Euro

The Euro is the official currency of the European Union, specifically the Eurozone, and it is used by 19 of the 28 member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The currency is also used in institutions of the EU and it is also used in Zimbabwe, Kosovo, Montenegro, Andorra, Monaco and San Marino. It is the second most traded currency and is also the second largest currency reserve in the world.

The ISO currency code for the Euro is EUR and the symbol for the currency is € which has been designed to represent the ‘E’ for Europe, EU and Euro of course. One euro splits down into 100 cents the name Euro was first adopted in 1995. Euro coins and notes were in circulation from January 2002.

The History of the Euro

The European Union has been committed to the goal of a unified currency for Europe since the 1960s, before the EU was even known as the EU. The United Kingdom in particular opposed the idea but in 1993 the Maastricht Treaty came into force and it defined the European monetary and economic union on the basis that all EU states would be part of the union by 1999. In time it was agreed that both Denmark and the United Kingdom could retain their own currencies.

The Euro began life as a virtual currency, launched at midnight on January 1st 1999 and it meant that electronic transfers could be made in euros but the notes and coins didn’t yet exist. The currencies of all nations participating in the euro were frozen and linked to the fixed rate of the new currency. In time the old currencies were phased out, with almost all gone within three years and the new currency was produced with euro coins and notes gradually provided to replace them. By February 2002 the former currencies of participating EU states were no longer legal tender.

Euro coins were first minted in denominations of 1, 2, 5, 10 and 20 cents and 1 and 2 euros. The coins were minted at a range of different sites across Europe and the banknotes issued initially were 5, 10, 30, 50, 100, 200 and 500. The notes were designed by an Austrian designer called Robert Kallina who chosen European bridges as his theme as a symbol of the links between the nations in the EU. As more member states join the EU, the wider the spread of the Euro becomes.

Euro Conversion Rates

Today, one Euro is worth approximately £0.77 or $1.10. Conversely, £1 is worth approximately €1.28 and $1 is worth approximately €0.90.

The Euro is the third-most accepted currency at online casinos around the world, coming in after US dollars and GBP. Most leading casinos allow deposits and withdrawals to be made in euros and many also allow the Euro to be used whilst playing games, rather than needing to swap to another currency once signed up and ready to go.