Introduction of euro banknotes and coins

On 1 January 2002 euro banknotes and coins were put into circulation in the euro area member states, and the participating central banks began to withdraw the legacy currencies. For up to two months it was possible to use both the euro and the legacy banknotes and coins in the shops, but as from 1 March only the euro was legal tender in the euro area member states.

Cash dispensers and retail outlets contributed especially to the circulation of euro. In shops customers received change in euro when paying with legacy currencies, and cash dispensers in the euro area predominantly dispensed euro banknotes. The legacy currencies were withdrawn from circulation when they were used in shops or exchanged for euro in banks. For a number of years it will still be possible to exchange legacy banknotes and coins for euro at the central banks of the euro area member states.