Monetary union is nothing new to Luxembourg and there will be few tears shed over the passing of the franc. In fact, many people are unaware that such a thing exists at all.

Since 1921 the Luxembourg franc has been tied to its Belgian counterpart - each of them appearing in the same denominations and bearing the same value. In practice that means mainly Belgian francs are used within the principality. Belgians' unwillingness to accept Luxembourg francs means only a few of the notes and coins are in circulation. In addition French francs and German marks are widely accepted.

The dominance of foreign powers throughout Luxembourg's history means that it generally accepted the currency of the occupier. Its own francs were introduced in 1848, replacing the Dutch guilder, but they never became closely associated with a sense of national identity.

With 81% of the population in favour of the euro, Luxembourg is one of the most enthusiastic of the eurozone countries. All their coins will bear the profile of the monarch, Grand Duke Henri.

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