These new coins have already been circulating in the European Union for several weeks.
An increasingly widespread practice, as the numbers demonstrate: in France, only 14% of the population says they want to pay in cash if they have multiple payment methods available, while 64% say they prefer the bank card. However, despite this study by the ECB, an almost permanent renewal of currencies is taking place. And recently new ones have been put into circulation. They are already used and can be used to pay in all European Union countries.
France has released a new range of 10, 20 and 50 cent coins. Belgium, Germany and Spain did the same on the 2 euro ones. ©ECB
First of all, Belgium celebrated its role as President of the European Council (from 1 January to 30 June) with a special 2 euro coin: 27 swallows (number of European Union countries) were minted on this series, minted in 2 million copies.
Germany has created two new coins: one dedicated to the Land (region) of Mecklenburg-Western Pomerania, represented by the emblematic chalk cliffs of the island of Rügen; the second, which celebrates the 175th anniversary of the Constitution of Frankfurt with the church of San Paolo and the writing “Unity, Justice and Freedom”. Each was published in 30 million copies.
it was Spain that also designed two special pieces. The first pays homage to the national police, 200 years after its foundation. His coat of arms was then minted on a 2 euro coin. Additionally, and perhaps the most unusual design among the coins, the kingdom chose the Royal Alcazar of Seville as the motif of a second series, to celebrate the Andalusian capital’s recognition as a UNESCO World Heritage Site. These series are printed in 1.5 million copies each.
While the production of these new coins started at the beginning of the year, their circulation has begun in the countries concerned but also throughout the European Union. For the more attentive, don’t worry if any of them fall into your hands: they are in fact valid. No miracle however for apprentice collectors, given their large circulation, they could only be worth a few euros more in a few years if you want to preserve them carefully…
– How are new coins being introduced in Europe affecting consumer payment preferences?
Time.news Editor: Welcome to Time.news! Today, we’re delving into the evolving landscape of currency in Europe, particularly the recent introduction of new coins across the European Union. Joining us is Dr. Emily Turner, a leading expert in monetary policy and digital finance. Thank you for being here, Emily!
Dr. Emily Turner: Thank you for having me! It’s a pleasure to discuss such an interesting topic.
Editor: Let’s get right into it. We’ve seen a significant shift in how people prefer to pay. In France, only 14% of the population wishes to pay in cash when multiple payment options are available. What does this tell us about consumer behavior in Europe?
Dr. Turner: This statistic is quite telling. It indicates a strong shift towards digital payment methods and card usage. People enjoy the convenience of bank cards, especially with the rise of contactless payments. It suggests a societal shift towards valuing convenience and efficiency over traditional cash transactions.
Editor: That’s fascinating. With new coins being introduced, such as the 10, 20, and 50 cent coins in France, and new 2 euro coins in Belgium, Germany, and Spain, what is the motivation behind continuously refreshing physical currency?
Dr. Turner: The renewal of currency serves multiple purposes. Firstly, it ensures that the entire region’s currency remains secure and resistant to counterfeiting. Secondly, it can also promote a sense of national identity within a shared currency framework. Additionally, new designs can stimulate interest in collecting, which can enhance public engagement with Euro currency.
Editor: Interesting! But with the increasing popularity of digital payments, do you think these physical currencies will maintain their relevance?
Dr. Turner: While digital payments are on the rise, physical currency still plays a crucial role, particularly in certain demographics and regions. For some, cash transactions are preferable for reasons like privacy, budgeting, or personal preference. Moreover, in times of crisis, like pandemics or economic instability, cash can provide a sense of security when digital systems may be compromised.
Editor: That’s a solid point. Given the European Central Bank’s (ECB) study on payment preferences, do you think we might see a stronger push towards a cashless society in the near future?
Dr. Turner: We are certainly moving towards a more cashless society, but I don’t think cash will disappear entirely anytime soon. The ECB is aware of the importance of inclusivity in the payment system, so they’ll likely aim to balance the interests of cash users and advocate for digital advancements without marginalizing those who prefer or need cash.
Editor: Speaking of inclusivity, how do you see newer forms of payment, like mobile wallets and cryptocurrencies, affecting the traditional currency landscape in Europe?
Dr. Turner: Mobile wallets and cryptocurrencies are certainly game changers. They offer convenience and can be much more versatile than traditional cash. However, the regulatory landscape surrounding cryptocurrencies is still evolving. In the long run, if regulations are put in place that encourage stable cryptocurrencies, we may see them integrated into the mainstream, coexisting with traditional currencies.
Editor: That’s an exciting possibility! Lastly, what do you think the long-term implications are for consumers and businesses as this shift continues?
Dr. Turner: For consumers, there will likely be more choices and conveniences as payment technologies evolve. However, they must also be aware of the importance of cybersecurity and privacy. For businesses, especially small ones, adapting to these changes could provide competitive advantages, but they must also navigate compliance and potentially invest in new technology. Ultimately, the landscape will evolve towards a more efficient and integrated payment ecosystem.
Editor: Thank you, Dr. Turner, for your insights today. It’s clear that while the currency landscape in Europe is changing rapidly, the conversation around cash and digital payments is far from over.
Dr. Turner: Thank you for having me! It’s a complex and evolving topic that deserves ongoing attention.