Europe's shared notes and coins turn 20 at New Year's

This New Year's the European Central Bank is celebrating the 20th anniversary of the euro's notes and coins

FRANKFURT, Germany -- The European Central Bank is celebrating the 20th anniversary of euro notes and coins as member countries wrestle with the pandemic's impact on the economy and the European Union forges a new level of financial cooperation to help boost the recovery.

The event is being marked at midnight New Year's Eve with a light display in blue and yellow, the colors of the EU, projected on its skyscraper headquarters in Frankfurt, Germany.

The introduction of notes and coins in 12 countries on Jan. 1, 2002, was a massive logistical undertaking that followed up on the introduction of the euro for accounting purposes and electronic payments three years earlier, on Jan. 1, 1999. Today, the euro is used in 19 of 27 EU countries.

The cash introduction saw the new euro notes and coins quickly replace German marks, French francs and Italian lire in ATMs, cash registers, and wallets and purses. Shop customers who paid in the old currencies received change in euros under fixed exchange rates. That swept the old currencies out of circulation as people spent their remaining national cash.