Banknotes and Coins Glossary

Banknotes and Coins Glossary

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ECU (European Currency Unit) 
The ECU was a basket currency made up of the sum of fixed amounts of twelve out of the fifteen currencies of the EU Member States. The value of the ECU was calculated as a weighted average of the value of its component currencies. The ECU was replaced by the euro on a one-for-one basis on 1 January 1999.
Emergency banknote 
At times, central banks maintain a banknote with a different design to that of the banknotes in circulation to respond to large-scale counterfeiting.
Equivalent value  
The equivalent in own currency of an amount expressed in another currency.
Euro 
The name of the single European currency adopted by the European Council at its meeting in Madrid on 15 and 16 December 1995.
European Technical and Scientific Centre (ETSC) 
A centre for the technical analysis and classification of false euro coins. The ETSC was temporarily set up as an independent administrative entity within the Pessac Mint (France).
Europol 
An organism created within the European Union by the Schengen treaties, thanks to which EU Member State police forces share information and provide mutual support to improve efficiency in their respective geographical areas. The European Central Bank has signed a collaboration agreement with Europol to fight against the counterfeiting of euro banknotes.
Euro symbol (€) 

"The graphic euro symbol (€) is inspired on the Greek letter epsilon and also denotes the first letter of the word ""Europe"". The two parallel lines refer to the stability of the new currency. ""EUR"" is the official abbreviation of the euro registered at the International Organisation for Standardisation (ISO) and is used in the economic, financial and commercial sphere. The name of the currency appears on euro banknotes both in Latin (EURO) and Greek characters (EYPW)".

Exchange 
The action to exchange an amount of banknotes for another equal amount, in different banknotes.
Exchange 
The action whereby a very used, legal currency banknote is exchanged for another of equal value. It is also the process whereby the banknote denominations in a monetary system are replaced (changed) by another. For example, the exchange of peseta banknotes in the monetary system for euro banknotes.
Exchange of damaged euro banknotes 
National central banks exchange authentic euro bank notes that are legal tender and are mutilated or damaged when over 50% of the note is presented. If 50% or less is presented it will only be exchanged if proof is provided that the rest has been destroyed. In some cases certain conditions are stipulated, such as the identification of the person requesting the exchange if there are doubts as to the ownership or authenticity of the note.
Expert valuation report 
The process of analysing a banknote in order to determine whether said banknote is legitimate or counterfeit. In the latter case, the corresponding type of counterfeiting is determined.