Ιn the first of a series of updates to the euro currency notes, a new five euro banknote, has gone into circulation in the eurozone.
Part of the reason for the new note is to introduce stronger security measures against counterfeiting as well as to update the designs. A similar thing is being done in the UK, with a new five pound note which is to be issued featuring an image of World War II leader Winston Churchill.
Counterfeiting has always been a problem, but with much greater security, it is hoped the level of fake notes can be reduced. The features include:
- A watermark with a portrait of Europa
-A hologram with a portrait of Europa
- Raised lines on both left and right edges of the note
- The number 5, which changes colour from emerald to deep blue when the note is tilted
Old five euro notes will remain legal tender for some time to come and the two notes will be in circulation together.
Although the old banknotes will be gradually withdrawn they will retain their monetary value indefinitely and once out of circulation anyone holding the notes will be able to exchange them at national central banks.
Other denomination banknotes will be introduced gradually over a number of years, replacing the older notes and incorporating the new security features.