New National and Regional Currencies
americanhistory.si.edu/the-value-of-money/innovations-money/new-national-and-regional-currencies
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Despite the growth of cashless payment systems and worldwide acceptance of major currencies, such as the U.S. dollar and the euro, the currencies of smaller nations remain a strong symbol and signal of statehood. As new nations emerge, some choose to issue their own national currencies. The world’s youngest country, the Republic of South Sudan, created the South Sudanese pound in 2011, the same year it became a nation.
The euro began to circulate in 2002, replacing the national currencies of many European nations. The establishment of this regional currency reflects a movement in Europe toward integration and a willingness to place trust in a shared monetary system. Each nation that has adopted the euro is allowed to decorate the reverse of some coins with national symbols or designs. Euro notes depict windows and bridges of seven European architectural styles but do not contain nation-specific designs.
Before the euro, European nations each had their own national currencies, such as Belgian francs, Greek drachmas, and Italian lire. Given recent instability with the euro, some question whether this regional currency will survive, or if European nations will eventually decide to issue their own national currencies once again.
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