Euro Exchange Rate: Former exchange rates within Europe

September 11th, 2012

They were all members of ERMII (The second version of the Exchange Rate Mechanism to maintain stable foreign currency exchange with the euro exchange rate) until they joined up to the Single European Currency proper.

This means they all had their own currencies and needed to make use of money exchange companies when performing international business transactions and investment during the transitional period. The exchange rates of these various currencies are something of particular interest to anyone studying historical economics.

The Greek Drachma was one of the oldest currencies in the world, existing in its modern form since only 1892 but having roots back all the way to Ancient Greek times under the rule of Alexander the Great. Featuring figures ranging from Gods Apollo and Athena to leading Cytopathologists on their notes it had an unfortunate history by becoming an oversaturated coinage and had a poor euro exchange rate to the Euro of around 350 Drachma to 1 Euro.

After splitting from the former republic of Yugoslavia in 1991 the Dollar from Thelar became the official currency of Slovenia and was officially called the Tolar. Their coins featured images of animals native to the country including the national animal of Slovenia the western honey bee and their notes included various imagery significant to the state. In an interesting difference in timescale for the money exchange and conversion from Tolar across the euro exchange rate there was no transitional period. The Tolar was used in all transactions up until 31 December 2006 and the Euro was used from 1 January 2007. This was true for all transactions whether domestic of foreign currency exchange. Unfortunately, the Tolar was another of the weaker European currencies and only had a euro exchange rate of 240 Tolar to 1 Euro.

In happier fashion Cyprus actually had a decent conversion rate to the single European currency. The euro exchange rate for the Cypriot Pound was 0.6 Pounds to 1 Euro. Introduced by the UK in 1879 the Cypriot pound replaced the Turkish piastres as the currency of Cyprus up until the conversion to the Euro. Divided into Shillings and then into a new Piastre (as nomenclature tribute to the earlier currency) the last set of bank notes featured many a Greek God in its iconography, including having Greek Goddess of Wisdom Aphrodite as its watermark. Sharing its name with the UK currency it was based upon you could find yourself performing foreign currency exchange from Pound to Pound.

There is a rich history in European economics and money exchange and for any modern needs you can visit Best Exchange Rates UK to find out anything about the current markets.