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The euro was implemented on 1 January 1999, when it became the currency of over 300 million people in Europe. [12] For the first three years of its existence it was an invisible currency, only used in accountancy. euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the French franc and the Spanish peseta.
The printing code on a 10 euro note from the first banknote series. There is a six-character printing code on every euro banknote which gives the printer of the note. These printing codes have an initial letter, followed by three digits, then by a single letter, and ending in a digit, for example, "R001A1". [117]
The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002.
People may soon want cash more than ever if negative deposit rates come. But the 500 euro bill, the highest cash useful storage of value in the EU, is vanishing.
Sign in Spain, saying that 200 or 500 euro banknotes are not accepted. The value of the note is much greater than the largest circulating notes of most other major currencies, such as the United States 100-dollar note or the Bank of England's 50-pound note. [36] Thus a large monetary value can be concentrated into a small volume of notes.
The manager of a state-owned Pristina parking company, Sokol Havolli, said he was receiving so many fake 2-euro coins, up to 150 euros ($160) worth per day, that he refused to accept the coin ...
Such notes are normally not accepted by shops in Denmark proper, or foreign exchange bureaus, but exchanged 1:1 in Danish banks. Greenland currently uses ordinary Danish kroner but has considered introducing its own currency, the Greenlandic krone in a system similar to that of the Faroese one. [144] Both continue to use Danish coins.
In 2003, 551,287 fake euro notes and 26,191 bogus euro coins were removed from EU circulation. In 2004, French police seized fake €10 and €20 notes worth a total of around €1.8 million from two laboratories and estimated that 145,000 notes had already entered circulation. [citation needed]