Clear out your drawers and empty your piggy bank, because the piles of foreign currency youve been saving for future holidays could be worthless by early next year.

New euro notes and coins, produced to a standardised design will be issued in 12 nations at the start of 2002, and will quickly become the only legal tender in much of Europe.

The Dutch guilder will be the first legacy currency to go on January 28th, followed by the Irish punt on February 9th and the French franc by February 17th. The remaining euro nations have set the end of February 2002 as the deadline for getting rid of old notes and coins. After this hotels, restaurants, shops and taxis will accept only the new currency.