Slovakia · 10 years of euro cash

Issue date2 Jan 2012

Total mintage1,000,000

EU maximum1,000,000

Editions4

Edge letteringSLOVENSKÁ REPUBLIKA + ★ + Linden leaf + ★

InscriptionSLOVENSKO / 2002 / 2012

DesignerHelmut Andexlinger

mintMincovna Kremnica, š.p., Kremnica / Slovakia

Issue occasion

The joint issue commemorates the tenth anniversary of the introduction of the euro. At the centre is the euro sign as a symbol of the currency’s international significance; the surrounding people, the ECB tower, ships, factories and wind turbines refer to the worlds of finance, trade, industry, energy, and research and development. The design was created by Helmut Andexlinger and selected in a public online vote.

The design

The euro sign in the inner part of the coin illustrates that the euro has become an extraordinarily important factor in Europe and worldwide and has developed into a global player in the international monetary system over the last ten years. The design elements arranged around the euro sign symbolise 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” are positioned below the image of the ECB Tower. The names of the issuing countries in their respective national languages are inscribed 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.

Background on the topic

The euro emerged within the framework of the European Economic and Monetary Union (Europäische Wirtschafts- und Währungsunion). Its foundations were laid in the Maastricht Treaty (Vertrag von Maastricht), which was signed in 1992. States wishing to participate in the common currency had to meet criteria concerning, among other things, inflation, public debt, the budget deficit and interest rates. Monetary policy was transferred to the European System of Central Banks and the European Central Bank.

The euro was introduced as book money in initially eleven states as early as 1 January 1999. Exchange rates of the participating national currencies were fixed irrevocably; from then on, transfers, securities transactions and public budget accounts could be denominated in euros. Greece joined the euro area in 2001. However, banknotes and coins did not enter circulation in twelve countries until 1 January 2002. The 2012 anniversary referred to this date, which was visible in everyday life. During a brief transitional period, the former currencies were withdrawn. As a result, the Deutsche Mark, the French franc, the Italian lira and the Spanish peseta, among others, disappeared as regular means of payment.

Euro coins combine a common European side with a national side designed by each issuing state. Joint issues partially depart from this principle: the participating countries use a uniform design for the same occasion, while retaining their respective country name and minting marks. The 2012 anniversary issue was the third joint €2 commemorative coin of the euro area, following the 2007 issues commemorating the Treaty of Rome and the 2009 issue marking the tenth anniversary of the Economic and Monetary Union.

The anniversary coincided with the European sovereign debt and banking crisis. At that time, several Member States were discussing assistance programmes, budgetary requirements and reforms of the monetary union. The coin thus commemorated not only the changeover to cash in 2002, but also the institutional and political interdependence that had resulted from a common monetary policy without fully harmonised financial and fiscal policies. As a circulating coin, it was particularly suited to making the anniversary visible in everyday payment transactions.