The former currency unit of the country of Luxembourg is called the Luxembourg franc. In Luxembourgish it was also called Frang and in German this currency is called Luxembourgish Frank. The sub-unit of the Luxembourg franc was the centime. The ISO 4217 code of the old Luxembourg currency was LUF.
When Luxembourg left the German Customs Union on December 19, 1918, the question of a new currency arose for the country. In 1921 the agreement on the UEBL (Union Economique Belgo-Luxembourgoise) was signed between Belgium and Luxembourg.
The Belgian franc was provided as the Union currency. The country of Luxembourg was given the right to produce its own banknotes and coins. As a basis for the state and economy, Luxembourg received 175 million Belgian francs in exchange for 200 million marks from Belgium.
Since 1946, Belgian francs and Luxembourg francs have been considered the common currency in Belgium and Luxembourg and were exchanged at a ratio of 1: 1. Occasionally, however, banknotes from Luxembourg were not accepted in Belgium.
Since 1999, the Luxembourg franc has been pegged to the euro at a rate of EUR 1 = LUF 40.3399. With the introduction of euro cash in 2002, the Luxembourg franc disappeared entirely.
Exchange of the Luxembourg franc
At the moment, Luxembourg francs can still be exchanged for euros as banknotes for an unlimited period of time. The exchange of coins ceased after December 31, 2004. However, the sale of old coins to collectors is a way of turning old Luxembourg coins into a few euros.