San Marino · 10 years of euro cash

Issue date19 Jun 2012

Total mintage130,000

EU maximum130,000

Editions2

Edge lettering2 ★ × 6, alternately upright/inverted

InscriptionAH / SAN MARINO / 2002-2012

DesignerHelmut Andexlinger

mintInstituto Poligrafico e Zecca Dello Stato, Roma

Issue occasion

The commemorative coin marks the tenth anniversary of the introduction of the euro. At the centre is the euro sign, surrounded by symbols representing people, the financial world (ECB tower), trade (ships), industry (factories), energy, and research and development (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 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 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 located below the image of the ECB Tower. Above the coin design is the name of the issuing state, “SAN MARINO”; the mint mark is on the right and the year “2002-2012” below the design.

The outer ring of the coin features the twelve stars of the European flag.

Background on the topic

The anniversary referred to the introduction of euro cash on 1 January 2002. As book money, the euro had already been in use since 1999; exchange rates had been fixed, and payments could be made cashlessly in euros. At the beginning of 2002, banknotes and coins entered circulation in initially twelve member states of the European Union. After a short transition period, they replaced national means of payment such as the Deutsche Mark, the French franc and the Italian lira there.

The common currency was a result of the European Economic and Monetary Union. Its legal and political foundations were established in particular by the Treaty of Maastricht. Monetary policy was transferred to the European System of Central Banks and the European Central Bank. For the participating states, this meant that they no longer conducted an independent national monetary policy. At the same time, exchange costs and exchange-rate risks within the currency area were eliminated.

San Marino is not part of the European Union. However, the microstate had traditionally been closely linked to the Italian currency area and used the Italian lira before the euro; in addition, it issued its own coins pegged to the lira. Under a monetary agreement with the European Union, San Marino is permitted to use the euro as its official currency and to mint its own euro coins in limited quantities. These bear a San Marinese national side but are legal tender throughout the euro area.

The design was part of a cross-border commemorative issue marking the tenth anniversary of euro cash. The design was created by Helmut Andexlinger, a medallist at Münze Österreich, and was selected following a public online vote. The participating issuing states used the same basic design and primarily adapted the respective country name. The occasion lent itself to a joint issue because banknotes and coins represent the immediately visible form of monetary union in everyday life.