The Euro is the official currency of 18 Eurozone countries. The currency is managed by the European Central Bank (ECB) based in Frankfurt in collaboration with the Eurosystem. Despite being a modern currency, it is already the second largest reserve currency and second most traded in the world. The Euro coins come in denominations of 1c, 2c, 5c, 10c, 20c, 50c, €1 and €2. Euro banknotes are available as €5, €10, €20, €50, €100, €200 and €500. All Euro coins have a common side which shows the amount and a map of Europe. On the reverse, each country has their own variation which represents their culture. Despite these differences, all Euro coins are valid in all Eurozone countries. The Euro banknotes are the same on both sides in all Eurozone countries. They were designed by an Austrian, Robert Kalina, and each denomination has its own color and represents a historic period of European architecture with windows and gates on the front and bridges on the reverse.
The name "Krone" is translated to "Crown" in English. The name øre is from the Latin word aureus which was a gold Roman coin. Originally there were many øre coins but due to their decreased value, they have been phased out. The Faroe Islands use their own version of the Danish Krone which is called the Faroese Króna. The currency is worth exactly the same as the Danish Krone and uses Danish coins, but has its own banknotes.