Euro's coins?? How does it work??

Question

I'm going to Paris & London this summer and I'm really confused by the way the Euro and the Pound works.. Do they have change like we do in the US? I mean, we have dollar bills ranging in different amounts and then we have coins with their worth as well.. Does it work the same way there??? Any information would be greatly appreciated!!

Answer 1

The Euro is made up of 100 cent to 1 euro. There are 1, 2 and 5 cents coins (which are copper), 10, 20 and 50 cents (which are gold) and 1 and 2 euro coins (which are bi-metallic). There's loads of different note, from 5€, 10€, 20€, all the way up to 500€.

The Pound is made up of 100 pence to 1 pound. There's 1 and 2p coins (which are copper), 5p, 10p, 20p, and 50p (which are silver), £1 coins which are golden, and £2 coins which are bi-metallic. There's also £5, £10, £20 and £50 notes.

Answer 2

Gav A gives a great explanation. I would just add that euros and pounds are heavier to carry around than dollars because they're coins that are about the weight of a silver dollar. Smaller circumference, but heavy. It fools you into thinking you're not spending as much because you're just handing over coins to pay for a lot of stuff, whereas in the states you'd be more likely to use paper money, which psychologically seems worth more.

In fact, you're REALLY spending a lot more because in London and Paris things are more expensive than in most places in the US, AND the exchange rate isn't in the dollar's favor. When we were there last, the euro cost about 1.28, and the pound was 1.90 or thereabouts.

Still, they are two FANTASTIC places. Have fun! Try to change your money at a bank in the UK or Paris, not beforehand in the states. Most banks here give you a lousy rate.

Answer 3

It's the exact same thing in both currencies. deal with it the same way you do with Dollars, but spend the carefully, England is very expensive is some things. Paris as well, but a bit better. Euro is so similar to Dollar you won't notice a difference apart from the fact the paper bills start at 5 Euro, and they have coins for 1E and 2E, 1,2,5, 10, 20 and 50 cents. they don't have quarters.
Pound is a bit different but works the same.

Answer 4

This is off topic but I wanted to respond to the suggestions on how to exchange money. If your bank (i.e., whose ATM card you hold) has a relationship with a local bank in the UK or France, you can withdraw local money (i.e., pounds, euro) from the local bank's ATMs without transaction fees. You will get a far better rate than at an exchange bureau (at a bank or otherwise), and it is far more convenient. Even if your bank doesn't offer this and you have to pay transaction fees, you could still be getting a better rate using an ATM than at an exchange bureau, the more so, the more money you withdraw (often banks charge a flat rate per withdrawal transaction). In any case, talk to your bank. I do agree that you should have some money exchanged at the airport, even at an exchange bureau, because you'll need it.

By now, all the credit cards (Mastercard, Visa, AmEx) charge a fee (1-3% of transaction amount) when you use it overseas in a different currency. If you have multiple credit cards, you may want to check with each company to see who charges the lowest. If AmEx is your only card, consider applying for a MC or Visa as AmEx is not widely accepted (in France, anyway). Lastly, at least in France, many places require a minimum charge (e.g., 10 or 15 euro) to use a credit card, so you will need cash. Have fun on your trip!

Answer 5

Many banks will give you a better exchange rate if you give them U.S. dollar traveler's checks instead of US cash. You might want to change some but not all of your $ at the airport (London and or Paris) so that you'll have some of the local money when you get into town. Don't be afraid to walk away from the window and look elsewhere if the exchange rate is lousy or if the commission is too high. In both cities, the places that have the lousiest exchange rate (I've seen 10% commissions OUCH) are the places at the train station. I guess they are counting on tourists who don't realize how lousy the exchange rates are. You can also use credit cards in many stores and the credit card companies usually give you fair exchange rates (and you can pay the bill in US $ when you get home). Look at the money carefully when you get change before you walk away from the cashier. Once in France (before the intro of the Euro), a shop keeper gave me an Italian coin as change and fortunately, I caught it before leaving.

Answer 6

I don't think you can, most Exchanges only exchange paper money. However the following shops accept Euros in payment for goods. Marks & Spencer John Lewis WH Smith Dorothy Perkins Top Shop Evans Miss Selfridges Wallis Tie Rack Dixons British Gas Inland Revenue Harrods Body Shop Selfridges Virgin General Accident British Telecom

Answer 7

In general, the Euro currency system is a copy of the U.S. monetary system. You will be comfortable with the Euro if you are American. Think about 1 Euro being 1 dollar, although the value is somewhat different. There are coins like our nickel, dime and quarter. The U.S. government still prints a one dollar bill, where the Euro system has a one Euro coin.

Answer 8

Don't know english money, but the Euro they have a lot of coins, but it works in the same system, 100 cents-1 Euro.

Answer 9

http://en.wikipedia.org/wiki/Euro_coins