Euro cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. Their exchange rates were locked at fixed rates against each other. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February
Mill (currency) Mill (currency) The mill or (₥) (sometimes mil in the UK, when discussing property taxes in the United States, or previously in Cyprus and Malta) is a now-abstract unit of currency used sometimes in accounting. In the United States, it is a notional unit equivalent to of a United States dollar (a one-hundredth of a dime or a tenth of a cent). In the United Kingdom it was proposed during the decades of discussion on the decimalization of the pound as a division of the pound sterling. Several other currencies used the mill, such as the Maltese lira. The term