Euro banknote

Banknotes of the euro, the currency of the Eurozone, have been in circulation since the first series was issued in 2002. They are issued by the national central banks of the Eurosystem or the European Central Bank. In 1999 the euro was introduced virtually, and in 2002 notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the European Union.

Denominations of the notes range from €5 to €500 and, unlike euro coins, the design is identical across the whole of the Eurozone, although they are issued and printed in various member states. The euro banknotes are pure cotton fibre, which improves their durability as well as giving the banknotes a distinctive feel. They measure from 120 by 62 millimetres (4.7 in × 2.4 in) to 160 by 82 millimetres (6.3 in × 3.2 in) and have a variety of colour schemes. The euro notes contain many complex security features such as watermarks, invisible ink, holograms and microprinting that document their authenticity. While euro coins have a national side indicating the country of issue (although not necessarily of minting), euro notes lack this. Instead, this information is shown by the first character of each note's serial number.

According to European Central Bank estimates, in August 2016, there were approximately 19,417,000,000 banknotes in circulation around the Eurozone, worth approximately €1.1 trillion. On 8 November 2012, the European Central Bank announced that the first series of notes would be replaced by the Europa series, starting with the 5 euro note on 2 May 2013.

The euro came into existence on 1 January 1999. The euro's creation had been a goal of the European Union (EU) and its predecessors since the 1960s. The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark (though Denmark has a fixed exchange rate policy with the euro).

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