Monaco · 150th anniversary of the founding of Monte Carlo by Charles III

Charles III (1818–1889) was Prince of Monaco from 1856 until his death. His reign fell during a period in which the principality had to reorganize its political and economic foundations. The towns of Menton and Roquebrune, which had previously belonged to Monaco, had already seceded from the rule of the Grimaldi in 1848. In the Franco-Monegasque Treaty of 1861, Monaco definitively renounced both territories; in return, France recognized the sovereignty of the reduced principality and paid compensation.

The loss of territory reduced the agricultural land and the state’s previous revenues. The princely government therefore increasingly focused on tourism and gambling. The French entrepreneur François Blanc, who already had experience operating gaming establishments, played a central role. In 1863, he took over the management of the newly founded Société des Bains de Mer, which operated the casino, hotels, and other facilities. These also included the Hôtel de Paris, opened in 1864.

The area in which this new spa and entertainment district developed had previously been known as Plateau des Spélugues. The name was considered unsuitable for a fashionable resort because of its association with the word for “caves.” The new name Monte-Carlo means, in essence, “Charles’s mountain” and referred to the reigning prince. Monte Carlo is not an independent city, but a district, or quartier, of Monaco.

The development was facilitated by the connection to the railway line along the Mediterranean coast. The casino and tourism became important sources of state revenue. This enabled Monaco to base its finances more strongly on levies and concession revenues from this sector.

The coin’s commemorative subject thus refers not only to the naming of a place, but also to the emergence of the economic and urban model that continues to shape Monaco today. At the same time, it connects with the history of the Grimaldi dynasty and the principality’s political reorientation in the 19th century.