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CC 66 2009
Numismatic cover
BU Bank issue
Numismatic cover
Spain · 10 years of WWU
Mintage6,000
Issue price€20.00
Issue date1 Jan 2009
PackagingNumismatic cover
Edge lettering2 ★ ★ × 6, alternating upright/inverted
Issue occasion
The joint issue commemorates the tenth anniversary of the Economic and Monetary Union and the creation of the euro on 1 January 1999. The design by G. Stamatopoulos depicts a stylized human figure whose left arm merges into the euro symbol; it also includes the initials ΓΣ, the respective country name, the years 1999–2009, the acronym for the EMU in the respective national language, and the twelve stars of the European flag. The design was selected through an online vote among citizens and residents of the European Union.
The design
The coin features a stylized human figure in the center, 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 1999-2009 and the acronym EMU, translated into the national language(s), appear along the lower edge.
The outer ring of the coin depicts the twelve stars of the European flag.
The outer ring of the coin depicts the twelve stars of the European flag.
Background on the topic
The Economic and Monetary Union developed in several stages. Its legal basis was established primarily by the Treaty of Maastricht, which entered into force in 1993. It laid down so-called convergence criteria that states had to fulfil before participating. These included requirements for price stability, budget deficits, government debt, exchange-rate stability and long-term interest rates.
With the beginning of the third stage of monetary union, the exchange rates of the participating national currencies were irrevocably fixed. At the same time, responsibility for common monetary policy was transferred to the European System of Central Banks. The European Central Bank, which had been established in 1998, has since determined monetary policy for the euro area together with the national central banks of the Eurosystem.
Initially, the euro existed only as an accounting, banking and financial-market currency. Banknotes and coins were not introduced until the beginning of 2002. Until then, currencies such as the Deutsche Mark, franc, lira and peseta remained in use as national subdivisions in cash transactions, although their value against the euro had already been fixed. Greece joined the currency area in 2001. Further states followed after fulfilling the requirements; with the accession of Slovakia, the euro area comprised a total of 16 states at the beginning of 2009.
The common currency was intended to eliminate exchange-rate risks and conversion costs within the currency area, facilitate price comparisons and complement the European single market. At the same time, it meant that the participating states could no longer pursue an independent national monetary policy or devalue their own currencies.
The coin issue reflected this common institutional development. Unlike ordinary commemorative coins with national themes, all participating countries used the same basic design. Its highly simplified imagery presented monetary union as the result of a longer process of trade and economic cooperation. By being issued as a circulating coin, the process of political and economic integration was directly linked to the everyday use of the common cash currency.
With the beginning of the third stage of monetary union, the exchange rates of the participating national currencies were irrevocably fixed. At the same time, responsibility for common monetary policy was transferred to the European System of Central Banks. The European Central Bank, which had been established in 1998, has since determined monetary policy for the euro area together with the national central banks of the Eurosystem.
Initially, the euro existed only as an accounting, banking and financial-market currency. Banknotes and coins were not introduced until the beginning of 2002. Until then, currencies such as the Deutsche Mark, franc, lira and peseta remained in use as national subdivisions in cash transactions, although their value against the euro had already been fixed. Greece joined the currency area in 2001. Further states followed after fulfilling the requirements; with the accession of Slovakia, the euro area comprised a total of 16 states at the beginning of 2009.
The common currency was intended to eliminate exchange-rate risks and conversion costs within the currency area, facilitate price comparisons and complement the European single market. At the same time, it meant that the participating states could no longer pursue an independent national monetary policy or devalue their own currencies.
The coin issue reflected this common institutional development. Unlike ordinary commemorative coins with national themes, all participating countries used the same basic design. Its highly simplified imagery presented monetary union as the result of a longer process of trade and economic cooperation. By being issued as a circulating coin, the process of political and economic integration was directly linked to the everyday use of the common cash currency.
Interesting Facts
Joint issue by “Real Casa de Moneda” and “Correos” (Spanish Post)