The euro has been around for 21 years – here are the 12 currencies it replaced – Business Insider India

The euro, the common currency that links 19 countries, has now been around for 21 years.

The euro first replaced 12 national currencies when it was introduced as coins and banknotes on January 1 2002. The the “biggest cash changeover in history.”

But the currency was actually first introduced in 1999, when it was used for things like online payments, giving millions of people time to prepare.

Its introduction had been a goal for many European countries for decades. Now, around 341 million people use it every day, according to the EU, this makes it “the second most-used currency worldwide.”

Not every one of the 28 countries in the EU uses the euro. The UK, for example, continues to use its pound. The countries that use the currency are collectively called the Eurozone – and other countries outside the EU, like the Vatican, also use it, while other EU countries are looking to adopt it.

Here are the currencies the euro it replaced when it was first introduced:

See the latest EUR-USD movements