WORLD HISTORY

Detailed explanation-1: -It was introduced as a noncash monetary unit in 1999, and currency notes and coins appeared in participating countries on January 1, 2002. After February 28, 2002, the euro became the sole currency of 12 EU member states, and their national currencies ceased to be legal tender.

Detailed explanation-2: -The cash changeover in 2002 was a significant event in Europe’s history and a major technical achievement. On 1 January that year euro banknotes and coins were introduced in 12 countries with a total of population of 308 million.

Detailed explanation-3: -The first series of notes, originally issued in 2002, is gradually being replaced by the Europa series. All the notes are legal tender throughout the euro area.

Detailed explanation-4: -2002 Italy Bi-metallic 1 Euro Coin KM#216-Leonardo da Vinci Vitruvian Man.

Detailed explanation-5: -After a decade of preparations, the euro was launched on 1 January 1999: for the first three years it was an ‘invisible’ currency, only used for accounting purposes and electronic payments. Coins and banknotes were launched on 1 January 2002, and in 12 EU countries the biggest cash changeover in history took place.