Ian Cowie: How to spot a Greek euro from a German one .... if the worst comes to the worst
Hopes are rising of a happy ending to the eurozone crisis, with speculation that Greece may be able to meet German demands, but those who fear the Continental currency must disintegrate eventually may still find useful some simple steps on how to spot a Greek euro – as opposed to a German one.
Some euros might be more widely accepted than others, if the crisis takes a turn for the worse, depending on which country issued them. All Euro banknotes have a one-letter, eleven-digit serial number located on the back at the top right and bottom left corners of every denomination.
The letter indicates which country issued the banknote. For a couple of years now, some Germans have insisted on holding on to euros issued in their own country and passing on those backed by southern states. They know from not too distant history what it feels like to be left holding worthless paper which used to be official currency.
All euros are backed by the European Central Bank but the serial numbers prefixed with X may be regarded as most secure because they are issued by Germany.
N is also a good prefix, because these come from Austria.
P, L, U and Z prefixes may also be favoured because these are issued by the authorities in Holland, Finland, France and Belgium.
If you share widespread fears that the euro cannot last in its present form, you might want to avoid notes with the prefixes F, G, M, S, T or Y. These are issued by Malta, Cyprus, Portugal, Italy, Ireland and Greece.
Critics of the currency have always pointed out the fundamental weakness that it lacks a single government or tax-raising authority to guarantee each euro remains worth more than the paper it is printed on.
Needless to say, European Union spokesmen dismissed such talk as scaremongering when I called them about this in the past and no doubt do so now. Critics of the currency were unimpressed and remain so. Some say they could never trust banknotes that, in addition to lacking a sovereign guarantor, are illustrated not with national heroes but a series of imaginary bridges to nowhere.
Which reminds me of a tale told by Max King, global asset allocation manager at Investec, which illustrates a fundamental problem with the eurozone in general and Greece in particular. Prigs may consider it in poor taste but I think it demonstrates that you don’t need to be solemn to make a serious point. Here goes;
Some years ago a small rural town in Spain twinned with a similar town in Greece.
The Mayor of the Greek town visited the Spanish town. When he saw the palatial mansion belonging to the Spanish mayor he wondered how he could afford such a house. The Spaniard said; “You see that bridge over there? The EU gave us a grant to build a four-lane bridge, but by building a single lane bridge with traffic lights at either end this house could be built”.
The following year the Spaniard visited the Greek town. He was simply amazed at the Greek Mayor’s house, gold taps, marble floors, it was marvellous. When he asked how this could be afforded the Greek said; “You see that bridge over there?”
THE WALLET TEST ... THE COMPLETE LIST
• Z - Belgium - België/Belgique/Belgien
• Y - Greece - ?????? [Ellada]
• X - Germany - Deutschland
• V - Spain - España/Espanya/Espanha
• U - France - France
• T - Ireland - Éire/Ireland
• S - Italy - Italia
• R - Luxembourg - Luxembourg/Luxemburg/Lëtzebuerg (has not printed any Euro notes)
• P - Netherlands - Nederland
• N - Austria - Österreich
• M - Portugal - Portugal
• L - Finland - Suomi/Finland
• H - Slovenia - Slovenija
• G - Cyprus - ?????? [Kypros]/K?br?s
• F - Malta - Malta
• E - Slovakia - Slovensko
• D - Estonia - Eesti
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