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New Money For Europe

For centuries, travelers visiting the great cities of Europe have had to fill their pockets with all sorts of money. When in Rome, you must pay as the Romans do: in Italian lire. In Paris, only francs will buy you a croissant. And better exchange those francs for marks when you cross the border to shop in Germany. Each country has always had its own currency, with coins and colorful bills that honor its own national heroes.

Last week that began to change. On Monday, January 4, banks in 11 European countries began to do business in a new, shared currency called the euro. Leaders of those countries hope the euro will strengthen ties among their nations and make trade, travel and banking much easier. It will also give Europe a currency that could become as important in the world as the mighty U.S. dollar.

For now, only electronic buying, selling and banking will be done in euros. Shoppers in Paris and Rome will still carry their francs and lire. But in 2002, the new currency will replace the old ones in everyday life.

The Euro Rolls Out Smoothly
The euro's birth has taken years of planning and tense discussions. Britain, Sweden and Denmark were opposed to handing over control of their currency to the new European Central Bank. They refused to switch to euros. Greece wanted to join the euro movement but was rejected because of its weak economy.

Euro coins will allow for some national expression. While they all look the same on the "tails" side, each country gets to pick its "heads." Italy's 1-euro coin features a famous sketch by Leonardo da Vinci. Austria's shows composer Mozart; Spain's depicts King Juan Carlos.

Last week the value of a euro floated around $1.16. Europeans were delighted. Said one French banker: "The euro got off to a flaming start!"

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Bye-bye, Bills
Some of the world's oldest and most beautiful currency is about to disappear. In 2002, these bills will no longer be in use.

ITALY'S LIRA Don't be too impressed by a 1,000-lira bill. It's worth about 60¢. It shows Maria Montessori, a famous educator.

FRANCE'S FRANC first appeared in 1360! It looked very different from the modern version, which shows composer Claude Debussy.

SPAIN'S PESETA This 1,000-peseta bill features the Spanish explorer Hernando Cortes, who conquered the Aztec Indians of Mexico.

GERMANY'S MARK replaced silver coins in 1871. Mathematician Carl Friedrich Gauss is on this 10-mark bill, worth about $6.

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