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CC 62 2009
Coin set
BU
Mint set BU – Issue 1
Austria · 10 years of WWU
Mintage74,000
Issue price€21.00
Issue date1 Jan 2009
PackagingCoin set
Edge lettering2 EURO ★★★ × 4, alternating upright/inverted
Market price€12.00
Issue occasion
The commemorative coin honours the tenth anniversary of the Economic and Monetary Union and the creation of the euro on 1 January 1999. At the centre is a stylised human figure whose left arm merges into the euro symbol; beneath it are the initials ΓΣ of the artist G. Stamatopoulos. The design is completed by the dates 1999–2009, the respective acronym of the EMU, the name of the country and the twelve stars of the European flag; the Luxembourgish issue additionally shows the portrait of the Grand Duke as a tilt effect.
The design
The coin features a stylized human figure in the centre, with its left arm extended by the euro symbol. The artist’s initials ΓΣ appear below the euro symbol. The name of the issuing country in its national language(s) appears along the upper edge of the design, while the inscription 1999-2009 and the acronym EMU translated into the national language(s) appear along the lower edge.
The twelve stars of the European flag are depicted on the outer ring of the coin.
The twelve stars of the European flag are depicted on the outer ring of the coin.
Background on the topic
Economic and Monetary Union dates back to a multi-stage process of European integration. A central legal basis was the Treaty of Maastricht (Vertrag von Maastricht), which laid down rules for the transition to a common currency. States wishing to participate had to meet the so-called convergence criteria. These concerned, among other things, price stability, the budget deficit, public debt, long-term interest rates and exchange-rate stability. The aim of these requirements was to limit economic differences before the common monetary policy began.
At the launch of the monetary union, the exchange rates of the currencies of eleven member states were irrevocably fixed. The euro initially existed as a book-entry, payment and financial-market currency. Banknotes and coins of the former national currencies continued to be used in everyday life for the time being. Euro cash was not introduced until the beginning of 2002; the national means of payment were subsequently withdrawn from circulation within short transitional periods. Greece had already joined the monetary union in 2001, and further states followed after fulfilling the requirements.
The Eurosystem is responsible for the monetary policy of the euro area. It consists of the European Central Bank and the national central banks of the participating states. Its tasks include, in particular, setting the key interest rates and safeguarding price stability. Fiscal and budgetary policy, by contrast, remained largely with the individual states. The monetary union thus combines centrally organised monetary policy with nationally managed public budgets.
The anniversary therefore did not refer to the later introduction of cash, but to the beginning of the common monetary order. The issue as a joint project reflected the cross-border character of the occasion: in 2009, following Slovakia’s accession, 16 states belonged to the euro area. Citizens of the European Union (Europäische Union) were able to decide on the design in an online vote. Following the 2007 joint issue for the 50th anniversary of the Treaties of Rome (Römischen Verträge), the coin was the second 2-euro commemorative issue with a common design by several euro-area states.
At the launch of the monetary union, the exchange rates of the currencies of eleven member states were irrevocably fixed. The euro initially existed as a book-entry, payment and financial-market currency. Banknotes and coins of the former national currencies continued to be used in everyday life for the time being. Euro cash was not introduced until the beginning of 2002; the national means of payment were subsequently withdrawn from circulation within short transitional periods. Greece had already joined the monetary union in 2001, and further states followed after fulfilling the requirements.
The Eurosystem is responsible for the monetary policy of the euro area. It consists of the European Central Bank and the national central banks of the participating states. Its tasks include, in particular, setting the key interest rates and safeguarding price stability. Fiscal and budgetary policy, by contrast, remained largely with the individual states. The monetary union thus combines centrally organised monetary policy with nationally managed public budgets.
The anniversary therefore did not refer to the later introduction of cash, but to the beginning of the common monetary order. The issue as a joint project reflected the cross-border character of the occasion: in 2009, following Slovakia’s accession, 16 states belonged to the euro area. Citizens of the European Union (Europäische Union) were able to decide on the design in an online vote. Following the 2007 joint issue for the 50th anniversary of the Treaties of Rome (Römischen Verträge), the coin was the second 2-euro commemorative issue with a common design by several euro-area states.
Interesting Facts
This coin set contains all seven circulating coins from 1 cent to 1 euro as well as this €2 commemorative coin (face value: €3.88).