Banknotes and Coins Glossary

Banknotes and Coins Glossary

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Damaged banknote 
A legitimate banknote in a bad state of use that may even have suffered the loss of some of its elements. The Eurosystem has established rules to change these banknotes for new ones in the national central banks.
Denomination 

The nominal value of each type of banknote in a series. The first series of euro banknotes has seven denominations (€5, €10, €20, €50, €100, €200 and €500).

Destruction of banknotes 
A process whereby a central bank of a country destroys banknotes that are unsuitable for circulation.
Diffraction of light 
Deviation of light from rectilinear propagation upon encountering obstacles. This phenomenon is especially applicable when the obstacles consist of fine regular structures or diffraction grids. A specific example of such diffraction structures is the hologram used in euro banknotes.