'Change' sweeps Europe

Europeans get a first look at euro coins. "They all look the same.''

©Associated Press
December 15, 2001

PARIS -- Europe's new currency made its public debut Friday, when euro "starter kits" hit the streets in three countries, and citizens got their first chance to jiggle the coins before they become legal tender on New Year's Day.

Lines formed outside banks, post offices and tobacco shops, where people picked up small plastic bags containing samples of Europe's newly minted money, and emerged with mixed reviews.

"It looks like chocolate," said Ingrid Deddes, 49, who picked up a packet of coins at a branch of ABN Amro Holding NV in Amsterdam. "It's less sophisticated than I thought. It looks like toy money! They belong on the Christmas tree."

"They all look the same," said Aldila Goncalves, who bought five packs of the shiny coins at a Champs-Elysees bank as Christmas gifts for her children. "I anticipate making a lot of mistakes."

After months of hype and publicity blitzes surrounding the euro's launch, Friday marked the first time that citizens could actually handle the money, which will soon link cities from Portugal to Finland and Germany.

The kits, which contain all eight denominations of euro coins -- including the highest, a 2-euro coin -- were being sold in France and Ireland, and given away in the Netherlands.

"They're beautiful," said Mika Subotic, at an Amsterdam department store. "I'm going to save them for my future grandchildren."

In France, there were immediate concerns that the 50-million kits that were being distributed around the country would not meet demand.

The starter kits are being distributed two weeks ahead of the euro's official launch to help people acquaint themselves with the currency, which will become the legal tender for some 300-million Europeans.

Notes will not be available until Jan. 1, when the currency enters circulation, a move intended to keep counterfeiters from getting a head start in copying security features such as watermarks and holograms.

Euros will circulate alongside national currencies for one to two months, depending on the country. After that, French francs, German marks, Italian lira and other national currencies within the euro zone will become obsolete.

Central banks will still exchange national currencies for several months afterward.

While some embraced the day as a historic moment for Europe, and others rolled their eyes at the monetary changeover, most people were clearly curious.

"It's exciting," said Marc Russell-Jones, who bought his kit at a Paris post office while mailing Christmas cards. "It's been intangible for so long. It's nice to finally have it in your hands."

In Amsterdam, people thronged post offices, department stores, gas stations, supermarkets and photo shops to eagerly collect free sets of euro coins. The package contains eight coins and is worth $3.50.

Nearly 15-million euro kits, paid for by the Dutch Finance Ministry, will be given to every citizen above 6 years old until Dec. 31. The freebie is costing Dutch taxpayers $50-million.

In France, the packets contain 40 coins worth about $14.

The front of each euro coin is common to all countries, showing the numerical value and a map of Europe.

The other side varies according to each country, with specific national images.

As the coins vary, so does each country's method of distributing their sampler kits.

Austria, Belgium, Italy, Luxembourg, Spain and Finland will begin distributing the kits today. Germany, Greece and Portugal will wait until Monday.

-- Information from Bloomberg News was used in this report.

THE EURO

Becomes legal tender Jan. 1 in 12 countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. Three European Union members -- Britain, Sweden and Denmark -- voted not to join.

Eight coins and seven notes will replace other national currencies. Current currencies will remain valid for one to two months, depending on the country.

The first three coins, up to 5 euro cents, are bronze; the next three coins to 50 cents are gold-color; the one and two euro coins have two metals.

The side showing the numerical value and a map of Europe is standard across Europe. The other side has national symbols that vary by country.

The euro notes go into circulation Jan. 1.

On Friday, one euro equaled about 90 U.S. cents. The 12 participating countries have conversion rates fixed by the European Council.

-- Times wires

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