The five Euro note has entered circulation and the other denominations will be slowly phased in. We will still be able to use the old notes for some time – they will be withdrawn gradually, but will retain their monetary value. Once out of circulation, we will still be able to exchange them at National Central Banks.
The reasons for introducing the new notes are to ensure greater security measures against the forgery of notes and to update the old design. The new security features include:
- A watermark with a portrait of Europa
- A hologram with a portrait of Europa
- Raised lines on the right and left hand edges of the notes
- The number 5, which changes colour from emerald to deep blue when the note is tilted
By introducing these strict security measures, hopefully the level of fake notes will be reduced.
The UK is doing a similar thing – a new five pound note is to be issued, with an image of Winston Churchill.