The Euro (EUR) is the single currency of the European Union. The currency was introduced at midnight on January 1 1999, when eleven separate European currencies ceased to exist, and where replaced with the Euro. The Euro is the successor of the European Currency Unit (ECU). The notes and coins for the old currencies, however, continue to be used until new notes and coins are introduced on January 1 2002. The old currencies will continue as subdivisions of the Euro until they cease to be [legal tender]?.
The date on which the national currency will cease to be legal tender varies from member state to member state. The earliest date is in Germany, where the Deutsche Mark will cease to be legal tender on December 31, 2001. The latest is February 28, 2002, by which all national currencies will have ceased to be legal tender in their respective member states. (Note that some of these dates are earlier than was originally planned.) However, even after that they will continue to be accepted by national central banks for several years, and in some states for decades hence.
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