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There are eight euro coin denominations, ranging from one cent to two euro[1] (the euro is divided into a hundred cents). The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different designs in circulation at once. Four European microstates that are not members of the European Union (Andorra, Monaco, San Marino, and Vatican City) use the euro as their currency and also have the right to mint coins with their own designs on the obverse side.

The coins, and various commemorative coins, are minted at numerous national mints across the eurozone to strict national quotas. Not every eurozone member state has its own mint. Obverse designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank (ECB).

History

[edit]
Main article: History of the euro
The eight euro coins. Four show the obverse designs from different countries (Croatian €2, Maltese 50c, French 5c, and Slovenian 1c); the remainder show the shared reverse.

The euro came into existence on 1 January 1999.[2] It had been a goal of the European Union (EU) and its predecessors since the 1960s.[2] The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the United Kingdom and Denmark (even though Denmark has a fixed exchange rate policy with the euro).[3]

In 1999, the currency was born virtually and in 2002 notes and coins began to circulate.[2] It rapidly replaced the former national currencies and the eurozone has since expanded further to some newer EU states.[2] In 2009 the Lisbon Treaty formalised its political authority, the Eurogroup, alongside the European Central Bank.[4]

In 2004, the very first €2 commemorative coin was issued by Greece to celebrate the Olympic Games in Athens in 2004.[5]

As the EU's membership has since expanded in 2004, 2007 and 2013,[6] with further expansions envisaged, the common face of all euro coins from the value of 10c and above were redesigned in 2007 to show a new map.[7]

Slovenia joined the eurozone in 2007, Cyprus and Malta joined in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, Lithuania in 2015 and Croatia in 2023, introducing eight more national-side designs.[8]

Bulgaria is the last EU member state to announce its national design. The design of the euro coins was officially chosen by the Bulgarian National Bank in November 2023[9] and approved by the Council of the EU in February 2024.[10] The minting of the coins in the necessary quantities started shortly after the Council of the EU approved Bulgaria to adopt the euro, so that they can be put into circulation from the date of introduction of the euro in Bulgaria.[11]

Specification

[edit]

There are eight different denominations of euro coins: €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1.00 and €2.00[7] The €0.01, €0.02 and €0.05 coins show Europe in relation to Asia and Africa in the world.[7] The remaining coins show the EU before its enlargement in May 2004 if minted before 1 January 2007, a map of Europe if minted after.[7] Coins from Austria, Italy, San Marino, Portugal and the Vatican City show the map if minted in 2008 or later.[7]

1€-Vatican_Franciscus-Revers

Vatican Euro coins with images of Pope Francis and Pope Benedict XVI

The common side was designed by Luc Luycx of the Royal Belgian Mint.[12] They symbolise the unity of the EU.[12] The national sides were designed by the national central banks of the Eurosystem in separate competitions. There are specifications which apply to all coins such as the requirement of including twelve stars. National designs were not allowed to change until the end of 2008, unless a monarch (whose portrait usually appears on the coins) dies or abdicates. National designs have seen some changes due to a new rule stating that national designs should include the name of the issuing country.[13]

The common side of the €0.01, €0.02 and €0.05 coins depict the denomination, the words 'EURO CENT' beside it, twelve stars and Europe highlighted on a globe in relation to Asia and Africa in the world. The common side of the €0.10, €0.20 and €0.50 coins currently depict the denomination on the right, the words 'EURO CENT' underneath it, with twelve stars and the European continent on the left.

Coins minted from 1999 to 2006 depicted only the EU15, rather than the entire European continent, which is on coins minted after 2007. The common side of the €1 and €2 coins depict the denomination on the left, the currency, map of Europe and twelve stars on the right. Similarly, coins minted from 1999 to 2006 depicted the EU15, rather than the whole European continent, which is on coins minted from 2007.[7][14]
The 1c, 2c and 5c coins, however, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map.

Euro coins – Common side[7]
Value Image

(1999-2007)

Image
(2007–present) 		Main
colour 		Secon­dary
colour 		Dia­meter
(mm)		 Thick­ness
(mm) 		Mass
(g)		 Composition Edge
1c Bronze None 16.25 1.67 2.30 Copper-covered steel Smooth
2c 18.75 1.67 3.06 Smooth with a groove
5c 21.25 1.67 3.92 Smooth
10c Gold 19.75 1.93 4.10 Nordic Gold Shaped edge with fine scallops
20c 22.25 2.14 5.74 Plain with seven indents (Spanish Flower)
50c 24.25 2.38 7.80 Shaped edge with fine scallops
€1 Silver Gold 23.25 2.33 7.50 Outer part: nickel brass
Inner part: Layers of copper-nickel,
nickel, copper-nickel 		Interrupted milled
€2 Gold Silver 25.75 2.20 8.50 Outer part: copper-nickel
Inner part: Layers of nickel brass,
nickel, nickel brass. 		Fine milled with edge lettering (varies according to issuing state)

Design

[edit]

Common side

[edit]

All coins have a common reverse side showing how much the coin is worth, with a design by Belgian designer Luc Luycx.[7] The design of the 1c, 2c and 5c coins shows Europe's place in the world as a whole,[7] The 10c coins and above show either the 15 countries that were the European Union in 2002, or, if minted after 2007, the whole European continent,[7] along with Luc Luycx's signature, which is visible as two L letters connected together (LL). Coins from Italy, San Marino, the Vatican, Austria and Portugal show the new design if minted 2008 or later.[7] The coins symbolise the unity of the EU.[12]

Current design

[edit]

On 2005 June 7, the European Council decided that the common side of the 10 euro cent to €2 coins should be brought up to date to reflect the enlargement of the EU in 2004.[14] The 1c, 2c and 5c coins show Europe in relation to the rest of the world, therefore they remained unchanged.[14] In 2007, the new design was introduced.[7] The design still retains all elements of the original designs, including the twelve stars, but the map of the fifteen states is replaced by one showing the whole of Europe as a continent, without borders, to stress unity.[7][14] These coins were not mandatory for existing eurozone members when introduced in 2007, but became so for every member in 2008.[14]

Starting in 2017 the 1, 2, and 5 euro cent coins from individual member states have started adjusting their common side design to a new version, identified by smaller and more rounded numeral and longer lines outside of the stars at the coin's circumference.[15]

Cyprus is shown several hundred kilometers northwest of its real position in order to include it on the map. On the €1 and €2 coins, the island is shown to be directly east of mainland Greece; on the €0.10, €0.20 and €0.50 coins, it appears directly below Crete. The original proposal from the European Commission was to include Turkey on the map, but this design was rejected by the Council.

Initial design

[edit]

The original designs of the 10c, 20c and 50c coins showed the outline of each of the 15 EU member states. Each state was shown as separate from the others, thus giving Europe the appearance of an archipelago. EU member states outside the eurozone (Denmark, Sweden, and the United Kingdom) were also depicted. Non-EU states were not depicted.

On the €1 and €2 coins, the landmass appeared more cohesive although borders were indicated. As in current issues, all coins featured 12 stars in their design.

The year featured on the coins can date back to 1999, when the currency was formally established (only Belgian, Dutch, Finnish, French and Spanish coins were struck with the 1999 date). These countries traditionally strike coins with the year of minting rather than the year it was put into circulation.

Researchers from the University of Zürich warned that an external ring of metal surrounding an inner pill of a different colour, as in the euro coins, can lead to the release of high levels of nickel, causing allergic reactions with people sensitive to the metal. The researchers also warned that the coins could contain between 240 and 320 times the amount of nickel allowed under the EU nickel directive.[16]

National sides

[edit]
See also: List of Euro coin series and Identifying marks on euro coins

The obverse side varies from state to state, with each member allowed to choose its own design. Each of the eight coins can have the same design (such as Irish coins), or can vary from coin to coin (such as Italian coins). In monarchies, the national side usually features a portrait of the country's monarch, often in a design carried over from the former currency (e.g. Belgian coins). Republics tend to feature national monuments, symbols, or stylised designs (such as French coins). Engravings on the edge of the €2 coin are also subject to national choice.

There are at present no plans to abolish the national designs in favour of a common European one. However, the Commission has proposed that the 1c, 2c and 5c coins have a common design to keep costs down.[17]

Though they are not members of the EU, Monaco, San Marino, and the Vatican City (and Andorra since 2014) also have euro coins featuring a national side, but a considerable number of these coins were not put into general circulation by the authorities who instead sold them to collectors for prices higher than their face value.[18] Due to this, in 2012, a European Regulation established that: "A minor proportion, not exceeding 5 % of the cumulated total net value and volume of circulation coins issued by a Member State, taking into account only years with positive net issuance, may be put on the market above face value if justified by the special quality of the coin, a special packaging or any additional services provided".[19]

No territories associated with eurozone countries issue their own euro coins. France and the Netherlands have overseas regions with their own currencies.

Since 2023, there are 24 countries (the 20 members of the eurozone and the 4 European microstates mentioned above) issue euro coins with their own national sides, for a total 192 different euro coins, not counting annual differences or commemorative coins.

Regulations

[edit]

The basis for the euro coins is derived from a European recommendation from 2003, which allowed changing the national obverse sides of euro coins from 1 January 2004 onwards.[20] However, a number of recommendations and restrictions still apply.

Euro coins must still have a common reverse side, so only the national obverse sides may be varied. Also, the standard national obverse sides per se should not be changed until the end of 2008, unless the head of state depicted on some coins changes before then.[20] (This clause already came into effect for Monaco and the Vatican City, whose heads of state—Rainier III and Pope John Paul II respectively—died in 2005 and whose national obverse sides were changed for 2006).

In 2005, another recommendation added two more guidelines regarding the design of the coins. The state issuing a coin should in some way clearly be identified on the obverse side, either by stating the full name or a clearly identifiable abbreviation of it; and neither name nor the denomination of the coin should be repeated on the obverse, as it is already featured on the common reverse side.[21]

These restrictions do not apply retroactively; only new designs—the national obverse sides for regular issues of states newly joining the euro or of eurozone states which change their design, and €2 commemorative coins issued from 2006 onwards—are subject to them. However, the five countries whose designs violated the first update to the rules (Austria, Belgium, Finland, Germany and Greece) initially were assumed to have to change their design in the future, which Finland did for 2007[22] and Belgium for 2008.

In 2008, another recommendation changed the rules again:[23]

  • The twelve stars of the European Union surrounding the coin designs need to surround the national design, including year marks and the name of the country. The stars have to appear in the same way as they are aligned on the flag of the European Union.
  • The design of euro coins may not be changed except for two specific circumstances:
    • If a coin design is in violation of the recommendations, it may be updated to bring it into line with them.
    • If a coin design depicts a head of state, it may be updated:
  1. every fifteen years to bring it into line with the head of state's current appearance;
  2. if the head of state abdicates or dies. However, temporary heads of state may not be used as a reason for changing the design; instead a €2 commemorative coin (potentially a second €2 commemorative coin) will be allowed to be issued.

Finland and Belgium had already corrected their design on the coins issued to include the initials of the country in 2007 and 2008, respectively. Belgium was forced to change its design back to show the original portrait of its monarch, because the 2008 update to follow the recommendations also updated the portrait, which was against the rules. The Belgian coins from 2009 onwards show the original royal portrait of 1999, but otherwise keep the new 2008 coin design as far as the country identification and year mark are concerned. These provisions additionally prohibit further sede vacante sets of coins by the Vatican City, allowing only commemorative coins for such occasions. Finland and Spain updated their designs to meet the new rules about the stars in 2008 and 2010, respectively.

In 2012, a European Regulation approved new specifications of euro coins and named (in article 1 g) a deadline for national sides of regular coins to be updated to fully comply with the current regulation: 20 June 2062.[24]

  • The national side of circulation coins shall not repeat any indication of the denomination, or any parts thereof, of the coin. It shall not repeat the name of the single currency or of its subdivision, unless such indication stems from the use of a different alphabet. However, the edge lettering of the 2-euro coin may include an indication of the denomination, provided that only the figure "2" or the term "euro" in the relevant alphabet, or both, are used.
  • The national side of all denominations of circulation coins shall bear an indication of the issuing Member State by means of the Member State's name or an abbreviation of it.
  • The national side of circulation coins shall bear a circle of 12 stars that shall fully surround the national design, including the year mark and the indication of the issuing Member State's name. This shall not prevent some design elements from extending into the circle of stars, provided that the stars are all clearly and fully visible. The 12 stars shall be depicted as on the Union flag.
  • Changes to the designs used for the national sides of regular coins may only be made once every 15 years, without prejudice to changes necessary to prevent counterfeiting of the currency. Without prejudice of the previous, changes to the designs used for the national sides of regular coins may be made where the Head of State referred to on a coin changes. However, a temporary vacancy or the provisional occupation of the function of Head of State shall not give any additional right to such change.
  • Issuing Member States shall update their national sides of regular coins in order to fully comply with this Regulation by 20 June 2062.

In 2014, a new Regulation regarding euro coins was approved. In it, no changes related to what was mentioned above were established.[25]

Initially, Monaco, the Netherlands and Vatican City did not comply the specifications in their coins. Following changes in their heads of state and the subsequent changes in the design of their coins (in 2006, 2014 and 2006, respectively), they began to comply with the specifications.

In 2022, France came to comply with the stars' rule after the design change it made on the 1 and 2 euro coins, in which the year had until then been inserted between the stars of the Union.

As of 2024, Austria, Germany and Greece still have to include an indication of the issuing Member State. Additionally, Greece, Luxembourg and Slovenia have to comply with the rule of the stars. Finally, Austria must eliminate the denominations on the national side of their euro coins.

Bear in mind that the foregoing refers to "regular" coins since, in the case of the 2 euro commemorative coins, the aforementioned is fulfilled in all coins since 2013. This is due to the fact that each one of these coins supposes a variation in the design, while, as mentioned, "regular" coins were not affected unless the design of the national sides was changed, and have until June 20, 2062 in the event that the design had not been changed before.

Finally, the different States must inform each other of their new draft designs (both of "regular" and 2 euro commemorative coins), as well as the European Council and the European Commission, which must give its approval. In one example, the initial design of Andorran 10, 20 and 50 cent coins did not obtain EU approval because the image of the Pantokrator of San Martí de la Cortinada, included in those coins, violated the principle of religious neutrality. The image of the religious figure was eliminated in the final Andorran coin design. Another example, the 2 euro commemorative coins that Belgium planned to issue in 2015 on the 200th anniversary of the Battle of Waterloo, caused complaints by France and withdrawal of the design. However, Belgium did issue a 2.50 euro collector's coin, taking advantage of the fact that these coins are not submitted to the draft design approval.

Security features

[edit]

Euro coins have high-security machine-readable features.[26] Sophisticated bi-metal and sandwich technologies have been put into the €1 and €2 coins.[26] The 10c, 20c and 50c coins are made of Nordic gold, which is a unique alloy, difficult to melt and used exclusively for coins.[26] The lettering on the edge of the €2 coin also protects it from counterfeiting.[26]

Features for persons with impaired sight

[edit]

Euro coins were designed in cooperation with organisations representing blind people, and as a result 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 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, resemble copper in colour and are quite thin and light. The next three denominations resemble gold in colour and are thicker as well as heavier. The highest two denominations are bimetallic, being generally larger and thicker than the lower denominations.

In general, the greater the value, the heavier and larger the coin. Copper colour identifies low value; gold colour identifies medium value; two different metals identify high value.

There are also differences within each group. The 2 cent coin has a grooved edge to distinguish it from the 1 and 5 cent coins and also from the US penny, which has the same colour and diameter. Similarly, the 20 cent coin edge is smooth with seven indents to distinguish it from the 10 and 50 cent coins.

While currencies predating the euro were specifically designed in similar ways (different sizes, colours, and ridges) to aid the visually impaired, the euro was the first to have authorities consult organisations representing the blind and visually impaired before the release of the currency.[citation needed]

Commemorative issues

[edit]
Main article: 2 euro commemorative coins

Each state may also mint two 2 euro commemorative coins each year from June 2012. From 2004 to May 2012, countries were only allowed to mint one coin per year. Only €2 coins may be used in this way (for them to be legal tender) and there is a limit on the number that can be issued. The coin must adhere to the normal design criteria, such as the twelve stars, the year and the issuing country.

Greece was the first country to issue a commemorative coin, and was followed by other countries. In 2007, every eurozone state participated in the Treaty of Rome programme, in which all member states issued a coin of similar design to commemorate the signing of the Treaty, only differing in the name of the issuing country and language of the text. This was also the case in 2009, in commemoration of the tenth anniversary of the Economic and Monetary Union. The design was selected by electronic voting by EU citizens.[27] In 2012, a common commemorative coin was issued to commemorate the tenth anniversary of euro coins and banknotes. In 2015, a common commemorative coin was issued to commemorate 30 years of the European Union flag. Finally, in 2022 a common commemorative coin was issued to commemorate 35 years of the Erasmus Programme.

In 2006, Germany began issuing a series of coins, the German Bundesländer series, showing each of the states of Germany on its coins; It was originally intended to run until 2021, but one extra issue was added in 2019, which pushed back the last three planned issues (2019, 2020, 2021) by one year. The series ended in 2022. In 2023 a new series (Bundesländer series II) began until 2038.

Spain started a commemorative coin series Patrimonio de la Humanidad de la UNESCO (UNESCO World Heritage) in 2010, commemorating all of Spain's UNESCO World Heritage Sites, which is currently planned until 2058.[28] The order in which the coin for a specific site is issued coincides with the order in which they were declared a UNESCO World Heritage site.[29]

In 2021, France started a commemorative coin series about 2024 Summer Olympics. It finished in 2024.

Latvia, Lithuania, Luxembourg, and Malta have also issued a series of 2 euro commemorative coins.

Gold and silver commemorative issues

[edit]
Main article: Euro gold and silver commemorative coins

A legacy of old national practice is the minting of silver and gold commemorative coins. Unlike normal issues, these coins are not legal tender throughout the eurozone, but only in the country where they are issued (e.g. a €10 Finnish commemorative coin cannot be used in Portugal).

However, these gold coins are intended for collectors as their bullion value vastly exceeds their face value. Some silver coins, such as the German €10 commemoratives, are often available at banks and some retailers at face value. These coins, however, generally do not circulate but are kept by collectors.

It is uncertain whether the EU Council of Ministers will grant such coins legal tender status outside national boundaries, as Monaco, San Marino, and the Vatican City also issue this kind of coin.

Belgian 2.50 euro coin

[edit]

In 2015, Belgium issued a 2.50 euro commemorative coin which is legal tender inside the country. 70,000 coins were minted, commemorating the 200th anniversary of Napoleon's defeat in the Battle of Waterloo.[30]

Belgium originally planned to mint 2 euro commemorative coins for the occasion. This plan was blocked by France, however (after 180,000 of the coins had already been minted; they had to be discarded). Minting the 2.50 euro denomination obviated France's complaints as the coins are not legal tender in the European Union, only in Belgium.[31]

EU law states that any country can issue any new coins it wants as long as they are in an irregular denomination, so it invented a €2.50 coin.[32]

Circulation

[edit]

The European Central Bank closely monitors the circulation and stock of the euro coins and banknotes. It is a task of the Eurosystem to ensure an efficient and smooth supply of euro coins and to maintain their integrity throughout the eurozone.[33]

Statistics

[edit]

As of December 2021, there are approximately 141 billion coins in circulation around the eurozone. In contrast, the United States has minted over 300 billion pennies since 1983 when the current copper-plated zinc metallic composition began. Using a population of 341.9 million for the euro area, that is roughly 199 coins of denomination 1c or 2c per capita, and 215 other coins per capita.

Statistical data valid December 2021[34]
Denomination Coins in circulation Share Value in € Share
1c 38,120,000,000 27.00% 381,200,000.00 1.22%
2c 29,680,000,000 21.02% 593,600,000.00 1.90%
5c 23,036,000,000 16.32% 1,151,800,000.00 3.69%
10c 16,248,000,000 11.51% 1,624,800,000.00 5.20%
20c 12,725,000,000 9.01% 2,545,000,000.00 8.15%
50c 6,711,000,000 4.75% 3,355,500,000.00 10.74%
1€ 7,747,000,000 5.49% 7,747,000,000.00 24.81%
2€ 6,916,000,000 4.90% 13,832,000,000.00 44.29%
Total 141,183,000,000 100.00% 31,230,900,000.00 100.00%

Counterfeiting

[edit]

Approximately 100,000 counterfeit euro coins are taken from circulation annually, and roughly the same 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 for every issuing country. The majority of counterfeit coins are €2 (60% in 2011), with most of the rest being €1, and a few 50c coins. The number of counterfeit €2 coins being found annually is decreasing, while numbers of counterfeit €1 and 50-cent coins are increasing.

Total amount of counterfeit coins seized from circulation
Year Pre-circulation Circulation Source
2017 31,059 160,914 [35]
2016 77,084 150,258 [35]
2015 20 146,889 [35]
2014 301,970 192,195 [35]
2013 31,051 177,600 [35]
2012 184,000 [36]
2011 157,000 [37]
2010 186,000 [38]
2009 172,100 [39]
2008 195,900 [39]
2007 211,100 [40]
2006 163,800 [40]
2005 100,500 [40]
2004 74,564 [41]
2003 26,191 [41]
2002 2,336 [41]

The European Technical and Scientific Centre (ETSC) estimates that up to 2 million counterfeit coins were put into circulation in 2002.

Recent investigations by the European Commission have shown that counterfeit sophistication is increasing, making prompt detection more difficult.[42] In 2008, Irish MEP Eoin Ryan called for tighter regulation over tokens and medals that are being increasingly used for small purchases mainly in vending machines across Europe.[43]

Small-denomination coins

[edit]
See also: Withdrawal of low-denomination coins

The 1c, 2c, and 5c coins account for approximately 80% of all new coins minted in the eurozone. Due to the expense of producing such low-value coinage, the Commission and some member states have proposed that costs could be cut by having a common design on both sides of these coins, rather than minting numerous different designs.[17]

The €1 and €2 coins are two-toned. The "gold" is an alloy, 75% copper, 20% zinc and 5% nickel. The "silver" is cupronickel, 75% copper and 25% nickel.[44] The 10c, 20c and 50c coins are a proprietary alloy known as "Nordic Gold", consisting of 89% copper, 5% aluminium, 5% zinc and 1% tin.[45] The 1c, 2c, and 5c coins are copper-coated steel fourrées.[44] The copper alloys make the coinage antimicrobial.

Price rounding

[edit]
% supportDate304050607010/201410/201610/201803/2021In favoragainstAbolishment of low eurocent coinsPoll on abolishing the 1 and 2 eurocent coin Raw data
Percentage of people in favour of abolishing the use of the 1- and 2-euro cent coins.[46]


The 1c and 2c coins were initially introduced to ensure that the introduction of the euro was not used as an excuse by retailers to heavily round up prices. However, due to the cost of maintaining a circulation of low-value coins, both by business and the mints, Belgium, Finland, Ireland, Italy, the Netherlands, Slovakia, Estonia and Lithuania round prices to the nearest five cents (Swedish rounding) if paying with cash, while producing only a handful of those coins for collectors, rather than general circulation.[47][48][49][50] The coins are still legal tender and produced outside these states.[51]

Countries with Swedish rounding

[edit]

The Swedish rounding law in Finland was issued in January 2002, shortly after the coins were put into circulation.

The Netherlands followed suit in September 2004,[51] under pressure from retail businesses, which claimed that dealing with 1- and 2-cent coins was too expensive. After a successful experiment in the town of Woerden in May 2004, retailers across the Netherlands were permitted in September 2004 to round cash transactions to the nearest five cents.[52]

In Belgium, rounding has been common practice since 2014; by law, rounding has been obligatory for cash purchases since 1 December 2019.[53] For payments with debit or credit cards, the merchant can choose whether to apply rounding but has to inform the client beforehand.[54] With the obligatory rounding in effect, Belgium's National Bank has stopped production of 1- and 2-cent coins.[54]

Ireland introduced rounding in 2015 after a 2013 trial in Wexford.[49][55]

In May 2017, the Italian parliament passed a resolution to stop minting 1c and 2c coins starting 1 January 2018 and to introduce Swedish rounding.[56][57]

The withdrawal of low-circulation coins is due in part to rising metal prices: De Nederlandsche Bank calculated it would save $36 million a year by not using the smaller coins. Other countries such as Germany favoured retaining the coins due to their desire for €1.99 prices, which appear more attractive to the consumer than a €2 price.[58] According to James Debono writing for Malta Today, "scrapping the coins is considered unthinkable for Germany where both consumers and retailers are obsessed with precise pricing."[59] Luxembourg and Malta also declared that they do not wish to remove the coins.[50][60] This is echoed by the European Central Bank which supports the coins, stating it allows businesses to calculate prices more exactly to attract consumers, such as €0.99.[61]

According to a 2005 Eurobarometer survey of EU citizens, Germans were most sceptical about the removal of the 1c and 2c coins from complete circulation in the eurozone, but on average a majority of Germans still supported their removal (58% for the one cent coin and 52% for the two cent coin in 2005). The Belgians were most supportive of their removal.[62] A similar survey in 2017 found 64% across the eurozone favoring their removal with prices rounded, with over 70% in Belgium, Ireland, Italy, the Netherlands and Slovakia. Only Portugal and Latvia had a plurality in favour of retaining the coins (49% against removal, 45–46% in favour).[63] The same survey in 2021 found that 67% of respondents across the eurozone were in favor of the removal, and all countries in the eurozone showed a plurality of people also in favour.[46]

The Commission in 2010 released its guidelines on daily life euro cash questions, to give citizens guidelines on issues with direct implications for daily life. The guidelines were based on ten guiding principles, including two that still remain: "No surcharges should be imposed on payments in cash" and "Member States should not adopt new rounding rules to the nearest five cent".[64] Following a consultation, a Commission initiative considering the adoption of price rounding was due to be adopted by the end of 2021.[65] Regardless of the Commission's decision, Slovakia proposed introducing rounding from 2022.[66]

Controversy

[edit]

In spring 2016, controversy arose in the Netherlands after an episode of the television program Keuringsdienst van Waarde showed that euro coins for the Netherlands and other countries were being made by South Korean company Poongsan, a known producer of cluster munitions.[67] Cluster munitions are banned internationally by the 2008 Convention on Cluster Munitions (CCM), because of their indiscriminate and long-term effects on civilians. The CCM prohibits the use, production, stockpiling or transfer of cluster munitions as well as assistance with these acts. After parliamentary questions were posed, the Dutch government stated that the Royal Dutch Mint had ordered around 40 million 'coin blanks' between 2011 and 2016, and that Poongsan was on a list of vetted suppliers of the European Commission's Mint Directors Working Group.[68] Since then, both the Royal Dutch Mint and the Norwegian Mint have excluded Poongsan as a coin blank supplier due to its involvement with cluster munitions.[69] Questions were also raised that year in the European Parliament about Poongsan's presence on the vetted list of coin blank suppliers of the European Commission's Mint Directors Working Group. The Commission responded with claims that, despite the European Union's support of the CCM, the EU itself is not a Party to it and responsibility on the issue lies with EU member states.[70]

References

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Euro coins

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Euro coins are the circulating coinage of the euro, the common currency adopted by 20 member states of the European Union forming the euro area. They consist of eight denominations—1, 2, 5, 10, 20, and 50 euro cents, along with 1 euro and 2 euro coins—and were first issued for general circulation on 1 January 2002, concurrently with euro banknotes, supplanting legacy national currencies. Each euro coin features a common obverse side, designed by Luc Luycx of the Royal Belgian Mint, displaying motifs symbolizing European unity such as maps of Europe and the denomination value, paired with a reverse side bearing national designs selected by the issuing country to reflect its heritage or symbols. The 1 euro and 2 euro coins employ a bimetallic construction for enhanced security, while lower denominations use single-metal alloys varying by color and composition to facilitate distinction and deter counterfeiting. By the end of 2023, euro coins in circulation totaled approximately 148.2 billion units, representing a collective value of €33.5 billion, underscoring their entrenched role in everyday transactions across the euro area despite the rise of digital payments. Special €2 commemorative coins, featuring modified national designs to mark events while retaining legal tender status throughout the euro area, constitute a notable subset, with issuance volumes approved by the European Central Bank to maintain monetary stability.

History

Origins and development

The euro coins originated as a component of the single currency established by the , signed on 7 February 1992 in , , which created the legal foundation for (EMU) and mandated convergence toward a common currency among member states. This treaty required participating states to meet strict convergence criteria, including , sound public finances, stability, and long-term convergence, to ensure monetary stability upon adoption. Stage Three of EMU commenced on 1 January 1999, irrevocably fixing exchange rates of eleven initial currencies to the euro, which initially functioned as an electronic and accounting unit without physical form. Development of the physical euro coins accelerated in the mid-1990s under the oversight of the European Monetary Institute, precursor to the (ECB), with emphasis on unified designs to symbolize while accommodating national identities. In 1996, the organized a Europe-wide design competition for the common obverse side (depicting the coin's value), receiving over 30 entries from professional designers; Belgian engraver Luc Luycx, employed by the Royal Belgian Mint, won with a series featuring Europe's geographic in varying scales by denomination—enlarged for smaller coins to enhance visibility and symbolic unity. The formally approved Luycx's designs in June 1997 during its Amsterdam summit, alongside guidelines for national reverse sides to incorporate country-specific motifs while adhering to technical specifications for in vending machines and anti-counterfeiting measures. National mints across participating states developed reverse designs concurrently, with approvals coordinated through the ECB's emerging framework to ensure compatibility; for instance, eight denominations were standardized from 1 cent to €2, using for higher values to deter . Production ramped up from 1999 onward, with over 50 billion coins minted by launch to support alongside national currencies. Euro coins entered circulation on 1 January 2002 in 12 countries, replacing legacy currencies within months via a frontloading that distributed €15 billion in coins to banks and retailers in advance, minimizing disruption despite logistical challenges in a population of 308 million. This rollout marked the culmination of preparatory efforts dating to the early , driven by the causal imperative of reducing transaction costs and risks to foster intra-European and price transparency.

Introduction and rollout

Euro coins entered circulation on 1 January 2002 in the 12 founding euro area countries—Austria, , , , , , , , , , , and —serving a of approximately 308 million people. This physical launch complemented the 's prior introduction as a non-cash on 1 January 1999, completing the transition to a tangible single for everyday transactions. The rollout encompassed eight denominations: 1, 2, 5, 10, 20, and 50 euro cents, as well as 1 and 2 coins, designed to facilitate seamless replacement of diverse national coinage systems. Minting preparations commenced well in advance, with initial production of euro coins beginning on 11 May 1998 at the facility in , . By launch, an estimated 56 billion coins had been struck across eurozone mints to meet demand and enable during the transition period. Pre-distribution to banks, retailers, and public institutions occurred in the weeks leading up to 1 January 2002, ensuring immediate availability and minimizing shortages; for instance, euro coins were accessible to targeted groups on the launch day itself. Some early mintages bore production years of 1999, 2000, or 2001, reflecting the stockpiling process while maintaining the official 2002 introduction date. The changeover unfolded without major disruptions, as reported by the , with euro coins rapidly gaining dominance in payments. National currencies continued as alongside euros until the end of business on 28 February 2002, after which they were withdrawn from circulation, marking the euro's establishment as the exclusive across the euro area. This dual-phase approach—frontloading supply and allowing a grace period—facilitated public adaptation, though it required coordinated logistics among national central banks and mints to manage the exchange of trillions in legacy coins.

Post-introduction modifications

In 2007, the updated the common reverse designs of the 10-cent, 20-cent, 50-cent, €1, and €2 denominations to reflect the European Union's enlargement on 1 May 2004, incorporating a continuous geographical map of that included and alongside the original 15 member states. This modification, effective from 1 2007, replaced the previous segmented map representation and applied only to coins minted thereafter, while earlier issues retained their original designs and remained . The change aimed to symbolize the evolving unity of the eurozone without altering the denominations' physical specifications or security features. National reverse sides, determined by individual eurozone member states, faced an initial moratorium on modifications until 31 December 2008, excluding updates to depictions of heads of state. Subsequent changes require notification to the at least six months in advance, with designs approved by the ECB to ensure compliance with technical specifications, inclusion of the , year of issue, and 12 EU stars. Member states may revise designs every 15 years or earlier for compelling reasons, such as monarchical successions or national commemorations, fostering gradual evolution while maintaining recognizability across the euro area. Notable post-2008 national side revisions include France's 2022 redesign of the €1 and €2 coins, featuring in a new composition to mark the euro's 20th anniversary, with the year mark repositioned to align with updated guidelines. Similarly, several states have adjusted designs for new sovereigns, such as Belgium's 2014 update following King Philippe's accession, preserving bimetallic structures but altering portraits and motifs. These alterations, limited to the national side, do not affect the common reverse and undergo rigorous scrutiny to deter counterfeiting, with over 100 national variants approved since 2009. No fundamental changes to coin compositions, weights, or edges have occurred post-introduction, though some member states ceased minting 1-cent and 2-cent coins after 2018 due to production costs exceeding , implementing cashless in transactions while upholding status. Such policy shifts represent operational adaptations rather than physical modifications, ensuring continued circulation of existing stock.

Physical specifications

Denominations and compositions

The series comprises eight denominations: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 , and 2 s. The lowest-value coins—1, 2, and 5 cents—are made of copper-plated , providing a reddish-brown appearance and magnetic properties due to the steel core. The intermediate denominations of 10, 20, and 50 cents consist of Nordic gold, a bronze-like composed of 89% , 5% , 5% , and 1% tin, which gives them a golden color and non-magnetic characteristics. The higher-value 1 euro and 2 euro coins employ bi-metallic construction for enhanced security and distinct tactile features. The has a -brass outer ring (approximately 75% , 20% , 5% ) surrounding a three-layered inner core. The features a outer ring (75% , 25% ) encircling a three-layered inner core of -brass, , and -brass, resulting in a silver outer ring with a golden center. These compositions have remained consistent since the coins' introduction in 2002, with no material alterations reported as of 2025.
DenominationComposition
1 centCopper-plated
2 centsCopper-plated
5 centsCopper-plated
10 centsNordic gold (89% Cu, 5% Al, 5% Zn, 1% Sn)
20 centsNordic gold (89% Cu, 5% Al, 5% Zn, 1% Sn)
50 centsNordic gold (89% Cu, 5% Al, 5% Zn, 1% Sn)
1 Bi-metallic: nickel-brass outer ring; three-layered nickel inner core
2 Bi-metallic: outer ring; three-layered (-brass//-brass) inner core

Dimensions, weights, and tolerances

The physical dimensions and weights of euro coins are standardized across all member states to promote in circulation, vending machines, and counting equipment. These nominal specifications, established by Council Regulation (EU) No 729/2014, vary by denomination to enable tactile and visual differentiation: smaller, lighter coins for lower values (1 to 5 cents, made of copper-plated steel) and progressively larger, heavier bimetallic or coins for higher values (10 cents to €2). Thickness contributes to stackability and , with values ranging from 1.67 mm for the smallest denominations to 2.38 mm for the 50-cent coin. The following table summarizes the nominal specifications for each denomination:
DenominationDiameter (mm)Thickness (mm)Weight (g)
€225.752.208.5
€123.252.337.5
50 cents24.252.387.8
20 cents22.252.145.7
10 cents19.751.934.1
5 cents21.251.673.9
2 cents18.751.673.0
1 cent16.251.672.3
Manufacturing tolerances for these parameters are defined by the in production guidelines provided to national mints, ensuring coins remain within acceptable limits for automated sorting and anti-counterfeiting measures despite minor variations from material properties and minting processes. These tolerances accommodate deviations such as those optimized for low-value coins to reduce production costs without altering nominal designs, as noted in assessments of coin and . Exact tolerance ranges, including weight variations up to several percent per coin and tighter batch averages, are enforced during quality control but are not publicly specified in circulation regulations to prevent exploitation in counterfeiting. Non-compliant coins are rejected, maintaining the integrity of the coinage system.

Edge and rim features

Euro coins incorporate distinct edge features across denominations to enable tactile differentiation by value, aiding users with visual impairments, and to enhance through varied milling patterns that complicate counterfeiting. These edges, along with the coin's overall thickness, contribute to unique handling characteristics verifiable by touch or automated sorting machines. Rim features, referring to the raised borders encircling the faces, are uniformly present on all denominations to protect the embossed designs from wear during circulation, though they do not vary significantly by value. The specific edge configurations are standardized across all mints, as defined in the initial technical specifications adopted on 4 February 2013 by Council Regulation (EU) No 111/2013, ensuring uniformity despite national variations in obverse designs. For lower denominations, smooth or minimally textured edges predominate, while higher values feature more complex interruptions or scalloping for added and identifiability. The uniquely includes edge lettering—repeating "2 EURO" interspersed with stars or similar motifs—milled finely to resist alteration.
DenominationEdge DescriptionThickness (mm)
1 centSmooth1.67
2 centSmooth with a continuous groove1.67
5 centSmooth1.67
10 centShaped edge with fine scallops1.93
20 centPlain (smooth)2.14
50 centShaped edge with fine scallops2.38
1 euroInterrupted milled (alternating smooth and reeded sections in three gaps)2.33
2 euroFine milled with edge lettering2.20
These features were designed from the outset of euro coin production in 1999, with prototypes tested for durability and recognizability; for instance, the scalloped edges on 10 and coins mimic traditional patterns while allowing vending compatibility. Post-introduction, no major alterations to edge specifications have occurred, though minor production tolerances (e.g., ±0.15 mm for thickness) are permitted to account for minting variances without compromising functionality.

Design elements

Common obverse side

The common side of euro coins, standardized across all denominations and issuing countries, features the nominal value, the word "" in alongside its Greek equivalent "ΕΥΡΩ", and a representation of or the against a background of the 12 stars symbolizing EU unity. This design, created by Luc Luycx of the Royal Belgian Mint, was selected in 1997 following a organized by the and implemented with the euro's physical introduction on January 1, 2002. Luycx's initials appear as an intertwined "LL" near the base of each coin. Three distinct map variations distinguish the common sides by denomination group: the 1, 2, and 5 cent coins depict within a global context, emphasizing continental position; the 10, 20, and 50 cent coins show the 's outline without internal borders; and the 1 and 2 coins present an enlarged spanning the coin's diameter. The denomination is inscribed in with "CENT" for sub- values and the "€" for higher ones, positioned centrally or integrated with the . In 2007, the common side designs for all denominations were updated to incorporate the 2004 EU enlargements, adding and to the map outlines while excluding non-eurozone members like the ; this revision maintained the overall aesthetic but reflected geopolitical changes without altering the core symbolism. No further substantive modifications to the common side have occurred since, ensuring recognizability and compatibility in automated vending and sorting systems across the . The design's emphasis on over national motifs on this side facilitates seamless circulation, as euro coins are throughout the 20 states regardless of issuing country.

National reverse sides

The national reverse sides of euro coins are designed by the issuing authorities of each euro area , as well as certain non-euro area countries with monetary agreements (such as , , and ), to reflect elements of national heritage, symbolism, or history. These designs must incorporate the coin's denomination (or its numerical value), the minting year, and an identifier for the issuing country, such as its full name, abbreviation, or ; they are also required to include a ring of 12 five-pointed stars representing the . Selected through national processes—including public consultations, expert committees, or competitions—the motifs are submitted to the for approval to ensure technical compatibility with the common obverse, artistic quality, and absence of political or religious content that could undermine euro area unity. Designs often differ by denomination within a country to showcase diverse cultural facets, though some nations use unified motifs across values for consistency. Changes to standard national reverses are infrequent but occur via new series, typically announced in the Official Journal of the ; for instance, several countries introduced updated designs between 2007 and 2014 to align with a revised common obverse featuring interrupted lines between denominations. Microstates like issue coins with papal-themed reverses, such as portraits of reigning popes (e.g., on recent issues) or ecclesiastical symbols, minted in but valid throughout the euro area under a 2001 agreement. ![1 Cent-Vatican-Franciscus-Series_1.jpg][float-right] Examples of national reverse motifs include:
  • Germany: The €1 and €2 coins depict the federal eagle, a heraldic symbol of state authority redesigned by Friedrich Brenner in 1950 and adapted for euros; 10-, 20-, and 50-cent coins feature the as an emblem of unity; 1-, 2-, and 5-cent coins show oak twigs representing strength and endurance.
  • France: All denominations portray , the allegorical figure of liberty, in varying guises by artist Joaquin Jimenez; for example, the €1 shows her within a hexagonal frame with a tree (first series, pre-2008) or oak and olive branches (second series).
  • Italy: Lower values highlight everyday or historical icons like the (1 cent) or (2 euros), while higher denominations feature landmarks such as the (€0.50); designs were finalized by a national technical-artistic committee in 1997.
  • Greece: Motifs draw from antiquity, with the €1 replicating an from a 4th-century BC Athenian , symbolizing wisdom; other values include Europa and the (€2) or ancient ships (50 cents).
  • Austria: A thematic series includes native flowers for cents (e.g., edelweiss on 1 cent), composers or inventors like on the €1 , and the Berndorfer Riem (a historic chain) on €2, selected via public vote in 1999.
Such national reverses circulate freely across the euro area, with over 140 billion in use as of 2023, fostering familiarity with diverse motifs while maintaining .

Incorporation of and accessibility

Euro incorporate several design elements aimed at enhancing against counterfeiting. The €2 features fine lettering inscribed around its edge, consisting of the words "" repeated and the year of issue, which serves as a primary anti-forgery measure difficult for counterfeiters to replicate accurately. Similarly, the €1 employs a sandwich structure with a copper-nickel ring and outer ring, while the €2 uses bi-metallic with a copper-nickel outer ring encasing a nickel-brass inner core; these multi-material technologies increase production complexity and resistance to unauthorized replication. The 10, 20, and 50 euro cent are minted from Nordic gold, a proprietary three-layer alloy (89% , 5% aluminum, 5% , and 1% tin) exclusive to euro , which is resistant to melting and provides distinct electromagnetic properties for machine verification. All denominations share uniform machine-readable characteristics, ensuring compatibility with vending machines and automated sorters across the euro area regardless of issuing country. These security elements are complemented by design choices that also support for visually impaired users, as specified in the original coin framework. Denominations feature progressively increasing diameters, thicknesses, and weights correlated with value, allowing differentiation by tactile examination without reliance on visual cues. Edge profiles vary distinctly—plain for 1 and 2 cent coins, coarse for 5, 10, and 25 cent coins (with the 10 and 25 cent having finer interruptions), reeded for 50 cent, and lettered for €1 and €2—providing additional haptic identifiers. The following table summarizes key physical attributes aiding such recognition:
DenominationDiameter (mm)Thickness (mm)Weight (g)Edge Description
1 cent16.251.672.30Plain
2 cents18.751.673.06Plain
5 cents21.251.883.92Coarse, with interruption
10 cents19.751.934.10Coarse, with interruption
20 cents22.252.145.74Coarse, with interruption
50 cents24.252.387.80Reeded
€123.252.337.50Interrupted lettering
€225.752.208.50Fine edge lettering
These attributes, developed with input from user needs including those of blind and partially sighted individuals, enable independent handling in everyday transactions, though no dedicated tactile markings like are present on the coins themselves.

Commemorative issues

€2 commemorative coins

€2 commemorative coins are special issues of the €2 denomination minted by euro area member states to honor significant events, historical figures, anniversaries, or European milestones. They retain the standard common obverse side depicting Europa being abducted by in bull form, surrounded by the denomination and stars of the flag, while the national reverse features a unique design tied to the commemorative theme. These coins match regular €2 coins in bimetallic composition, weight of 8.5 grams, of 25.75 mm, and edge lettering "HNIWSTUEENM," ensuring compatibility with vending machines and circulation systems. They serve as across all euro area countries, accepted without limit in value for transactions. Issuance follows guidelines established by the (ECB) and approved by the to preserve monetary uniformity. Each member state may produce up to two €2 commemorative coins per year, with designs submitted for ECB approval at least six months in advance. A third coin is permissible only for joint emissions involving multiple states or, exceptionally, all euro area countries for shared European commemorations, such as the 30th anniversary of the EU flag in 2005 or the 20th anniversary of the 's introduction in 2022. National designs must include the issuing country's identification, mint mark if applicable, and minting year, while avoiding political or religious motifs that could undermine cohesion. Mintage volumes are determined nationally but typically range from hundreds of thousands to tens of millions, balancing circulation needs with collector demand; no uniform quantitative cap exists beyond the annual quota. The program commenced in 2004, when issued the inaugural coin marking the Athens Olympic Games, with a mintage of approximately 4.5 million pieces. Subsequent national examples include Finland's 2006 coin for the 150th anniversary of the five-mark banknote and Germany's 2007 issue commemorating the 50th anniversary of the . Joint issues, like the 2015 coin for the 30th anniversary of the involving multiple states, feature coordinated designs to symbolize unity. Despite their circulation intent, high collector interest often results in rapid withdrawal from everyday use, elevating secondary market values for low-mintage or historically significant variants. By 2023, over 500 distinct national and joint €2 commemorative coins had been released, reflecting diverse cultural narratives within the framework.

Non-standard denominations and collector issues

Collector euro coins encompass issues in denominations outside the standard circulating values of 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 s, produced primarily for numismatic purposes rather than general circulation. These coins are minted by national authorities in euro area countries and associated non-member states such as , , and under monetary agreements with the . Designs for such coins must substantially differ from those of circulating euro coins to minimize public confusion, as stipulated in EU guidelines on coin issuance. Unlike €2 commemorative coins, which circulate euro-wide, non-standard denomination collector coins hold status exclusively within their issuing country, limiting their practical use beyond collector markets where their often far exceeds the nominal amount due to limited mintages and content. Issuance requires approval from the relevant national and compliance with rules, with production volumes kept low to preserve collectible appeal—typically ranging from a few thousand to tens of thousands per issue. variants, such as silver or gold coins, are common, enabling higher denominations like 5, 10, 20, 50, or 100 euros to reflect material costs and thematic significance. Examples include Italy's collector coins, which are denominated above 2 euros and only domestically, often featuring historical or cultural motifs in or . Similarly, other mints produce themed series, such as annual issues marking anniversaries or national heritage, with compositions like for mid-range values or .900 fine for premium denominations. These issues contribute to the euro's numismatic ecosystem, generating revenue for issuing authorities through sales at premiums over while adhering to EU specifications for , , and edge features adapted to non-circulating intent.

Production and distribution

Minting processes and national mints

The minting of euro coins is the responsibility of the national authorities in the 20 euro area countries, with production quotas approved annually by the to align with projected demand and circulation needs. Each country produces coins featuring its national reverse design alongside the standardized common obverse, ensuring adherence to uniform technical specifications for dimensions, weight, alloy composition, and edge features. The process employs state-of-the-art hydraulic or mechanical presses capable of exerting pressures up to 700 tons to strike designs into metal blanks, with production typically occurring in secured facilities equipped for high-volume output. Key steps in the minting process include the preparation of blanks from rolled metal strips of precise alloys—such as copper-plated steel for cent denominations, Nordic gold (a copper-aluminum-zinc-nickel alloy) for 10–50 cent coins, and bi-metallic combinations for €1 and €2 pieces—followed by blanking to cut discs, annealing to soften the metal, edge milling for reeded or inscribed borders, and final striking between obverse and reverse dies engraved via computer-aided design and electroforming for accuracy down to micrometers. Post-striking, coins undergo automated inspection for defects, weighing, and packaging before distribution through national central banks. Initial euro coin production in 1999–2001 involved over 50 billion pieces across multiple mints, with blanks sometimes sourced internationally to meet launch deadlines, though ongoing issuance remains predominantly national. Not all euro area countries operate their own mints; those without facilities outsource production to established mints in other member states or associated facilities, while microstates like , , and use partner mints under agreements granting them issuance rights. Coins from multi-mint countries, such as , include identifying marks (e.g., "A" for , "D" for ) to denote the origin facility. The following table lists primary mints responsible for euro coin production by country:
CountryMint NameLocation
Münze Österreich
Koninklijke Munt van België
Hrvatski novčarski zavod
Rahapaja Oy
(incl. )
State Mints (, , , )Various
Istituto Poligrafico e Zecca dello Stato
Lietuvos monetų kalykla
Koninklijke Nederlandse Munt
Imprensa Nacional – Casa da Moeda
Mincovňa
Fábrica Nacional de Moneda y Timbre
Countries without dedicated mints, such as , , and , contract external producers like the Royal Belgian Mint or others to meet quotas while maintaining national designs. This decentralized approach allows flexibility but requires coordination to ensure consistent quality and anti-counterfeiting features across the .

Quality control and error coins

The (ECB), together with EU finance ministers and national mint directors, oversees a comprehensive for euro coins, ensuring uniformity in dimensions, weight, alloy composition, and across all issuing countries. National mints implement this system during production, conducting checks on coin blanks, striking accuracy, edge lettering, and using automated equipment to detect deviations before release. The ECB mandates submission of detailed production reports from mints and performs annual audits and evaluations to confirm adherence, with non-compliant batches subject to rejection or recall. Despite these controls, mint errors—defects arising from mechanical failures like die misalignment, incorrect feeding, or assembly issues in bimetallic coins—occasionally enter circulation, though at rates minimized by industrial-scale . Common error types include off-center strikes, double strikes, clipped s, and mules (coins struck with mismatched dies), such as the rare 2002 Italian 1 euro featuring two obverses or Finnish 2 euros with rotated cores. Authenticated examples, verified by numismatic experts through microscopic examination of strike marks and metal flow, command premiums among collectors; for instance, a 2020 German 2 euro with a misaligned bimetallic core has fetched over €300 at , reflecting scarcity rather than . The ECB does not endorse or appraise error coins, treating them as production outliers rather than valid currency, and advises public verification to distinguish genuine mint errors from post-mint damage or fabricated fakes, which proliferate in online markets. Incidents like edge-lettering omissions or hybrid strikes on low-denomination coins, such as 2-cent pieces with obverse-obverse doubles, underscore the limits of even stringent controls in high-volume minting, estimated at billions of coins annually. National central banks may exchange defective coins at face value if flaws impair usability, prioritizing economic functionality over collectible appeal.

Circulation and usage

Volume and distribution statistics

As of January 2022, approximately 141 billion euro coins were in circulation in the euro area, reflecting steady growth since the currency's introduction in 2002. The total value of coins in circulation stood at €30 billion by the end of 2020, with subsequent increases driven by replacement minting and economic demand, though precise quarterly breakdowns emphasize that low-value denominations (1, 2, and 5 cents) account for over 60% of the physical volume but less than 5% of the total value. Higher denominations, such as €1 and €2 coins, dominate the value composition, comprising roughly 70-80% of the monetary stock despite fewer units in play. Low-denomination coins exhibit particularly high volumes due to their role in exact change and tendencies; for instance, 1-cent coins alone numbered 40.1 billion by early 2025, equivalent to about 240 per euro area resident. The monitors net circulation stocks, excluding central bank holdings, with data updated monthly and showing annual production approvals tied to national forecasts rather than fixed quotas. Minting volumes vary by country, with larger economies like and producing billions annually for replacement, but overall issuance is calibrated to maintain circulation without excess, as excess coins incur costs borne by issuing states. Euro coins distribute freely across the 20 countries plus adopting microstates (, , , ), with no formal , leading to heterogeneous mixes influenced by , , and migration. Empirical surveys reveal rapid cross-border diffusion: in , foreign-origin coins rose from 5% of wallet holdings in March 2002 to 34% by December 2011, with higher-value coins showing greater mobility due to vending and retail flows. Border regions and high-mobility areas exhibit elevated foreign coin prevalence—up to 50% in eastern near —while studies from 2002-2010 across multiple countries confirm that coin nationality correlates loosely with economic size of issuers, with German and French coins overrepresented in . This pan-area blending underscores the euro's design for seamless circulation, though it complicates national tracking, as the ECB aggregates data without routine country-specific breakdowns beyond issuance.

Practical use and regional variations

Euro coins function as throughout the euro area, facilitating payments in retail, vending machines, public transport, and other small transactions regardless of the issuing country. Their bimetallic construction for higher denominations and uniform specifications ensure compatibility with automated systems like coin sorters and vending devices across borders. However, under Council Regulation (EC) No 974/98, private parties are not obliged to accept more than 50 coins in a single payment, though public authorities must. Usage patterns exhibit regional differences tied to cultural preferences for cash. In 2023, cash preference for point-of-sale payments reached 45% in and 30% in , contrasting with under 15% in and , reflecting higher coin reliance in . , including coins, remained the most frequent payment method in 14 of 20 euro area countries in 2024, particularly in , , , and . Small-denomination coins face declining practical relevance in several nations. , , , , , , and have halted or sharply reduced minting of 1- and 2-cent coins since 2017–2024, citing negligible circulation and rounding practices, with 61% area support for discontinuation per a 2024 survey. In , billions of these coins are hoarded rather than circulated, prompting debates on abolition. Circulation composition varies regionally due to mobility and trade. Border areas, such as eastern or the Netherlands-Germany frontier, exhibit higher mixes of foreign-issued coins, with German coins predominant in many northern regions. Microstates including , , , and issue their own euro coins under EU agreements, which integrate into general circulation despite unique national reverses, as seen in Vatican series featuring papal motifs.

Economic implications

Production costs versus intrinsic value

Euro coins, as fiat , possess an intrinsic value limited to the market price of their constituent metals, which is substantially below their nominal across all denominations due to the use of base alloys rather than precious metals. For instance, the 1-cent coin, composed of -plated weighing 2.30 grams, has a melt value estimated at fractions of a cent, reflecting current commodity prices for (approximately €0.008 per gram) and . Similarly, higher denominations like the 10-cent coin in Nordic gold (an of 89% , 5% aluminum, 5% , and 1% tin, weighing 4.10 grams) yield melt values under 2 cents, while bimetallic 1- and 2- coins incorporate and but still fall short of in scrap terms. Production costs, encompassing , minting, , and distribution, far exceed this intrinsic metal value for every denomination, as the processes involve precision striking, anti-counterfeiting features, and that do not offset the low base-metal expenses. The European Commission's 2018 assessment indicates that even material costs alone (a proxy for intrinsic value) constitute only 50-60% of for low denominations in some analyses, but total production elevates expenses significantly higher. For 1-cent coins, costs ranged from 0.9 to 2.0 euro cents per unit in 2017 surveys across area states, surpassing the 1-cent and resulting in negative —where issuance generates losses rather than profit for issuing authorities. In Ireland, production of a 1-cent coin costs 1.65 cents, underscoring persistent inefficiencies. For mid-range denominations like 5- and 10-cent coins (also copper-plated ), production costs remain below but still dwarf intrinsic value, yielding modest positive . Larger coins, such as the 1- and 2- pieces, benefit from higher s relative to materials (e.g., brass-nickel compositions), where minting costs are a smaller fraction—often under 10% of face—allowing substantial gains that offset losses from smaller coins. Overall, the system's decentralized minting by national facilities amplifies variability, with total coin production costs since 1999 exceeding billions in , driven more by operational overheads than metal inputs. This disparity highlights the nature of euro coins, where enforcement sustains value despite production-intrinsic gaps.

Small-denomination inefficiencies and rounding practices

The production costs of 1 and 2 cent coins consistently exceed their face values, rendering them economically inefficient for minting and circulation. According to a 2013 assessment, the acquisition costs for these denominations surpass their nominal value due to factors such as copper-plated steel composition and rising metal prices, with cumulative production expenses reaching €1.4 billion by 2013 despite their limited transactional . A 2018 Commission report reinforced this, noting that 1-cent minting costs alone exceed the coin's value, compounded by high handling, distribution, and environmental impacts from packaging and transport relative to their marginal role in payments. Usage data from the indicates that 1 and 2 cent coins constitute less than 30% of transaction-held coins in , reflecting broader euro area trends where their low leads to or accumulation in household jars rather than active circulation. To mitigate these inefficiencies, several euro area countries have implemented practices, adjusting final payment amounts to the nearest 5 cents for transactions settled in physical while preserving exact pricing for electronic payments. This neutral —up or down based on the third decimal place—reduces reliance on small-denomination coins without altering overall price levels, as evidenced by stable rates in adopting nations. , the , , , , and pioneered this approach post-euro introduction, with mandatory application varying by but consistently targeting cash-only scenarios to streamline retail handling. By 2025, additional countries including and enforced rounding rules effective January 1 and May 1, respectively, joining seven others in curtailing 1 and 2 cent minting volumes approved by the , though the coins remain across the area. 's National Cash Forum endorsed statutory in March 2025, citing precedents in peer nations and projecting savings from diminished coin supply logistics, yet emphasized via voluntary acceptance of small coins where feasible. These measures address causal inefficiencies—high fixed costs per unit for low-value items—without EU-wide abolition, allowing national flexibility amid divergent cash usage patterns, as small coins persist in high-circulation economies like despite elsewhere.

Counterfeiting challenges

The number of counterfeit euro coins detected in circulation within the euro area rose sharply in recent years, reaching 480,371 in 2023, a 62% increase from 296,525 in 2022 and more than double the 221,690 recorded in 2021. This upward trend contrasts with earlier periods, such as 2010 when approximately 186,000 counterfeits were removed, indicating a resurgence in production and distribution efforts by counterfeiters. The €2 denomination accounted for 94% of detections in 2023, with commemorative variants particularly targeted due to their higher collectible value and design complexity, comprising a growing share of fakes. Detection occurs predominantly through automated coin-processing machines operated by national central banks, companies, and institutions, which identify anomalies in weight, , edge lettering, and electromagnetic properties. The European Technical and Scientific Centre (ETSC) classifies these counterfeits into families based on production methods, such as the prevalent 2E72 and 2E92 groups for €2 coins, enabling targeted updates to security features like bi-metallic composition and holograms. Seizures prior to circulation totaled 46,347 coins in 2023, a decline from 62,270 in 2022, often resulting from law enforcement raids on illicit mints, though no major dismantling operations were reported that year. Geographically, detections concentrated in (114,357 in 2023), (74,527), and (73,524), with an additional 68,088 reported in third countries, reflecting production hotspots in and alongside local distribution networks. In alone, national figures climbed to 141,300 in 2024 from 115,900 in 2023, underscoring persistent vulnerabilities despite enhanced machine validation. Overall prevalence remains low relative to the billions of genuine coins in circulation—estimated at under 0.01%—but the absolute increase signals evolving counterfeiter tactics adapting to post-2002 security upgrades.

Impacts on economy and responses

Counterfeit euro coins impose direct economic costs primarily through the nominal value withdrawn from circulation and the expenses associated with detection, sorting, and replacement by national central banks and retailers. In 2023, the total value of counterfeit euro coins detected in circulation across the euro area amounted to €935,381.50, marking an increase from the previous year but remaining a fraction of overall circulation. These losses represent forgone revenue for minting authorities, as genuine coins must be produced to replace fakes, with production costs exceeding intrinsic metal values for denominations like the €2 coin. Indirect impacts include operational burdens on businesses, such as manual verification time and occasional losses when s are accepted in transactions, though prevalence remains low at under 20 counterfeits per million genuine coins annually in recent years. Broader economic effects stem from potential erosion of public confidence in the currency's , which could elevate transaction costs if widespread distrust prompts increased scrutiny or shifts toward digital payments. However, empirical indicate minimal inflationary or monetary supply disruption, as withdrawn counterfeits constitute negligible volumes relative to the €30 billion in euro coins circulating as of recent estimates. In specific cases, such as organized rings producing hundreds of thousands of fake €2 coins, localized damages have reached €1 million in nominal value, but these are outliers with limited systemic propagation due to rapid detection. Responses to euro coin counterfeiting emphasize preventive design enhancements, regulatory frameworks, and coordinated enforcement. The and (ECB) oversee security features like bimetallic composition, micro-engraving, and edge lettering introduced in coin designs to deter replication, with ongoing evaluations of minting quality. Council Regulation (EC) No 1338/2001 mandates member states to designate competent authorities for identifying and withdrawing counterfeits, facilitating EU-wide data sharing via the Counterfeit Coins Experts Group. The IV programme (2021–2027), funded by the with a budget supporting training, staff exchanges, and studies, bolsters and judicial capabilities against ing, including coins, through seminars and cross-border operations. In 2023, pre-circulation seizures totaled 46,347 counterfeit coins, reflecting proactive and police actions, while national banks like Germany's Bundesbank reported 141,300 detections in 2024, up from 115,900 in 2023, prompting intensified monitoring. These measures maintain counterfeiting rates at historically low levels, prioritizing high-denomination €2 coins, which account for over 90% of fakes.

Controversies and criticisms

Design and plagiarism disputes

In February 2022, the (HNB) selected a design by artist Stjepan Pranjković for Croatia's national side of the 1-euro coin, ahead of the country's euro adoption on January 1, 2023. The design depicted the Baška tablet, a 11th-century Glagolitic inscription stone central to Croatian heritage, but faced immediate accusations after observers noted its close resemblance to a 2006 photograph of the tablet by Scottish photographer Alan Wilson, licensed under but requiring attribution. Pranjković did not publicly respond to the claims, and the HNB annulled on February 8, 2022, launching a new tender to ensure originality. In May 2023, Pranjković withdrew another proposed design for the same coin following fresh allegations, prompting further scrutiny of process. Beyond plagiarism, euro coin designs have sparked disputes over historical sensitivities and national symbolism. In March 2015, Belgium abandoned plans for a €2 commemorative coin marking the 200th anniversary of the after objected, citing potential offense to French national memory due to Napoleon's defeat by allied forces including the Duke of Wellington. Approximately 180,000 coins had already been minted but were not circulated. Similarly, in 2012, revised its €2 design depicting saints after criticism that the halos around their heads violated EU guidelines on religious imagery or constituted an unauthorized alteration, with the confirming the changes on November 20. Other contentions include territorial symbolism, such as Austria's 2005 objections to Slovenia's proposed euro coin featuring the /Isonzo stone from a region historically disputed between the two nations, though the design proceeded with adjustments. Early euro design phases also saw delays in deliberations over material choices, including content linked to skin allergies, amid lobbying from manufacturers favoring durability over health concerns. These incidents highlight ongoing tensions in balancing , EU harmonization rules, and legal protections for coin designs, which are copyrighted by the and assigned to member states.

Economic and fiscal critiques

The production of low-denomination euro coins, particularly 1- and 2-cent pieces, has drawn economic for incurring costs that exceed their , resulting in net fiscal losses for minting member states. Since the euro's introduction in , the has spent approximately €1.4 billion on producing these small coins, with minting costs alone often surpassing the nominal value due to rising metal prices and manufacturing expenses. In most euro area countries, total issuance costs—including production, distribution, and handling—far outstrip the coins' value, generating negative where governments effectively subsidize circulation rather than profiting from it. Specific national examples underscore these inefficiencies. In , the cost to mint a single 1-cent coin exceeded 4 cents as of 2013, driven by and raw material expenses that constitute 50-60% of the even before additional processing. faced similar issues, with production costs of 2 to 2.5 cents per 1- or 2-cent coin in 2014, compounded by transport, stocking, and high loss rates where up to 40% of small-denomination coins fail to return to circulation and are hoarded or discarded. These losses represent an for public finances, diverting resources from other budgetary priorities without commensurate economic benefits, as the coins' low limits their transactional utility amid and a shift toward digital payments. Fiscal critiques extend to the broader structure of euro seigniorage, where national central banks bear the full costs of allocated production quotas despite the currency union's shared framework. While higher-denomination coins yield positive , the persistent deficits from small coins erode overall gains, with critics arguing that mandatory status perpetuates wasteful expenditure absent market-driven demand. Environmental externalities further amplify the , as and minting for underutilized coins impose resource costs disproportionate to their value, including from unreturned metal stock. Empirical assessments, such as a 2018 report, confirm that 1-cent minting costs routinely exceed face value, yet political resistance—stemming from public fears of upward price rounding—has delayed reforms despite evidence of price neutrality in rounding systems. In response to these pressures, several countries have implemented measures to mitigate losses, including mandatory rounding to the nearest 5 cents at checkout—adopted in since December 2019—and outright cessation of 1- and 2-cent minting in eight nations effective May 1, 2025, alongside enforced rounding for cash transactions. These steps reflect a recognition of fiscal unsustainability, though coins remain and existing stocks continue to circulate, highlighting ongoing tensions between tradition and economic rationality.

Cultural and symbolic debates

The dual-sided design of euro coins, featuring a common obverse symbolizing European unity—such as the flag or a map of —and national reverses depicting country-specific motifs, was intended to embody "" as articulated by institutions during the currency's creation in the late . This approach aimed to foster a supranational European identity while preserving national heritage, with the common side standardized across members to represent shared values like peace and cooperation post-World War II. Academic analyses have described this as a deliberate political strategy to construct collective symbolism, drawing on historical precedents where reinforces identity, though empirical studies indicate limited success in cultivating a pan-European sentiment among citizens. Critics, particularly euroskeptics and nationalists, argue that the 's symbolism undermines national sovereignty by replacing distinct currencies—each a carrier of unique historical narratives—with a homogenized emblem that prioritizes supranational integration over cultural particularity. For instance, the symbol (€), patented in 1996 and inspired by the epsilon to evoke Europe's classical roots, has been faulted for its abstract, bureaucratic origins, lacking the organic evolution of national currencies and symbolizing imposed rather than organic economic convergence. Such views posit that the 's design glosses over causal realities of disparate national economies and identities, potentially eroding trust in as a medium of collective self-identification, as explored in psychological studies linking symbols to existential anxieties about group belonging. Specific national designs have ignited debates over cultural representation and inclusivity. In , a 2013 proposal for a 2-euro featuring drew criticism from lawmakers advocating stricter adherence to Europe's religious diversity, arguing that dominant Christian motifs on euro coins marginalize non-Christian populations despite the currency's secular framework. Similarly, Croatia's 2023 euro coin designs incorporating —a figure claimed by both Croatian and Serbian nationalists—provoked interstate tensions, highlighting how national reverses can exacerbate historical rivalries rather than promote harmonious European symbolism. Recent discussions on with military motifs, such as depictions of historical battles, have questioned the appropriateness of politicized or "warlike" imagery on a meant to circulate neutrally across borders, reflecting broader unease about embedding divisive narratives in everyday economic tools. These cases underscore ongoing tensions between the euro's aspirational unity and the persistent pull of localized cultural assertions.

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