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CC 121 2012
2 euro coin
Proof
2 Euro Proof
Cyprus · 10 years of euro cash
Mintage8,000
Issue price€10.00
Issue date13 Feb 2012
Packagingin case
Edge lettering2 ΕΥΡΩ 2 EURO × 2
Market price€25.00
Issue occasion
The occasion is the tenth anniversary of the introduction of the euro in the years 2002–2012. At the centre of the common design is the euro sign, surrounded by people as well as the ECB Tower, ships, factories and wind turbines as symbols of the financial world, trade, industry, energy, and research and development. The design refers to the growing significance of the euro in Europe and in the international monetary system.
The design
The euro sign in the inner part 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 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 centered above the design, with the dates 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 referred to the introduction of euro banknotes and coins on 1 January 2002. The euro had already existed as book money since 1 January 1999. At that time, the exchange rates of the participating national currencies were irrevocably fixed; from then on, transfers, financial transactions and accounts could be conducted in euros. Greece joined this system in 2001. With the changeover to cash in 2002, the Deutsche Mark, French franc, Italian lira and Spanish peseta, among others, disappeared from everyday payment transactions after short transitional periods.
The common currency goes back to the European Economic and Monetary Union, whose legal foundations were laid down in the Maastricht Treaty (Vertrag von Maastricht). The participating states transferred responsibility for monetary policy to the Eurosystem, consisting of the European Central Bank and the national central banks. Budgetary and fiscal policy, by contrast, remained largely a national responsibility. This division also shaped the political disputes during the European sovereign debt crisis, which was still ongoing at the time of the coin’s anniversary.
Not all issuing states had already introduced the euro as cash in 2002. Slovenia, Cyprus, Malta, Slovakia and Estonia joined the euro area only later. Their participation in the common issue made it clear that the currency area had grown within the decade. A total of the 17 euro-area countries at the time participated.
The common design distinguished this issue from commemorative coins, which usually feature national themes. It was not determined by authorities alone: following a design competition, a panel of experts selected five proposals, on which citizens and residents of the euro area could vote online. The selected design was created by Helmut Andexlinger, an engraver at the Austrian Mint (Münze Österreich). The occasion was suitable for a common issue because the introduction of cash was a directly tangible consequence of European integration and affected all participating countries.
The common currency goes back to the European Economic and Monetary Union, whose legal foundations were laid down in the Maastricht Treaty (Vertrag von Maastricht). The participating states transferred responsibility for monetary policy to the Eurosystem, consisting of the European Central Bank and the national central banks. Budgetary and fiscal policy, by contrast, remained largely a national responsibility. This division also shaped the political disputes during the European sovereign debt crisis, which was still ongoing at the time of the coin’s anniversary.
Not all issuing states had already introduced the euro as cash in 2002. Slovenia, Cyprus, Malta, Slovakia and Estonia joined the euro area only later. Their participation in the common issue made it clear that the currency area had grown within the decade. A total of the 17 euro-area countries at the time participated.
The common design distinguished this issue from commemorative coins, which usually feature national themes. It was not determined by authorities alone: following a design competition, a panel of experts selected five proposals, on which citizens and residents of the euro area could vote online. The selected design was created by Helmut Andexlinger, an engraver at the Austrian Mint (Münze Österreich). The occasion was suitable for a common issue because the introduction of cash was a directly tangible consequence of European integration and affected all participating countries.
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