My extended family switched all their savings to dollars when the euro switched over. They grew up and lived through both eastern fronts (yay generational trauma) and thought the euro would crash and they would have to escape to america.
We didn’t actually know this until they died about 10 years ago and we found tens of thousands of dollars under their mattress, having lost like 40% of its value. We ended up slowly moving it back to exchange and wiring it back to relatives to minimize fees, but I’ve been thinking about this a lot this year.
They switched it right away and the euro debuted at like 90 cents or something. At its peak I think it was like 1.30/1.40? Maybe 40% is too high but we converted everything and back at essentially the worst possible time.
My extended family switched all their savings to dollars when the euro switched over. They grew up and lived through both eastern fronts (yay generational trauma) and thought the euro would crash and they would have to escape to america.
We didn’t actually know this until they died about 10 years ago and we found tens of thousands of dollars under their mattress, having lost like 40% of its value. We ended up slowly moving it back to exchange and wiring it back to relatives to minimize fees, but I’ve been thinking about this a lot this year.
when did the dollar lose 40%, am I misunderstanding
Since they initially converted it, the euros would've appreciated a lot in between. Instead they had USD under the mattress.
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They switched it right away and the euro debuted at like 90 cents or something. At its peak I think it was like 1.30/1.40? Maybe 40% is too high but we converted everything and back at essentially the worst possible time.