2 Euro Proof – Issue 1

Rainier III was born as the son of Princess Charlotte of Monaco and Pierre de Polignac. After his mother renounced her claim to the throne, he became Crown Prince. In 1949, he succeeded his grandfather Louis II as Prince of Monaco. Until his death in 2005, he stood at the head of the city-state for more than five decades; his son Albert II then assumed the office.

His reign was marked by Monaco’s economic and urban reorientation. For a long time, the Principality was associated primarily with the casino and tourism in Monte-Carlo. Under Rainier, further economic sectors were established, including services, banking and small industrial enterprises. As the territory covers only slightly more than two square kilometres, Monaco also reclaimed land from the Mediterranean by means of landfills. This was how, among other things, the Fontvieille district was created, with residential buildings, commercial areas and a harbour.

In 1962, Monaco received a new constitution. It reorganised the responsibilities of the Prince and the National Council (Nationalrat), expanded political and social rights and abolished the death penalty. In foreign policy, during Rainier’s reign the Principality joined the United Nations in 1993 and the Council of Europe in 2004. At the same time, Monaco remained closely connected with France.

Rainier also attracted international attention through his marriage to the American actress Grace Kelly. The wedding in 1956 was broadcast worldwide and increased Monaco’s presence in the media. The marriage produced Caroline, Albert and Stéphanie. Grace died in 1982 following a road accident.

Rainier’s selection for a commemorative issue can be explained by his exceptionally long term in office and the changes Monaco underwent during these decades. The round-numbered birth anniversary gave the Principality an occasion to commemorate the former head of state and father of the reigning Prince. The portrait also links to Monaco’s coinage tradition of depicting members of the Princely Family on regular and special issues.