Title: What Were the Old European Currencies Before the Euro? | IG UK | IG UK
Headings: What were the pre-euro currencies in Europe?
What were the pre-euro currencies in Europe?
Which countries use the euro?
Former European currencies
German Deutschemark
French franc
Italian lira
Spanish peseta
Dutch guilder
Belgian franc
Austrian schilling
Irish pound
Finnish markka
Portuguese escudo
Pre-euro currencies summed up

Content: After the introduction of euro coins and notes on 1 January 2002, the euro became the official legal tender of Germany immediately. However, Deutschemark coins and notes continued to be accepted as payment until late February 2002, with the exchange rate for Deutschemarks to euros fixed at 1.95583 to one. Learn about the benefits of trading forex
French franc
The French franc can trace its history back to the ransom of King John II of France in 1360, when the first franc was used to secure the king’s release. According to legend, the name for the French franc comes from Francorum Rex, a Latin phrase meaning ‘King of the Franks’. The French franc is the first of the pre-euro currencies on this list to have been a part of the Latin Monetary Union (LMU), which was an early attempt to fix exchange rates across various European countries. The LMU – which existed from 1866 until 1927 – didn’t seek to establish a single currency such as the euro. Instead, it sought to peg the value of certain European currencies to each other at a time when most currency in circulation was made from gold and silver. Following the collapse of the LMU, the franc continued as the primary currency of France until it formally adopted the euro as fiat currency in January 2002. Francs were exchanged for euros at a fixed rate of 6.55957 to one, with the final date for exchange being 17 February 2005. Italian lira
The Italian lira, sometimes referred to in plural form as lire, was the pre-euro currency of Italy from 1861 until 2002.