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CC 113 2012
Set
BU
BeNeLux set
Luxembourg · 10 years of euro cash
Mintage10,000
Issue price€60.00
Issue date31 Jan 2012
PackagingSet
Edge lettering2 ★ ★ × 6, alternating upright/inverted
Price of the set (3 coins)€24.00
Issue occasion
The joint commemorative coin commemorates the tenth anniversary of the introduction of the euro. At its centre is the euro sign, surrounded by symbols representing people, the financial world, trade, industry, energy, and research and development: the ECB Tower, ships, factories, and wind turbines. The design refers to the growing importance of the euro in Europe and in the international monetary system.
The design
The euro sign in the coin’s inner section illustrates that the euro has become an exceptionally important factor in Europe and worldwide and has developed into a global actor in the international monetary system over the last ten years. The design elements arranged around the euro sign symbolize the importance of the euro for 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 positioned centrally above the design, with the years 2002–2012 inscribed 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 anniversary refers to the issue of euro banknotes and coins on 1 January 2002. As a common currency, the euro had already been introduced on 1 January 1999, initially only as book money for transfers, accounts and financial transactions. The exchange rates of the participating national currencies had been irrevocably fixed since then. With the cash changeover in 2002, most of the previous national cash disappeared from circulation in the initially twelve participating states within short transition periods.
The prerequisites for monetary union had been laid down in the Maastricht Treaty. They included rules on price stability, government debt, budget deficits, exchange rates and long-term interest rates. Monetary policy was transferred to the European System of Central Banks; decisions for the euro area are taken by the Governing Council of the European Central Bank. The common currency was intended to eliminate exchange-rate risks within the currency area, facilitate price comparisons and simplify cross-border trade. Not all Member States of the European Union introduced it, meaning that the European Union and the euro area cannot be equated.
The 2012 issue was conceived as a joint issue: the participating countries used the same design on their respective national sides, supplemented by their own country name and the respective mint marks. Thus, a Europe-wide occasion was represented not by separate national designs, but by a common motif. Such joint issues had previously been released for the fiftieth anniversary of the Treaties of Rome and the tenth anniversary of Economic and Monetary Union.
The design was also not determined solely by state authorities. Following an open design competition, a panel of experts selected five proposals, on which citizens and residents of the euro area could vote online. The winning design was that of the Austrian engraver Helmut Andexlinger. The occasion was suited to a common circulating coin because the 2002 cash changeover made the euro directly visible in everyday life for the first time and made it practically tangible for broad sections of the population.
The prerequisites for monetary union had been laid down in the Maastricht Treaty. They included rules on price stability, government debt, budget deficits, exchange rates and long-term interest rates. Monetary policy was transferred to the European System of Central Banks; decisions for the euro area are taken by the Governing Council of the European Central Bank. The common currency was intended to eliminate exchange-rate risks within the currency area, facilitate price comparisons and simplify cross-border trade. Not all Member States of the European Union introduced it, meaning that the European Union and the euro area cannot be equated.
The 2012 issue was conceived as a joint issue: the participating countries used the same design on their respective national sides, supplemented by their own country name and the respective mint marks. Thus, a Europe-wide occasion was represented not by separate national designs, but by a common motif. Such joint issues had previously been released for the fiftieth anniversary of the Treaties of Rome and the tenth anniversary of Economic and Monetary Union.
The design was also not determined solely by state authorities. Following an open design competition, a panel of experts selected five proposals, on which citizens and residents of the euro area could vote online. The winning design was that of the Austrian engraver Helmut Andexlinger. The occasion was suited to a common circulating coin because the 2002 cash changeover made the euro directly visible in everyday life for the first time and made it practically tangible for broad sections of the population.
Interesting Facts
2012 BeNeLux year set “10 years of EURO in the BeNeLux”, containing all seven denominations from 1 cent to 1 euro from Belgium, Luxembourg and the Netherlands, as well as the €2 commemorative coin “10 years of euro cash” from all three countries, with medal (face value: 3 x 3,88 € = 11,64 €)