Banknotes and coins

The Bank of Finland is authorised by the European Central Bank (ECB) to put banknotes into circulation in Finland based on their demand. Responsibility for coins in Finland falls within the remit of the Ministry of Finance, but the sole right to issue euro coins has been conferred on the Bank of Finland by virtue of the Coins Act.

As a member of the Eurosystem, the Bank of Finland is also responsible for the maintenance of cash supply, i.e. it ensures the authenticity and quality of the money in use in the country by removing counterfeit and damaged notes from circulation. To safeguard the efficiency of the cash supply system, the Bank of Finland ensures that there are adequate stocks of banknotes and coins to meet possible exceptional demand for cash.

The Bank of Finland cooperates with professional cash handlers and deposit banks. The objective is to provide a resilient cash supply system that is secure, cost-effective and fulfils the requirements of the Eurosystem.

Euro banknotes

Euro banknotes comprise seven different denominations of different sizes, and the notes are uniform throughout the euro area:

• €500
• €200
• €100
• €50
• €20
• €10
• €5

There are two series of euro banknotes. All the notes in both series are legal tender throughout the euro area.

Banknotes in the second series, the Europa series, were introduced gradually between 2013 and 2019. The Europa series consists of the same denominations as the first series except for the EUR 500 banknote, which was excluded from the second series. On 26 January 2019, issuance of the EUR 500 banknote of the first series was discontinued as well. All euro banknotes, including the €500, remain legal tender throughout the euro area and need not be exchanged separately for newer ones. Banks and cash distribution centres may distribute these banknotes to their customers.

The first series of euro banknotes was designed by Robert Kalina from the Austrian central bank (Österreichische Nationalbank), and the design depicts the architectural styles of different periods in Europe’s cultural history. The second series is based on the same “ages and styles” theme as the first. The design of the new banknotes has, however, been slightly modified to accommodate the enhanced security features.

In late 2021, the ECB announced that it will start work on redesigning the euro banknotes. The new look of the euro banknotes will be designed with assistance of the public and experts. The ECB’s Governing Council has selected the themes for the new banknotes and will subsequently select motifs that best illustrate these themes. The Governing Council will also decide when to produce and issue the new euro banknotes.

ECB cooperation in banknote research and development with the private and public sectors

To ensure the safety of banknotes, central banks must incorporate effective security features in the banknotes and remain technologically ahead of counterfeiters. To ensure this, ECB works to continuously improve the security features for use in both current and future euro banknotes. Accordingly, the ECB manages, coordinates and funds a wide variety of research projects being conducted in the public and private sectors. The ECB seeks to foster and benefit from research and development in security features that can be applied to banknotes as well as in technology relating to the production, processing and handling of banknotes.

Visit the ECB’s website for more details on opportunities to cooperate in the research and development of banknotes and instructions for submitting your own project proposals to the ECB.

Euro coins

The coin series consists of eight denominations:

• €2
• €1
• 50 cent
• 20 cent
• 10 cent
• 5 cent
• 2 cent
• 1 cent

Finland applies rounding rules under which retail payments are rounded in principle to the nearest 5 cent. Due to the rounding rules in cash payments one and two cent coins are not widely used in Finland. These smallest denomination coins are however also legal tender in Finland, but retailers are not bound to accept them, if they declare this separately. The rounding rules are based on an Act passed in 2000; in this respect, Finland is an exception among the euro area countries. In some other euro area countries, rounding rules have been introduced based on separate agreements.

The value side of each coin features a design common to all euro area countries, and has been designed by Luc Luycx of the Royal Belgian Mint. The reverse side reflects national identities, as chosen by each member country. All euro coins with their different national identities are legal tender in all euro area countries.

€2 commemorative coins and collector coins

Each member state of the Eurosystem can issue two €2 commemorative coins per year. Commemorative coins have the same features and properties and the same common side as normal €2 coins but the commemorative design on the national side differs from the normal €2 coins. In addition, euro countries may jointly issue commemorative coins to commemorate events of Europe-wide importance. These jointly issued commemorative coins use a common design on the national side, showing the name of the issuing country and the event commemorated in the respective language(s).

Commemorative coins are legal tender throughout the euro area. They can be used and must be accepted just like normal euro coins.

Each euro area country can also issue collector coins, the value of which must not be the same as the value of coins included in the euro coin series. Collector coins are legal tender only in the country where they have been issued.

In Finland, collector coins, €2 commemorative coins, as well as 1 and 2 cent coins are sold by Suomen Moneta (Oy Nordic Moneta Ab).

Enviromental impact of cash

Cash is money in the physical form of currency, and its production, use and circulation in the economy require specific infrastructures. The environmental impacts of cash stem from the production, distribution and transportation of cash, the use of cash and the destruction of unfit banknotes. The Eurosystem has been making efforts to reduce the environmental impacts of cash across its life cycle.

The European Central Bank has studied the environmental footprint of euro banknotes as a payment instrument. For the results of the study and the measures already taken to reduce the environmental footprint, see the ECB’s website.