Deutsch
English
Français
Español
Italiano
Nederlands
Português
Slovenčina
Hrvatski
Slovenščina
Lietuvių
Eesti
Български
CC 112 2012
Coin set
Proof
Coin set proof
Italy · 10 years of euro cash
Mintage3,990
Issue price€119.00
Issue date20 Mar 2012
PackagingCoin set
Edge lettering2 ★ × 6, alternately upright/inverted
Market price€79.00
Issue occasion
The joint issue commemorates the tenth anniversary of the introduction of the euro. At the centre of the design created by Helmut Andexlinger is the euro sign as a symbol of the currency’s international significance. People, the ECB Tower (EZB-Turm), ships, factories and wind turbines refer to the importance of the euro for the population, the financial world, trade, industry, energy, and research and development; the years 2002–2012 are also included.
The design
The euro sign in the inner section of the coin illustrates that the euro has become an exceptionally important factor in Europe and worldwide and has developed into a global player in the international monetary system over the past ten years. The design elements arranged around the euro sign symbolize the importance of the euro to people, the financial world (ECB Tower), trade (ships), industry (factories), the energy sector, and research and development (wind turbines). The artist’s initials “AH” appear below the image of the ECB Tower. The names of the issuing countries in their national languages are centered above the motif, with the years 2002-2012 imprinted below.
The twelve stars of the European flag are depicted on the coin’s outer ring.
The twelve stars of the European flag are depicted on the coin’s outer ring.
Background on the topic
The euro goes back to the Economic and Monetary Union agreed in the Treaty of Maastricht. Through it, the participating states transferred substantial parts of their monetary policy to the European level. Prerequisites for participation included requirements concerning price stability, the budgetary situation, exchange rates and long-term interest rates. The Eurosystem, consisting of the European Central Bank and the national central banks of the euro countries, is responsible for the common monetary policy.
The euro was introduced as book money as early as 1 January 1999. Exchange rates of the participating national currencies were fixed irrevocably; from then on, financial markets, banks and public authorities were able to calculate in euros. However, banknotes and coins did not enter circulation until 1 January 2002. During a transitional phase, D-Mark, Franc, Lira and other national means of payment were withdrawn. The 2012 anniversary therefore referred to the introduction of euro cash, not to the earlier introduction as a book currency.
The common currency was intended to eliminate exchange-rate risks within the currency area, facilitate price comparisons and simplify cross-border payments. However, it did not replace all the currencies of the European Union: several EU states did not belong to the euro area. At the same time, further countries were able to join later after fulfilling the requirements.
The issue took place during a politically tense phase. Following the international financial crisis, several euro countries came under pressure because of high public debt and problems in the banking sector. Since 2010, support programmes and new instruments had been created to stabilise the currency area. The anniversary therefore offered not only a historical retrospective, but also referred to the continuing institutional and economic ties between the member states.
Joint issues with largely identical national sides make a topic shared across Europe visible. The fact that the design was determined through a competition and public vote reflected the cross-border character of the occasion. Nevertheless, the respective country names and mint marks remained nationally distinct.
The euro was introduced as book money as early as 1 January 1999. Exchange rates of the participating national currencies were fixed irrevocably; from then on, financial markets, banks and public authorities were able to calculate in euros. However, banknotes and coins did not enter circulation until 1 January 2002. During a transitional phase, D-Mark, Franc, Lira and other national means of payment were withdrawn. The 2012 anniversary therefore referred to the introduction of euro cash, not to the earlier introduction as a book currency.
The common currency was intended to eliminate exchange-rate risks within the currency area, facilitate price comparisons and simplify cross-border payments. However, it did not replace all the currencies of the European Union: several EU states did not belong to the euro area. At the same time, further countries were able to join later after fulfilling the requirements.
The issue took place during a politically tense phase. Following the international financial crisis, several euro countries came under pressure because of high public debt and problems in the banking sector. Since 2010, support programmes and new instruments had been created to stabilise the currency area. The anniversary therefore offered not only a historical retrospective, but also referred to the continuing institutional and economic ties between the member states.
Joint issues with largely identical national sides make a topic shared across Europe visible. The fact that the design was determined through a competition and public vote reflected the cross-border character of the occasion. Nevertheless, the respective country names and mint marks remained nationally distinct.
Interesting Facts
This KMS contains all eight circulation coins from 1 cent to 2 euros, as well as this €2 commemorative coin and the €5 coin, €5 silver coin “Michelangelo” (face value: €10.88).