Now that the Euros are circulating, what's happening to the older European coins? Are people hoarding? Melting?
well, i'd say face value disappears (or does it?) but i can't see where the collectible-ness --there's a word -- would be lost. it stays the same or gets better... did i waffle on that one enough? the prices for german coins haven't seemed to change on ebay at all...
Old currencies are withdrawn from circulation and no longer valid legal tender currencies. Central Banks though are accepting withdrawn currencies for a few years time. Withdrawn coins and papermoney are then destroyd. Banknotes are shreaded and coins are short of bended so they can no longer be used. Shredded paper will be used in various industrial and not only areas while coins will be sold as scrap metal!
In some countries the old notes and even coins can be exchanged into euros without any time limit, so basically that old money will never lose its value. By the way, a picture of such a stamped or bent coin is here: http://www.falschgeld-infopoint.de/images/entw.jpg It shows a 1 DEM coin and a euro blank. One of the companies that buy the old coins and make such new blanks is VDN Eurocoin, and that company also sells "sets" of such stamped coins: http://www.eurocoin.de/EuroCoinShop/kursset_g.gif Nice souvenir but a bit costly. The store in the Money Museum in Frankfurt, for example, also has such ex-coins; a 50 Pf piece costs 50 ct, a 5 DM coin is € 3. They also have shredded paper money ... a great way of buying about 250,000 Marks for only € 35. Shredded euros are more expensive: For € 2500 you'd have to pay € 12 Christian
Forgot this link ... The picture shows "bricks" of shredded notes: http://www.ecb.int/change/gallery/images/change03_jpg.jpg Christian
Depends. Of course the old coins and notes are no longer in circulation, but they can still be exchanged into euros at the official rates that have been used since Jan-1999. For details see the European Central Bank's FAQ: http://www.ecb.int/change/eurobnfaq_en.htm#sec2 (scroll down to Sec. 2 Q. 6 - "Where can I exchange national banknotes and coins, and for how long?") In Germany, for example, the Bundesbank (national central bank) should theoretically get 48 billion Mark and Pfennig coins back. So far roughly two thirds have been returned. Obviously quite a few people want to keep the old money ... and since it does not actually lose its value, they are not in a hurry Christian
The times they are a-changing... I predict that the old national currencies will eventually go away. The banknotes will be exchanged. The coins will become scrap. Already a company buys old national coins from the central banks of the EU and turns them into scrap metal. (1) In ten years, kids will come to adulthood who will know nothing but Euros. (2) Coins are not legal tender, only banknotes are. (3) New entries into the EU will bring new complications for convertibility. These weak currencies (and their fractional coins) cannot be allowed to dilute the strength of the Euro. In Slovenia following independence if not before, it was common for people to speak of all prices in Marks. The tolar was pegged to the Mark and the Mark was the de facto currency of Slovenia, not the slovar. Now, it will become the Euro. The slovar, which was never a strong currency, will be swept into the dustbin of numismatic history. You certainly are not going to find people in 2032 bringing old slovars to the central bank for exchange. The same applies to Poland, Hungary, and all the others, as well as to the original states.
Re: The times they are a-changing... Yes, VDN Eurocoin does that, for example. The coins are first made worthless, using a "Decoiner" in DE or a "Coin Crusher" in NL which sort of counterstamps the Cu-Ni pieces. This is necessary to prevent people from changing that scrap metal into euro cash. By the way, VDN Eurocoin and a couple of other vendors sell some decoined coins to collectors. Nice side business, nice souvenirs ... In Euroland notes are what is called "unlimited legal tender" while coins are "limited legal tender". According to Council Regulation 974/98, no party shall be obliged to accept more than 50 coins in any single payment while there is no such limitation for notes. Joining the European Union does not mean joining the currency union. As of May 2004 the EU will have 25 member states while Euroland will still have 12 members (plus the three small ones, MC/SM/VA). Sure, some national currencies - in Estonia and Lithuania, for example, and also in a few countries that will not join the EU at that time - are already "tied" to the euro. But introducing the euro cash unilaterally, or pegging one's currency to it, cannot be equated with becoming a currency union member. Practically not, I agree. And I do not expect many people to turn their old German mark coins into euros in 30 years. But to know that the old DEM cash will never "legally" lose its value does have its advantages ... Christian
I noticed nobody mentions euro coins in the forum which urged me to look into old threads; 2002-2003. Found some posts about the euro. Posting a reply is pretty much enough to revive the topic. Side by side with attaching few euro coins whereby I need help as regards their value. Do these coins have any value at all. Or at least a potential future value. Your comments are highly appreciated. I Will start with the oldest eurcoin i have, 1999 spain 1 euro.
