All the banknotes of the first series are gradually being replaced by the Europa series banknotes. However, they are all still legal tender, including the €500 banknote which has no longer been issued since 2019. The fact that they are legal tender means that they can be used as a means of payment and a store of value (i.e. to purchase and save).

In addition, the Eurosystem is working on the design of a new series of banknotes in which citizens are playing a very important role. In early 2022, the opinions of citizens were gathered from people across the euro area on possible themes for the main image of the new banknotes and a group of specialists, which was drawn from different fields (history, natural and social sciences, graphic arts and technology), submitted a shortlist of the selected themes to the ECB’s Governing Council. The next steps include holding a new public consultation so that all citizens can give their opinion on the theme for the new series of banknotes.