIPE
When tilted under
a bright light, it
shines and slightly
changes colour.

SECURITY FEATURES: L50 , L100 , L200 AND L500

WATERMARK
When held up to
the light, a picture
and the value of
the banknote 
become visible.

SECURITY
THREAD
When held up 
to the light,
a dark line 
becomes visible.

FOIL PATCH
When tilted, a
hologram 
shows a picture
and the value 
of the banknote.

COLOUR- 
SHIFTING INK
When tilted, the
value numerals
change colour from
purple to olive
green or brown.

EURO GLOSSARY

EUROSYSTEM

The Eurosystem 
comprises the European
Central Bank (ECB) 
and the national central
banks of the Member
States of the European
Union which have
adopted the euro. The
Eurosystem is governed
by the Governing
Council and the
Executive Board 
of the ECB and has
been conducting the
single monetary policy
for the euro area since 
1 January 1999.
Its primary objective 
is to maintain
price stability.

EUROPEAN SYSTEM 
OF CENTRAL BANKS

The European System of
Central Banks (ESCB) is
composed of the
European Central Bank
(ECB) and the national
central banks of all 15
Member States of the
European Union. In
other words, it includes,
in addition to the
members of the
Eurosystem, the 
national central banks
of the Member States
which have not adopted
the euro. The ESCB 
is governed by the
Executive Board, the 
Governing Council and 
the General Council of
the ECB.

NATIONAL SIDES

COMMON SIDES

L2

L1

50 CENT

20 CENT

10 CENT

5 CENT

2 CENT

1 CENT

THE EIGHT
EURO COINS

The eight euro coins – 1, 2, 5,10, 20 and
50  cent, A1  and  A 2  –  can  be  easily 
distinguished as they vary in design, size and colour. One euro is made
up of 100 cent.

The high-value coins – A1 and A2 – are bi-coloured (silver and yellow).
The middle-value coins – 10, 20 and 50 cent – are yellow, and the 
low-value coins – 1, 2 and 5 cent – are copper-coloured. The common
sides of the euro coins show three different outlines of the European
Union set amid its 12 stars.

While all eight coins have identical common sides, the other sides 
are  country-specific  and  have  different  designs  for  each  of  the 
12 countries of the euro area. Euro coins can be used anywhere in the
euro area, regardless of their national sides.

Par ticular  care  has  been  taken  with  the  security  features  of  the 
high-value euro coins (A1 and A2), including the use of special magnetic
proper ties. The  production  process  involves  using  the  very  latest
technology  to  make  the  coins  difficult  to  counterfeit. This  is  also
achieved by the lettering around the edge of the A2 coin, which varies
between countries. Several innovative features have been included in
all coins to help users, particularly blind and partially sighted people,
to  recognise  the  different  denominations. For  instance, each
consecutive coin in the series has a different edge.

The  design  of  the  eight  euro  coins  was  chosen  in  1997  from  a 
selection submitted from all the countries of the European Union.
The designs for the common sides of the coins were produced by 
Mr. Luc Luycx of the Royal Belgian Mint and reflect the unity of the
European Union. Production of the initial supply of 52 billion coins
started in May 1998.

Sixteen  mints  throughout  the  European  Union  produce  the  coins.
A  detailed  quality  management  system,
in  which  the  European 
Central Bank acts as an independent assessor, ensures that euro coins
are interchangeable throughout the euro area and conform to the
standards necessary for their use in vending machines.

L2

L1

50 CENT

20 CENT

BELGIUM

GERMANY

GREECE

SPAIN

FRANCE

IRELAND

ITALY

10 CENT

LUXEMBOURG

THE NETHERLANDS

AUSTRIA

PORTUGAL

FINLAND

5 CENT

2 CENT

1 CENT

BELGIUM

GERMANY

GREECE

SPAIN

FRANCE

IRELAND

ITALY

LUXEMBOURG

THE NETHERLANDS

AUSTRIA

PORTUGAL

FINLAND

DESCRIPTIONS OF THE 
NATIONAL SIDES OF THE EURO COINS

and one of the most famous pilgrimage destinations in the
world.

BELGIUM
The  national  side  of  all  Belgian  euro  coins  shows  King 
Albert II and his monogram – a capital “A” underneath a
crown – set among the 12 stars of the European Union.

GERMANY 
The  A1  and  A 2  coins  feature  the  federal  eagle, the 
traditional symbol of German sovereignty.
The  Brandenburg  Gate, symbolising  the  division  and 
unification of Germany, appears on the 10, 20 and 50 cent
coins.
The 1, 2 and 5 cent coins feature an oak twig reminiscent
of the design on the old German pfennig coins.

GREECE 
The  A 2  coin  shows  a  scene  from  a  Spar tan  mosaic 
depicting  the  abduction  of  Europa  –  from  whom  our 
continent takes its name – by Zeus, who has taken the form
of a bull.
The A1 coin shows an owl, a design taken from an ancient
Athenian 4 drachma coin (fifth century BC).
Eleftherios Venizelos (1864–1936), one of Greece’s most
famous political figures, is shown on the 50 cent coin.
The  20  cent  coin  commemorates  Ioannis  Capodistrias
(1776–1831), a leading politician who laid the groundwork
for the evolution of modern Greece.
Rigas  Fereos-Velestinlis  (1757–1798), a  leading  figure
of the Greek Enlightenment, is featured on the 10 cent coin.
The  5  cent  coin  shows  a  modern  seagoing  tanker,
reflecting the innovative spirit of Greek shipping.
The  2  cent  coin  depicts  a  corvette, a  type  of  ship  used
during the Greek War of Independence (1821–1827).
An  advanced  model  of  an  Athenian  trireme  (fifth 
century BC), for more than 200 years the largest warship
afloat, adorns the 1 cent coin.

SPAIN
The  effigy  of  King  Juan  Carlos  I  de  Borbón  y  Borbón  is 
reproduced on the A1 and A 2 coins.
Miguel  de  Cervantes, the  father  of  Spanish  literature, is
shown on the 10, 20 and 50 cent coins.
The Cathedral of Santiago de Compostela, depicted on the
1, 2 and 5 cent coins, is a jewel of Spanish Romanesque art

FRANCE
A tree, symbolising life, continuity and growth, appears on
the A1 and A 2 coins. It is surrounded by the Republican
motto “liberté, égalité, fraternité”.
The theme of the sower, depicted on the 10, 20 and 50
cent coins, was a constant in the history of the French franc.
A young, feminine and determined Marianne, embodying
the desire for a strong and lasting Europe, adorns the 1, 2
and 5 cent coins.

IRELAND
All the Irish coins have the same national side showing a
harp, a traditional symbol of Ireland. The word “Ireland” is
shown in Irish (Éire).

ITALY
The A 2 coin features a portrait of Dante Alighieri drawn
by Raphael.
The A1 coin shows the famous drawing by Leonardo da
Vinci illustrating the ideal proportions of the human body.
The 50 cent coin depicts the statue of Emperor Marcus 
Aurelius Antoninus on horseback.
The  20  cent  coin  por trays  a  sculpture  by  Umber to 
Boccioni, leader of the Italian Futurist school.
The  10  cent  coin  shows  Sandro  Botticelli’s  famous 
depiction of “The Birth of Venus”.
The  5  cent  coin  shows  the  Flavius  amphitheatre  (the 
Colosseum), which  Emperor  Vespasian  began  to  build
around 75 BC.
The Mole Antonelliana, a tower in Turin designed in 1863
by Alessandro Antonelli, is shown on the 2 cent coin.
The Castel del Monte in Andria appears on the 1 cent coin.

LUXEMBOURG
The coins show the effigy of His Royal Highness the Grand
Duke  Henri. The  word  “Luxembourg” is  written  in 
Luxembourgish (Lëtzebuerg).

THE NETHERLANDS
Queen Beatrix of the Netherlands is shown in profile on
all Dutch euro coins.

famous  Austrian

AUSTRIA
The A 2 coin shows a portrait of the radical pacifist Bertha
von Suttner, as a symbol of Austria’s effor ts over many
decades to support the cause of peace.
the 
Wolfgang  Amadeus  Mozar t,
composer, is depicted on the A1 coin.
The  Secession  Building  in Vienna  on  the  50  cent  coin 
illustrates the birth of art nouveau in Austria.
The  Belvedere  Palace, which  adorns  the  20  cent  coin,
is one of the most beautiful baroque palaces in Austria.
The 10 cent coin shows St. Stephen’s Cathedral, one of
the jewels of Viennese Gothic art.
The  1, 2  and  5  cent  coins  show  a  gentian  flower, an 
edelweiss and an Alpine primrose respectively.

PORTUGAL
All Portuguese euro coins depict seals of the first King of
Portugal, Dom Afonso Henriques.
The  A1  and  A 2  coins  show  some  of  the  country’s 
castles and coats of arms and, in the centre, its royal seal
of 1144.
The seal depicted on the 10, 20 and 50 cent coins dates
back to 1142.
The  central  area  of  the  1, 2  and  5  cent  coins  contains
Por tugal’s  first  royal  seal  of  1134  and  the  name  of  the
country.

FINLAND 
Cloudberries  and  cloudberry  flowers  appear  on  the 
A 2 coin.
The A1 coin shows two flying swans.
The heraldic lion is shown on the 1, 2, 5, 10, 20 and 50 cent
coins.

The sovereign states of Monaco, San Marino and
Vatican City have a formal arrangement with the
European Community to mint their own coins.
These coins are also legal tender throughout the
euro area.

MONACO
The A 2 coin depicts HSH Prince Rainier III.
A  double  por trait  of  HSH  Prince  Rainier  III  and  HSH
Hereditary Prince Albert appears on the A1 coin.
The 10, 20 and 50 cent coins depict the Prince’s seal.
The coat of arms of the Sovereign Princes of Monaco is
shown on the 1, 2 and 5 cent coins.

SAN MARINO
The Government building (Palazzo Pubblico) is shown on
the A 2 coin.
The Republic’s official coat of arms appears on the A1 coin.
The 50 cent coin shows the three towers: Guaita, Cesta
and Montale.
The  Saint  Marino, based  on  a  canvas  of  the  Guercino
school, is shown on the 20 cent coin.
The 10 cent coin features the Basilica of San Marino.
The 1, 2 and 5 cent coins show the third tower, the Statue
of Liberty and the first tower respectively.

VATICAN CITY 
The euro coins show the effigy of His Holiness Pope John
Paul II, Sovereign of the State of Vatican City.

EURO GLOSSARY

EUROPEAN 
COMMISSION

The European 
Commission is the 
institution of the 
European Community
which ensures the 
application of the 
provisions of the Treaty 
establishing the 
European Community.
It develops Community
policies, proposes 
Community legislation
and exercises powers 
in specific areas. The
Commission recommends
broad guidelines for the 
economic policies in the
Community and reports
to the EU Council on
economic developments 
and policies. It monitors
public finances within
the framework of 
multilateral surveillance
and submits reports 
to the EU Council.
It currently consists of
20 members: two 
nationals each from
Germany, Spain,
France, Italy and the
United Kingdom, and one
from each of 
the other Member States.

MONACO

SAN MARINO

VATICAN CITY

THE C ASH
CHANGEOVER

The banking sector, security carriers, retailers and
the cash-operated machine industry were closely
involved in preparations for the euro cash changeover from an early
stage. European citizens accepted their new money swiftly and with
enthusiasm. The success of the euro cash changeover surpassed all
expectations. Inter alia, the following measures were taken:
■ The  public  were  encouraged  to  deposit  hoarded  coins  at  bank
counters  prior  to  the  changeover. This  helped  to  reduce  the
workload for banks during the dual circulation period.

■ The early supply of euro banknotes and coins to the banking sector
(frontloading) and to its professional customers (sub-frontloading)
from  1  September  2001  ensured  that  sufficient  euro  cash  was
available for widespread circulation at the beginning of 2002. Starter
kits of coins were made available to the general public from mid-
December  2001  in  order  to  reduce  the  stocks  of  small  change
needed by retailers at the beginning of 2002.

■ More  than  200,000  automated  teller  machines  had  to  be
converted to accept euro cash, a task which was completed in
less than a week.

On 1 March 2002 the euro banknotes and coins became the sole legal
tender throughout the euro area, although national banknotes and
coins can still be exchanged at commercial and national central banks.
Detailed information on the changeover can be found on the official
euro website at www.euro.ecb.int.

National central bank of

Exchange of banknotes 

Exchange of coins 

Belgium

Germany

Greece

Spain

France

Ireland

Italy

unlimited

unlimited

until 31 December 2004

unlimited

until 1 March 2012

until 1 March 2004

unlimited

unlimited

until 17 February 2012

until 17 February 2005

unlimited

unlimited

until 29 February 2012

until 29 February 2012

Luxembourg

unlimited

until 31 December 2004

The Netherlands

until 1 January 2032

until 1 January 2007

Austria

Portugal

Finland

unlimited

unlimited

until 28 February 2022

until 31 December 2002

until 29 February 2012

until 29 February 2012

EURO GLOSSARY

EUROPEAN 
PARLIAMENT

The European 
Parliament consists of
626 directly elected
representatives of 
the citizens of the 
Member States of the
European Union.
It plays a role in the
European legislative
process, although it has
different prerogatives
depending on the
decision-making
procedure used.
In matters 
concerning
Economic and
Monetary Union,

the European Parliament
has mainly consultative
powers. In addition, the
Treaty establishing the
European Community
lays down certain 
procedures to ensure 
the European Central
Bank’s accountability to
the European Parliament
(presentation of its
Annual Report, general
debate on monetary
policy, its President’s
testimonies before the
competent parliamentary 
committees).

PUBLISHED BY
© European Central Bank 
Frankfurt am Main, 2002
CONCEPT AND DESIGN
wolf.d.sign, Frankfurt am Main
Konzept Verlagsgesellschaft,
Frankfurt am Main
LITHOGRAPHY
Konzept Verlagsgesellschaft,
Frankfurt am Main
PRINTED BY
De Bussy Ellerman
Harms BV, Amsterdam
ISBN 92-9181-153-X (EN)