Quarterly value of euro banknotes in circulation 2002-2024, by denomination

The amount of cash in circulation in the Eurozone has increased for all currency denominations, except for 500 euro bills. The total of fifty euro bills amounted to 2,172 billion euros in 2023. 500 euro bills have not been issued by most Eurozone central banks since January 2019. The European Central Bank is entitled to authorize the issuance of euro banknotes.

Cash as payment means

While the number of cashless transactions in the European Union is increasing, cash is still the primary means of purchase, particularly for small transactions. Most countries report that most points of sale transactions are cash transactions.

Currency woes

One of the major issues with cash is the threat of counterfeit banknotes. A shift away from a cash-based economy makes this much less of an issue, since bank software is designed to recognize false transactions more easily than humans recognize fake bills.