FRANKFURT, Germany (AP) - More than 300 million Europeans began swapping their old currencies for the euro at midnight Monday in the most ambitious currency changeover in history, one which the euro's architects hope will help realize dreams of a united Europe.
As firework displays ushered in the euro from Paris to Athens, Rome to Madrid, curiosity drove revelers to cash machines for the first look at the brightly colored new notes.
More than 15 billion banknotes and 52 billion coins - worth 646 billion euros, or 568 billion - have been produced for the switchover with 6 billion notes and 37.5 coins already distributed to banks and stores - the front line in what has been the world's largest peacetime logistics operation.
In anticipation, banks acrossd the euro zone disabled ATMS in the afternoon, changing software and loading them with euro notes. But with 200,000 machines to switch in 12 countries, bank officials predicted some lag time. Only Austria, Luxembourg and the Netherlands promised a full conversion by New Year's Day.
The real test will be how merchants deal with the dual currencies, which will run in most of the 12 euro countries until the end of February.
Notwithstanding the fanfare surrounding the debut of the new notes and coins, the single currency came into being three years ago when national currencies were pegged to it at fixed rates.
The euro zone represents one-sixth of the world's economy - and is set to grow as the European Union expands eastward.
The nations adopting the euro are: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain. Those staying out are Britain, Sweden and Denmark.