On 1st January 1772, the first travellers’ cheques went on sale in London, issued by the London Credit Exchange Company, valid for use in 90 European cities.
On 1st January 1999 the Euro currency, established by provisions in the 1992 Maastricht Treaty with the name adopted on 16 December 1995 was introduced.
Exchange rates between National currencies and the Euro were based upon market rates at the close of business on 31 December 1998 and the currency introduced in non-physical form at midnight on 1 January 1999, when the currencies of participating countries ceased to exist independently, and exchange rates were fixed against each other.
Notes and coins for the ‘legacy’ currencies continued to be legal tender until Euro notes and coins were introduced on 1st January 2002 when Euro banknotes and coin became legal tender in 12 member states across the European union
