page_title: History of the euro
section_title: Minting
hierarchical_section_title: History of the euro / Creation / Minting
caption_attribution_description: English: An Italian and a generic euro calculators, January 2002 Italiano: Un euroconvertitore italiano ed uno generico, gennaio 2002
context_page_description: The Euro came into existence on 1 January 1999, although it had been a goal of the European Union and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark.
  The currency was formed virtually in 1999; notes and coins began to circulate in 2002. It rapidly took over from the former national currencies and slowly expanded behind the rest of the EU. In 2009, the Lisbon Treaty finalised its political authority, the Eurogroup, alongside the European Central Bank.
context_section_description: The designs for the new coins and notes were announced between 1996 and 1998, and production began at the various mints and printers on 11 May 1998. The task was large, and would require the full three-and-a-half-years. In all, 7.4 billion notes and 38.2 billion coins would be available for issuance to consumers and businesses on 1 January 2002. In seven nations, the new coins—struck in the run-up to 1 January 2002—would bear a 2002 date. In Belgium, Finland, France, the Netherlands, and Spain, the new coins would bear the date of striking, so those five countries would be the only ones to strike euro coins dated 1999, 2000, and 2001. Small numbers of coins from Monaco, Vatican City, and San Marino were also struck. These immediately became popular collector's items, commanding premiums well above face value. New issues continue to do so to this day.
  Meanwhile, a parallel task was to educate the European public about the new coins. Posters were issued showing the designs, which were used on items ranging from playing cards to T-shirts. As a final step, on 15 December 2001, banks began exchanging "euro starter kits", plastic pouches with a selection of the new coins in each country (generally, between 10 and 20 euros worth—though Finland's contained one of each coin, totalling €3.88). They would not be usable in commerce until 1 January, when notes would be made available as well. Larger starter kits, containing a roll of each denomination, were available as well in some nations.
  Retailers and government agencies had a considerable task as well. For items to be sold to the public, dual pricing was commonly utilised. Postage stamps for governments (as well as stamps issued by the United Nations Postal Administration for the UN offices in Vienna) often bore denominations both in the legacy currency and euros, assuring continued utility beyond 2001. Banks bore a huge task, not only in preparation for the change of the notes and coins, but also in the back office. Beginning in 1999, all deposits and loans were technically in euros, but deposits and withdrawals continued in the legacy currency. Statements would bear balances in both currencies beginning no later than 1 July 2001, and earlier if required by the customer's needs.
  Beginning on 1 December 2001, coins and notes were distributed from secure storage, first to large retailers, and then to smaller ones. It was widely expected that there would be massive problems on and after 1 January. Such a changeover, across twelve populous countries, had never been attempted before.
caption: Euro pocket calculators were sold or offered in many countries.
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