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CC 63 2009
2 euro coin
BU Main coin Bank issue
2 Euro BU
Portugal · 10 years of WWU
Mintage1,249,000
Issue date1 Jan 2009
Edge lettering5 Wappenschilde + 7 castles, evenly distributed
Market price€7.90
Issue occasion
The commemorative coin commemorates ten years of Economic and Monetary Union and the creation of the euro on 1 January 1999. The design by G. Stamatopoulos shows a stylized human figure whose left arm merges into the euro symbol, surrounded by the twelve stars of the European flag, as well as the inscription “1999-2009” and the respective acronym for EMU in the national language. The Luxembourgish issue additionally shows the portrait of the Grand Duke as a latent image.
The design
The coin depicts a stylised human figure in the centre, whose left arm is extended by the euro symbol. The artist’s initials ΓΣ appear below the euro symbol. The name of the issuing country in the 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 coin’s outer ring.
The twelve stars of the European flag are depicted on the coin’s outer ring.
Background on the topic
The Economic and Monetary Union emerged in several stages. An important political framework was the Maastricht Treaty (Vertrag von Maastricht), which established criteria for participation in a common currency at the beginning of the 1990s. These included requirements concerning price stability, public debt, the budget deficit, long-term interest rates and exchange-rate stability. These conditions were intended to ensure that economies with sufficiently similar economic conditions were subject to a common monetary policy.
With the beginning of the final stage of monetary union, the exchange rates of the participating national currencies were fixed irrevocably. Initially, the euro served primarily as a book, financial-market and accounting currency. Cash initially remained in circulation in the previous national currencies. Euro banknotes and coins were not introduced until the beginning of 2002; after a transitional period, currencies such as the D-Mark, the French franc and the Italian lira ceased to be legal tender.
The common monetary policy is conducted by the Eurosystem, which consists of the European Central Bank (Europäische Zentralbank) and the central banks of the euro-area states. While decisions on taxes, government spending and budgets remained largely a national responsibility, key interest rates and other monetary-policy measures were harmonized for the entire currency area. This combination of centralized monetary policy and national fiscal policy shapes the institutional structure of monetary union.
Initially, eleven states introduced the euro as book money. Other countries joined later; at the time the coin was issued, the euro area comprised 16 states. The common issue therefore made the anniversary not only a national but also a cross-border commemorative occasion. A public online vote was held to select the design. This involved the public in choosing a circulation coin with a uniform national side. Such common issues demonstrate that, despite different national sides, the coins have the same denomination and function throughout the euro area.
With the beginning of the final stage of monetary union, the exchange rates of the participating national currencies were fixed irrevocably. Initially, the euro served primarily as a book, financial-market and accounting currency. Cash initially remained in circulation in the previous national currencies. Euro banknotes and coins were not introduced until the beginning of 2002; after a transitional period, currencies such as the D-Mark, the French franc and the Italian lira ceased to be legal tender.
The common monetary policy is conducted by the Eurosystem, which consists of the European Central Bank (Europäische Zentralbank) and the central banks of the euro-area states. While decisions on taxes, government spending and budgets remained largely a national responsibility, key interest rates and other monetary-policy measures were harmonized for the entire currency area. This combination of centralized monetary policy and national fiscal policy shapes the institutional structure of monetary union.
Initially, eleven states introduced the euro as book money. Other countries joined later; at the time the coin was issued, the euro area comprised 16 states. The common issue therefore made the anniversary not only a national but also a cross-border commemorative occasion. A public online vote was held to select the design. This involved the public in choosing a circulation coin with a uniform national side. Such common issues demonstrate that, despite different national sides, the coins have the same denomination and function throughout the euro area.
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