EuroUžas - the Only Currency Backed by Beer
EuroUžas (EUZ) is the currency of the Republic of Užupis, backed by one half-litre glass of beer and untouched by inflation. The central bank, exchange rates, banknotes and exchange points.
Credits: Užupis photo archive
EuroUžas - the Only Currency Backed by Beer
World currencies were once backed by gold. The Republic of Užupis chose a more reliable standard: one EuroUžas is backed by one half-litre (0.5 l) glass of beer. The value of this reserve system has not wavered for more than two decades, and unlike serious currencies, the EuroUžas has never experienced inflation.
The Central Bank of Užupis
The EuroUžas (EUZ) first appeared in circulation on March 31, 2003, when the central bank set its value at one glass of beer. This value has remained unchanged. Since inflation in the country's monetary system is fully under control, only one-EuroUžas banknotes are issued - no larger denomination is needed.
The banknote was designed by the late Užupis resident Vitalis Balčiūnas. Banknotes from various years circulate (2003, 2005, 2008 and later). Since 2017, to prevent counterfeiting, banknotes have been printed on paper with watermarks.
In 2019, a redesigned banknote was issued using only the Republic's symbols and strict numbering. The first thousand-note series (VB000001-VB001000) honoured EuroUžas author Vitalis Balčiūnas, while the next (VN001001-VN002000) honoured Valdas Neimantas, author of the Republic's visual symbols.
Exchange Rates
Indicative rates announced by the central bank:
DateRate
2013-04-01
1.0000 EUZ = 1.0000 EUR = 3.4528 LTL = 1.0912 USD
2019-04-01
1.0000 EUZ = 3.0501 EUR = 10.5310 LTL = 3.4132 USD
As the table shows, the EuroUžas has only grown stronger over time - a quality not every currency can boast.
EuroUžas on Exchanges and at Exchange Points
The EuroUžas is freely quoted and converted at cash currency exchange points, based on the trust of Užupis residents and guests. Unlimited circulation within the country takes place on April 1 and on other days set by the central bank.
Exchange points (buying and selling) operate around the clock:
- Užupis information centre - "Magnets and Miracles", Užupio g. 2A
- Užupis border post - "Vilnius in Love", Užupio g. 1
- Seat of the Barlament - Užupis cafe, Užupio g. 2, and elsewhere
High-quality banknotes issued before 2019 are bought back at a significant premium.
Beyond the Country
It is reported that, because of its stable value and simplicity, EuroUžai are used outside Užupis as well. Community currencies are not unique in the world - similar local currencies exist elsewhere - but the beer standard remains an invention of Užupis.
Further work: add a separate banknote gallery by issue year; tell the story of EuroUžas circulation suspensions (16 times by 2019); add biographies of designers Vitalis Balčiūnas and Valdas Neimantas.