The euro (EUR or €) is the currency of 13 European Union (EU) member states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain), three European microstates which have currency agreements with the EU (Monaco, San Marino and the Vatican City State), Andorra, Montenegro and the Kosovo province of Serbia.
Euro coins and banknotes (see euro banknotes) came into circulation on January 1 2002.
One euro is divided into 100 cents and there are eight different denominations of euro coins.
Normal issues edit
| Common side | National side | Value | Diameter, millimetres |
Thickness, millimetres |
Mass, gram |
Composition | Edge | Design, common side | first minting | |
|---|---|---|---|---|---|---|---|---|---|---|
| €0.01 | 16.25 | 1.67 | 2.30 | Copper plated steel 94.35% steel 5.65% copper |
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View of the Earth with Europe, Africa, and the Middle East | 2002 | |||
| Plain edged | ||||||||||
| €0.02 | 18.75 | 1.67 | 3.06 | .png){kind=small}
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| Have a groove around the edge | ||||||||||
| €0.05 | 21.25 | 1.67 | 3.92 | .png){kind=small}
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| Plain edged | ||||||||||
| €0.10 | 19.75 | 1.93 | 4.10 | Nordic gold 89% copper 5% aluminium 5% zinc 1% tin |
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Europe on the right | 2007 | |||
| Have fine scallops at the edge | ||||||||||
| €0.20 | 22.25 | 2.14 | 5.74 | .png){kind=small}
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| Seven indents at the edge ("Spanish flower") | ||||||||||
| €0.50 | 24.25 | 2.38 | 7.80 | .png){kind=small}
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| Have fine scallops at the edge | ||||||||||
| File:EUR 1 (2007 issue).png | €1 | 23.25 | 2.33 | 7.50 Core: 3.71 |
€1 ring/€2 center: Nickel brass 75% copper 20% zinc 5% nickel €2 ring/€1 center: Cupronickel 75% copper 25% nickel clad on nickel core |
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Europe on the right | |||
| Interrupted mills (three sections milled, three sections plain) at the edge | ||||||||||
| €2 | 25.75 | 2.20 | 8.50 Core: 4.10 |
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| Embossed letters (different for each country), embedded in mills, all around the edge | ||||||||||
| These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. Sources: Copper Development Association UK. "The Euro - Born out of Copper". Retrieved 2007-05-29.<;;;;;;br />European Central Bank. "ECB:Common sides". | ||||||||||
All coins have a common reverse side showing how much the coin is worth, with a design by Belgian designer Luc Luycx. The design of the 1-, 2-, and 5-cent coins symbolises Western Europe's place in the world as a whole.
The year featured in the coins can date back to 1999, when the currency was formally established (only on French, Spanish, Belgian, Finnish and Dutch coins using the first design). These countries traditionally put on the coin the year when it was minted rather than the year in which it was put into circulation.
The coins were minted in several of the participating countries, many using blanks produced at Birmingham Mint, Birmingham, England. A problem has arisen in differentiation of coins made using similar blanks and minting techniques. The Turkish 1 Lira coin resembles very much the 2-euro coin in both weight and size, and both coins seem to be recognised and accepted by slot machines as being a 2-euro coin, which is roughly worth 4 times more. However there are now vending machines which have been upgraded to refuse the 1-lira coin.
Current issues (common side) edit
In 2007, a new design was introduced which shows a map of Europe 'as a continent' rather than just the individual member states as previously. The vertical ridges only appear over the 'sea'.
The first coins with this front design were minted in 2006 (by the Mint of Finland Ltd) for Slovenia, which adopted the currency formally in 2007 (see Slovenian euro coins). Older eurozone member states will introduce this design in 2007, being compulsory from 2008 onwards.
The 1999 design of the 1c, 2c and 5c was kept with the borders of Western Europe (without the new member states).
All coins feature 12 stars in their design.
For details about pre-2007 issues read Original Designs
Obverse side / national side edit
Each country participating in the euro has its own design on the national side (obverse side) of the coin. These designs vary from simply depicting the same design on all coins (e.g. Belgium) to a different design for every coin (e.g. Italy). However, all coins again feature 12 stars in some way or another on this side as well. In nations that are monarchies, the national side usually features a portrait of the country's monarch, often in a design carried over from the former currency. Non-monarchical countries often feature more stylised graphics of things such as national monuments or symbols.
Member states must keep their national obverse for five years. There are some exceptions, though. If the head of state of a country dies or abdicates, coins depicting the new one may be minted. Also, member states are allowed to produce a limited number of €2 commemorative coins [1].
There are no plans to move to common obverse issues for normal issues. Still, in 2007 a €2 commemorative coin will be issued by all member states of the eurozone, commemorating the 50th anniversary of the signature of the Treaties of Rome. The obverse will vary depending on the name of the issuing country.
Though they are not members of the EU, Monaco, San Marino and Vatican City (but not Andorra) also have euro coins featuring a national side, but these only occasionally end up in general circulation as their scarcity leads to greater interest from coin collectors.
Small-denomination coins edit
Finland does not issue any 1- and 2-cent coins, apart from in collector's sets. All cash prices are rounded to the nearest 5 cents, negating any need for the coins. Although the coins are not readily encountered in Finland, it is still legal to use them.
The 1- and 2-cent coins have also been effectively decommissioned in the Netherlands, under pressure from retail businesses, who have claimed that dealing with 1- and 2-cent coins is too expensive[citation needed]. After a successful experiment in the city of Woerden in May 2004, retailers in the whole of the Netherlands have been permitted to round cash transactions to the nearest 5-cent amount since September 2004. Though the 1- and 2-cent coins have become uncommon since then, they remain official currency and are a valid method of payment.
Even if a country decides not to mint small-denomination coins, their counterparts from other member states will remain legal tender. However, as the amount of non-national coinage in an EU member state is generally much lower than the amount of nationally-minted coinage, the number of 1- and 2-cent coins in circulation will be marginal and thus of little consequence to retailers.
Special coin features for people with impaired sight edit
Euro coins were designed in cooperation with organisations representing blind persons, and as a result they incorporate many features allowing them to be distinguished by touch alone. In addition, their visual appearance is designed to make them easy to tell apart for persons who cannot read the actual inscriptions on the coins.
The coins increase in size and weight with value. Of the eight denominations of euro coins, the three lowest denominations are small and distinctly reddish in colour, and quite thin and light. The next three denominations are yellow in colour and thicker, as well as heavier. The highest two denominations are each of two different colours, and are generally larger and thicker than the lower denominations.
In general, the greater the value, the heavier the coin; and the greater the value, the larger the coin. Reddish colour identifies low values; yellow colour identifies medium values; two different colours identify high values.
- The one-cent coin is the smallest of all coins, and size is probably the best way to identify the coin. Its diameter is about the size of the thumb-nail of an average adult. The edge of the coin is smooth, and the coin is copper in colour.
- The two-cent coin is slightly larger than the one-cent coin and is of the same copper colour. It incorporates a distinctive groove running circumferentially around the edge of the coin; this groove can be felt easily by running the finger tip or a fingernail across the edge of the coin; the groove gives the visual and tactile impression that it consists of two coins pressed into one, though this is not the case.
- The five-cent coin is also copper in colour, and is the largest of the copper coins, but only slightly larger than the two-cent coin. It has a smooth edge.
- The ten-cent coin is gold in colour. It is very slightly smaller than a five-cent piece, but it is much thicker, and it has a coarse serration around the edge. It is heavier than any of the copper coins.
- The twenty-cent coin is larger than the ten-cent coin and is also gold in colour. It has a unique group of seven notches (forming a spanish flower shape) around its otherwise-smooth edge, making it easy to recognise by touch.
- The fifty-cent coin is also gold in colour and is noticeably thicker, heavier, and larger than the coins of smaller denominations, and it also has a coarsely serrated edge.
- The one-euro coin has a silver interior and a gold perimeter. The edge is distinctively marked with alternating smooth and finely serrated sections. It is of about the same thickness and weight as the fifty-cent piece, but its edge markings readily distinguish it from that coin.
- The two-euro coin is of the same colours as the one-euro coin, but they are reversed: the perimeter is silver, and the interior is gold. It has the largest diameter of any euro coin. Its edge has a fine, continuous serration. The edge is also embossed with stars and letters differing between nations, but this is difficult to detect by touch, and may not be necessary in order to distinguish it from other coins, given its size.
Although there have been other currencies predating the euro that were specifically designed in similar ways (different sizes, colours, and ridges) to aid the visually impaired, the introduction of the euro constitutes the first time that authorities have consulted associations representing the blind before, rather than after, the release of the currency.
Original Designs edit
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The original designs of the 10-, 20-, and 50-cent coins showed the outline of each of the EU-15 member states. This meant that each state was shown as separate from the others, though, thus giving Europe an appearance of being formed of many islands. EU members which were not part of the eurozone (the United Kingdom, Sweden and Denmark) were also depicted.
On the €1 and €2 coins, the landmass appeared more cohesive although borders were indicated. The vertical ridges also passed through some non-participating countries.
As in current issues, all coins featured 12 stars in their design.
Pre-2007 issues are legal tender throughout the eurozone, including new member Slovenia.
Counterfeit euro coins edit
Approximately 100,000 counterfeit euro coins are taken from circulation annually, and a similar number are seized before they can be released. Given a total circulation of 56 billion coins, counterfeit coins are relatively rare. About half the counterfeits feature the German national design, but counterfeits have been detected featuring all issuing countries' designs. The great majority of counterfeit coins are €2 (87% in 2004), with most of the rest being €1, and a few 50 cent coins.
Seized coins from circulation (totals):
- 2006 - c. 170,000
- 2005 - 95,959
- 2004 - 75,564
- 2003 - 26,339 [2]
The European Technical and Scientific Centre estimates that up to two million counterfeit coins were put into circulation in 2002.
Commemorative issues edit
Gold and silver commemorative issues edit
A legacy of old national practice is the minting of silver and gold commemorative coins. Unlike normal issues, these coins are not legal tender in all the Eurozone, but only in the country where the coin was issued. For instance, a €10 Finnish commemorative coin cannot be used in the Netherlands.
Despite this, these coins are not really intended to be used as means of payment, as their scrap value generally vastly exceeds their face value, so it does not constitute a serious problem. The major exception is Germany, where silver ten euro commemoratives are available at banks and some retailers at face value. The coins, however, generally do not circulate.
It is uncertain whether the Council of Ministers will grant them legal tender status elsewhere outside national boundaries, as San Marino, Monaco and Vatican City also issue these kind of coins.
€2 commemorative issues edit
[[:Image:2004 Vatican City 2 Euro .jpg|thumb|€2 commemorative coin issued by the Vatican City in 2004.]]
The European Commission allowed the minting of commemorative coins from 2004 onwards. Since then, any member state of the eurozone may issue one commemorative €2 coin per year, subject to certain restrictions regarding design and amount of coins issued. Such coins are legal tender throughout the eurozone.
Greece was the first country to issue this kind of coin; all but five countries have issued €2 commemorative coins as of April 2006, and one more is planning to do so in 2007.
Fantasy coins edit
Private agencies (e.g. International Numismatic Agency in the United Kingdom or Europ-Mint in Switzerland) have created some fantasy euro coins intended for sale to collectors, both for the EU countries outside the European Monetary Union (e.g. Cyprus, Malta, Sweden) and some other European countries (e.g. Andorra, Switzerland, Liechtenstein, Norway) and territories (e.g. Corsica, Gibraltar, Guernsey, Jersey). These coins lack official status, and so are not legal tender.
See also edit
References edit
External links edit
- European Central Bank
- Page for collectors about euro coins
- 5 euro commemorative coins
- Euro coins icons (for Windows only)
- The Euro - Information Website
Euro topics | |||||||||
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| General | |||||||||
| Administration | |||||||||
| Fiscal provisions | |||||||||
| Economy | |||||||||
| International status | |||||||||
| Denominations |
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| Coins by country with minting rights |
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Potential adoption by other countries | |||||||||
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| History |
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