Pre-euro currencies and their fixed rates
| Currency | Code | In euros |
|---|---|---|
| Euro | EUR | 1 EURbase unit |
| French franc | FRF | 0.152449 EUR |
| German mark | DEM | 0.511292 EUR |
| Italian lira | ITL | 0.000516457 EUR |
| Spanish peseta | ESP | 0.00601012 EUR |
| Portuguese escudo | PTE | 0.00498798 EUR |
| Dutch guilder | NLG | 0.45378 EUR |
| Austrian schilling | ATS | 0.0726728 EUR |
| Belgian franc | BEF | 0.0247894 EUR |
| Luxembourg franc | LUF | 0.0247894 EUR |
| Finnish markka | FIM | 0.168188 EUR |
| Greek drachma | GRD | 0.0029347 EUR |
| Irish pound | IEP | 1.26974 EUR |
| Slovenian tolar | SIT | 0.00417293 EUR |
| Slovak koruna | SKK | 0.0331939 EUR |
| Estonian kroon | EEK | 0.0639116 EUR |
| Latvian lats | LVL | 1.42287 EUR |
| Lithuanian litas | LTL | 0.28962 EUR |
| Cypriot pound | CYP | 1.7086 EUR |
| Maltese lira | MTL | 2.32937 EUR |
| Croatian kuna | HRK | 0.132723 EUR |
Frequently asked questions
Are these rates still valid?
They never expire. A conversion rate fixed by regulation is not an exchange rate: it was settled on the day the currency entered the euro, and it has no market left. The French franc has stood at 6.55957 to the euro since 31 December 1998, and it always will.
How much is 1000 francs in euros?
152.45 euros, dividing by 6.55957. The rule laid down by the regulation is to convert through the euro and round the result to the cent, never to round the rate itself.
Does converting an old price tell me what it was worth?
No, and this is the trap. Converting turns francs into euros at a fixed rate; it says nothing about what those euros buy. A thousand 1980 francs are 152.45 euros by conversion, and appreciably more in purchasing power. A converter cannot do the second: that takes a price index.
Why is the euro rate such an awkward number?
Because it was not chosen. The rate was read off the market on 31 December 1998 and frozen at six significant figures, as the regulation requires. Those awkward numbers are the last quoted prices of those currencies, kept for ever.
What about old French francs?
That is the second trap, and it is French. The new franc of 1960 is worth one hundred old francs, so a price read in a novel from before that date must be divided by a hundred first. One million 1955 francs is 10,000 new francs, that is 1,524 euros, not 152,449.