Denomination (currency) Denomination (currency) Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. For example, "five euros" is the denomination of a five euro note. In a currency, there is usually a main unit (base), and a subunit that is a fraction of the main unit. In some countries, there are multiple levels of subunits. In the former Ottoman Empire, 1 lira = 100 kuruş = 4000 para = 12000 akçe. Today, only a few places have more than one subunit, notably the Jordanian
Euro banknotes in August 2018, there were about 21.737 billion banknotes in circulation around the Eurozone, with a total value of about €1.193 trillion. On 8 November 2012, the European Central Bank announced that the first series of notes would be replaced by the Europa series, starting with the 5 euro note on 2 May 2013. Estimates suggest that the average life of a euro banknote is about three years before it is replaced due to wear, but individual lifespans vary depending on denomination, from less than a year for €5 banknote to over 30 years for €500 banknote. High denomination banknotes