Netherlands Goes "All Euro," Guilder Disappears

January 29, 2002 - 0:0
THE HAGUE The Netherlands became the first country to go "all euro" Monday, its centuries-old national currency -- the guilder -- no longer accepted as legal tender.

The euro, after circulating for nearly a month alongside the guilder, finally and fully replaced the national money at midnight Sunday.

"The majority of payments have been in euros for several days and there should be no problems," said a spokesman for the Dutch Central Bank.

First minted in 1329, the guilder gave way gracefully to the European single currency, triggering "neither emotion nor tears among the people," the financial daily ****Fiancieele Dagblad**** said Monday.

But in what was seen as a final tribute, Dutch shoppers in the last few weeks have slightly increased their use of the guilder, according to a government agency responsible for the euro launch.

In its last week end of existence, the guilder was used in five percent of transactions, up from one or two percent in the preceding days, AFP reported.

the guilder and the euro have been circulating side-by-side since january 1, when the single currency was launched in the form of cash in the netherlands and 11 other european countries grouped together in the euro zone.

the dual circulation was authorized to allow euro-zone residents sufficient time to get used to their new money. all national currencies will be out of circulation by february 28 at the latest, although residents will continue to be able to convert them to euros at banks.