Interesting facts about the euro
If you’ve ever dealt with a currency like the euro at least once in your life, you know what’s on the bill. But did you know that these gates, windows, and bridges didn’t really exist? In addition to this point, there are still a lot of interesting facts about the euro.
How European money appeared
The story of the euro dates back to the creation of the “name”, the author of which was a Belgian. In each language, this name can be defined individually without strict limits. The only thing that must be observed is that the pronunciation of the currency name should not differ from the pronunciation of the word “Europe”.
Europe is a huge territory, it has a huge number of countries, all of them have their own currency. Pounds in England, German marks, French franc, etc. How can a tourist have a comfortable vacation in Europe if he constantly needs to change the money of one country to the currency of another? In addition, the constant conversion of banknotes complicated interaction between states. Back in the 13th and 14th centuries, attempts were made to create a single currency within the Hanseatic League, the system was able to work for several decades, but it stopped working after the collapse of the Union itself.
The history of the euro currency dates back to 1999, when it was virtual and was used only for non-cash payments and payments in electronic systems. Real banknotes and coins appeared in circulation only in 2002.
The euro symbol that has become widely recognized should be printed in yellow on a blue background. The euro symbol was selected in several rounds. Initially, 10 pieces were selected from a huge number of options. After voting, 7 options were rejected, the winner was determined by the European Commission.
According to official data, the project that eventually won the vote was developed by four experts, while the names of the authors remain secret.
Interesting facts about the world’s currencies. Euro
The euro was conceived as a single European currency, however, it is not accepted in all states of the European Union, only in 19 out of 28.At the same time, the five hundred euro note is not even accepted everywhere, although it is required to be accepted at any point of settlement.
The euro is legally considered a medium of exchange throughout the EU, but there are countries that are not members of the European Union where the euro has become the main currency, for example, in the Vatican, Andorra, Monaco.
Since 2015, a 0 euro banknote has been issued, it has all the necessary protective degrees, but it cannot be calculated. This euro is sold only as a souvenir.
Which euro coins are valued? The two-euro coin is issued in a limited edition, but this does not happen all the time. The smaller the print run, the more expensive the copies are. For example, coins with the image of G. Kelly, issued in a circulation of 20,000, can be purchased for $ 3,000.
Euro banknotes and coins are equipped with machine-reading functions with the highest level of security to avoid the appearance of counterfeit money in circulation. Some copies are made of Scandinavian gold. However, as such, there is no gold in the composition. In fact, an alloy of copper, zinc, tin, and aluminum is used in production. The color and weight of the coin are different from real gold money.
If you take into account the weight of euro coins that have been issued since the currency’s introduction, it is almost three times higher than the weight of the Eiffel Tower. And from the bills issued in circulation during this time, you can make your way to the Moon and in the opposite direction five times.
There are some unusual facts associated with the single currency, including::
- there are no shades of brown in the design of banknotes;
- Italians with the advent of new banknotes had to urgently change their wallets, the new money was wider than lire;
- euro banknotes are most comfortable for people with poor eyesight, as they have relief images and different sizes;
- in terms of cash, the euro ranks first in the world.
It is unlikely that you will be able to earn money on deposits in euros. The maximum rate on such a deposit is currently about 1.7% per annum. And the bigger and more famous the bank, the lower the rate will be.
For many savers and investors, the euro is a tempting currency as an alternative to the US dollar. It is used as a stabilizing factor in exchange rates.
Today, the exchange rate of most currencies of the CIS countries, especially the ruble against the euro, is quite unstable, as professionals call it “floating”. The reason for this situation was the Central Bank’s cancellation of the currency corridor established before the crisis.
The European currency is still quite a young monetary unit, but it already has its own history. The history of the euro currency is important not only for traders in the stock market, but also for anyone who is interested in the emergence and development of money from different countries of the world.