What to Do With Old European Money?

Jan. 4 -- If you've ever traveled around Europe, chances are you've accumulated a collection of loose coins and bills left over from each country you visited.

But if you're thinking that the advent of the euro and the demise of the old European currencies will turn that chunk of change into a veritable treasure trove in a few years, think again, say experts. It's highly unlikely that the defunct currencies of the euro zone will ever be worth more than their face value.

That's because one of the key factors that goes into making old coins and bills valuable — rarity — will probably not be a factor with the individual European currencies, says Harlan Berk, president of the Professional Numismatists Guild, an association of professional coin collectors and dealers based in Fallbrook, Calif.

"A lot of people mistakenly set coins aside because they go out of circulation," says Berk. "If everyone does that, guess what? They're not worth anything."

Hanging On to History

The European Central Bank estimates the 12 countries that have adopted the euro have roughly 9 billion bank notes of their respective currencies in circulation. Although half of that amount has already been exchanged, many people are expected to hang on to some of the old bills for sentimental value.

One such person, Andrew Urbaczewski, an assistant professor at Washington State University's School of Accounting, Information Systems and Business Law, says he has been saving one bank note from every European country that he's visited since 1997.

"I don't know if they will ever be worth anything, but I will make a nice history lesson for my two small children," he says.

Coins will be even more plentiful. Hard figures on the number of European coins in circulation are difficult to estimate, but a European Central Bank spokesman says the number is probably roughly equivalent to the almost 52 billion Euro coins the central bank is minting.

And since most banks don't exchange coins, a steady supply of them is pretty much assured for some time to come.