As of 2015, there are seven different denominations of the Euro, which are the 5, 10, 20, 50,100, 200 and 500 Euro bills. Each denomination of the Euro uses an architectural design or feature from various time periods throughout Europe's history, such as the Roman, Gothic or Renaissance periods.Continue Reading
The Euro is legally accepted tender in countries that are part of the Eurozone. As of January 2015, the Eurozone is made up of 17 of the 27 countries that are members of the European Union. The Euro was developed to make payment for services and goods between the participating member nations easier.
Rules that dictated the initial shift to the Euro were defined as part of the Maastricht Treaty, which was signed in 1992. This document defined the process for a country that was part of the European Union to be integrated into the Eurozone and the process for the adoption of the Euro. Some of the criteria that was outlined in the document included restrictions on government debt and deficit and an acceptable rate of inflation.
The Euro was first issued as legal tender in 2002, and was initially pegged against the U.S. dollar at a 1-to-1 ratio. As of 2015, the Euro is the second-most traded currency on the global foreign exchange market.Learn more about Currency & Conversions