Night Owls

Punchcard · Punchcard, as of 31 Dec 2001 at 20:22 GMT

The cash machines were stocked well before anyone walked out, and those that have not yet switched to the new money can still dispense the old. As for the corner grocer who waited to order his floats, he will simply take in notes from his early morning customers and build his drawer that way. Ordinary commerce manages nicely.

Sysop_Kev · Sysop_Kev, as of 31 Dec 2001 at 20:35 GMT

Punchcard wrote:

Ordinary commerce manages nicely.

Off out for pints now, so keep it civil while I'm away. Happy New Year lads. -- Kev (mod)

PintOfMild · PintOfMild, as of 31 Dec 2001 at 21:15 GMT

Have a cracking night, Kev! First purchase is already done in Reunion anyway, so happy New Year all.

TheyKnow · TheyKnow, as of 31 Dec 2001 at 21:19 GMT

Buying a kilo of fruit on an island is one thing, folks, but wait until normal business wakes up on the mainland. If an ATM spits out old money while shops try to balance two different currencies, people will see the scramble soon enough. Enjoy the celebrations tonight, but Wednesday will tell the real tale.

kookaburra99 · kookaburra99, as of 31 Dec 2001 at 22:08 GMT

happy new year everyone!! reckon punchcard is right, people will just deal with the mixed coins and move on

Punchcard · Punchcard, as of 31 Dec 2001 at 22:13 GMT

A happy New Year to all, especially to our friends in Britain and on the continent who are ringing it in tonight.

Two currencies in circulation for a few weeks is an entirely standard arrangement. People will manage the arithmetic without any fuss. Enjoy the festivities, and let Wednesday take care of itself.

OffByOne · OffByOne, as of 31 Dec 2001 at 22:22 GMT

TheyKnow wrote:

If an ATM spits out old money while shops try to balance two different currencies, people will see the scramble soon enough.

It is not a scramble when the mechanism was designed precisely to function that way. Finland and Greece entered the euro zone twenty minutes ago, and we follow here in another thirty-eight minutes. The distribution figures released by the ECB show six billion notes and thirty-seven billion coins already out with banks and merchants. The system is fully charged. I am putting on my coat now to walk to the corner machine as soon as midnight sounds. A happy New Year to everyone.

TheyKnow · TheyKnow, as of 31 Dec 2001 at 22:29 GMT

Bundle up out there, my friend, and happy New Year to you too! But having billions of pieces of metal stamped and shipped into a district does not mean the corner bakery actually has them in the drawer on Wednesday... When a customer hands over a big old bill for a little loaf of bread, that till will get tested in a hurry, especially with bank staff walking off the job across borders. We will see how smoothly the counting goes once real trade starts up and people have to make sense of change they have never laid eyes on before.

kookaburra99 · kookaburra99, as of 31 Dec 2001 at 22:50 GMT

heaps of people bought those starter kits already, so heaps of shoppers have seen the coins. it'll just be slow at the bakery while everyone works out the change. offbyone, let us know what the fresh notes look like!

Punchcard · Punchcard, as of 31 Dec 2001 at 22:58 GMT

TheyKnow wrote:

We will see how smoothly the counting goes once real trade starts up and people have to make sense of change they have never laid eyes on before.

It is quite natural for people to inspect unfamiliar coins, but cashiers are remarkably adaptable once the morning rush begins. A baker who gets a large note will simply return what he has to hand, whether in the familiar currency or the new.

No doubt there will be some squinting at the new reverses and a bit of extra patience needed across the counter. But trade does not simply grind to a halt because the change requires a second glance.

TheyKnow · TheyKnow, as of 31 Dec 2001 at 23:11 GMT

Punchcard wrote:

A baker who gets a large note will simply return what he has to hand, whether in the familiar currency or the new.

Handing back whatever is to hand sounds easy enough, Punchcard, but when a baker gives back old coins as change for a big bill, he runs his own float down to nothing in half an hour... If the bank doors are shut because of the strike, he cannot just nip down the block to buy more coin rolls. You get people trying to break old hundred-mark bills or big franc notes, lines piling out onto the sidewalk, and clerks trying to convert two different sets of change on the fly. It is going to be quite a tangle once the holiday ends.

PintOfMild · PintOfMild, as of 31 Dec 2001 at 23:17 GMT

People aren't going to storm the local bakery waving huge notes to buy a single baguette, mate! Real life just doesn't work like that. If someone hands over a massive old note for something tiny, the shopkeeper will just tell them to use smaller change or nip across the road to break it. You see that sort of common sense in every corner shop every day. Folk might have to wait an extra minute while the cashier tallies it up on a scrap of paper, but that's about the worst of it. The continent has already crossed into midnight anyway, so I'm just waiting to see what OffByOne pulls out of his local machine!

OffByOne · OffByOne, as of 31 Dec 2001 at 23:22 GMT

Strictly speaking, the walk took slightly longer than anticipated due to the fireworks, but the transaction itself was instantaneous.

I have just returned with four crisp twenty-euro notes from the pinautomaat on the corner. The print quality is exceptionally sharp, and the architectural bridge motif on the reverse is quite distinct. There was no queue, no delay, and certainly no technical malfunction. PintOfMild and Punchcard are entirely correct regarding everyday commerce; shopkeepers are not obliged by law to accept unreasonable denominations for trivial purchases, nor do they lose their capacity for basic arithmetic overnight. The changeover is functioning precisely as specified.

kookaburra99 · kookaburra99, as of 31 Dec 2001 at 23:27 GMT

that is so awesome offbyone! seeing the machines spit them out without any drama shows how ready everything really is. reckon people will just take a second to check the new bridges and coins when they buy their morning paper, and that's about it. can't wait to get my hands on some later this year.

Punchcard · Punchcard, as of 31 Dec 2001 at 23:30 GMT

It is very reassuring to hear that your local machine performed so smoothly, OffByOne. Having those first notes in your pocket proves that the physical distribution is working exactly as planned.

Regarding the shops on Wednesday, people have spent money for centuries without requiring a handbook to make change. If a patron presents a large denomination for a small purchase, the clerk will simply ask for smaller change, as merchants have always done. There is no legal obligation to clean out one's float for the first customer through the door, and ordinary courtesy generally settles the matter in a few seconds.

Retail staff are well used to busy holiday periods and unfamiliar currency, and the dual pricing has been on shelf labels for months. A few pauses to check a coin or write down a sum are merely minor friction, not a breakdown of commerce. We shall see trade carry on quite comfortably once morning arrives.