Time running out to cash francs

Holidaymakers with French francs, German marks and Spanish pesetas squirrelled away in a drawer for the next visit, should get them converted into pounds or euros before the national currencies are abolished in a few months time, the Foreign Office urged today.

Millions of pounds of foreign cash are estimated to be held in British homes, most of it left over from holiday trips. However, several destinations popular with British holidaymakers are among 12 countries which will introduce the new single European currency on 1 January.

Although the "old" national currencies will run alongside it for a few weeks, by the end of February the euro will be the only legal tender across much of Europe.

Visitors planning to return to holiday destinations should take care to ensure that old notes and coins have been exchanged for either sterling or euros before then, said Europe Minister Peter Hain.

Launching a leaflet at a press conference later today to prepare Britons for the new changes, Mr Hain is due to announce: "Everyone should look to see whether they have got any notes in the 'old' currencies at home. People should hunt them out straight away and either exchange them now at the their bank for pounds or for euros.î

Consumer Minister Melanie Johnson is due to add her voice to the appeal, warning: "Empty those jam jars, search behind the sofa and in the kitchen drawer - a few francs or pesetas could give your bank account a boost.î

Three European Union members have decided not to join the first wave of the euro. Sweden-will retain its own currency for the foreseeable future and the British Government has said it will not scrap the pound unless the people vote to do so in a referendum.

In the third country, Denmark, last year people voted not to join the euro by a big majority, despite a bitterly fought referendum in which the entire political establishment campaigned for a "yesî vote.

Each country in the new "eurozoneî will mint their own notes and coins, with one common side and one national side, which can be used throughout the whole single currency area.