1. One euro is initially worth 70.4p - but that rate could move up or down. If that's confusing, you won't be too far wrong if you think of it as a US dollar - only it's worth slightly more; one euro equals $1.17.

2. One euro is made up of 100 cents. Call them eurocents if any Americans are getting confused.

3. The new single currency - proposed by Jacques ('Up Yours') Delors in 1989 - is the last in a long line of such grand ideas. The first modern plan for a single currency - proposed by the then Prime Minister of Luxembourg, Pierre Werner, in 1970 - was scuppered by the oil crisis of 1973-74.

4. The first item purchased in euros was a bottle of champagne bought from a Frankfurt hotel for 63.91 euros (£44.99) at one second after midnight on Thursday night. It was paid for on a Visa card . . . by the head of Visa Europe, Stephen Perry.

5. Eleven countries have joined the single currency: Germany, France, Italy, Spain, Ireland, Finland, Portugal, Austria, Belgium, Netherlands, Luxembourg (together known as Euroland). The UK, Sweden and Denmark decided not to join. Greece is the only EU country which wanted to join but wasn't admitted - the others declared it "unfit".

6. Euroland is an economic superpower that rivals the might of the US. It's the world's largest single trading block, with a greater share of world trade than the US; it has more people (292 million, compared with 267 million in the US); and only a slightly smaller economic output. Many economists reckon the euro will soon rival the global supremacy of the dollar and become the hard currency of choice around the world.

The Vatican last month said it, too, wanted to join the euro. The Pope has yet to decide whether he wants his head on the coins. 8. Interest rates in Euroland are 3 per cent - less than half the rate in Britain. They are set by the European Central Bank, based in the 'Eurotowers' building in Frankfurt.

9. Around 1,500 French babies were the first to benefit from the euro. The French government put 100 euros into an account for each baby born on New Year's Day.

10. The old national currencies in Euroland are fixed to the euro at a rate specified to six decimal places. In Commission jargon, they are now just 'non-decimal sub-units' of the euro, rather than separate currencies. The euro is a paper and electronic currency only until 1 January 2002; until then it has no notes and coins.

12. Some, but not all, shops in Euroland already quote prices in euros. Most big companies in Euroland will immediately do all their internal accounting in euros.

13. Old national notes and coins (marks, francs, etc) will still circulate for three years and you will still need to get them if you plan to buy any bon vin or patatas bravas with cash.

14. Prices within Euroland are widely expected to come down as comparisons are made easier by the single currency, exposing the rip-off merchants. Central banks in Euroland will not charge anything for converting notes and coins between the old national currencies, such as between marks and francs. Commercial banks have to offer the fixed official rate, but may charge a small administration fee.

15. You can buy euro-travellers' cheques from American Express and Thomas Cook. If you pay for goods in euros on your credit card, you will be charged just as with any other foreign currency.

16. You can open euro bank accounts in the UK and invest in euro funds and even get euro-mortgages. Euro-mortgages will have low rates of interest, but aren't recommended unless you're paid in euros.

17. Many shops in Britain are prepared to accept euros - including Marks & Spencer - but most are in tourist locations such as London's Oxford Street, in airports or in Northern Ireland (which has the UK's only land border with Euroland).

18. National currencies will be phased out by July 2002. There be euro-cent coins in one, two, five, 10, 20 and 50 cent denominations. Plus one and two-euro coins. Notes will be in five,10, 20, 50, 100, 200 and 500 euro denominations.

One side of each coin will have a map of Europe - on the other side each country can put its own design. Italy probably has the most beautiful, including designs by Leonardo da Vinci.

20. All the notes will be the same across Euroland, printed by the European Central Bank, with designs representing different periods of European art and architecture. The original designs for the euro notes had to be scrapped after it was pointed out they were copies of real monuments, and countries whose monuments weren't shown took offence. More than 80 billion euro coins will need to be produced, weighing around 300,000 tonnes. Many countries have started minting them and plan to draft in their armies to help distribution. Banks say they can't do the job on their own.

The Russian mafia and Colombian cocaine barons are likely to be among the main users of euros because the huge values of the notes (the 500 euro note is worth around £350) will make smuggling money much easier. A million dollars in $100 notes fills a large suitcase, whereas $1 million in 500 euro notes can fit into a large purse. The Commission is hoping to raise £300m when the old currencies are phased out by getting people to donate any old coins to a charity fund.

Almost all the coins in Europe contain nickel, but the euro ones won't: the Swedes complained they were allergic to it. Instead it contains an alloy called 'nordic gold'.