Euro coins: Difference between revisions
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===Gold and silver commemorative issues=== |
===Gold and silver commemorative issues=== |
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[[Image:Suomi 10euro.jpg|frame|Finnish 10 euro coin commemorating [[Elias Lönnrot]]]] |
[[Image:Suomi 10euro.jpg|frame|Finnish 10 euro coin commemorating [[Elias Lönnrot]]]] |
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{{main|List of world commemorative coins}} |
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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. |
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. |
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Revision as of 14:37, 28 January 2006
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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The euro (EUR or €) is the currency of 12 European Union (EU) member states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain), four European microstates that had currency relatioships with EU member states (Andorra, Monaco, San Marino and the Vatican City State), and two parts of Serbia and Montenegro (Montenegro and the Kosovo province).
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.
Normal issues
| Denomination | Diameter | Thickness | Mass | Composition | Edge |
|---|---|---|---|---|---|
| 1 cent / €0.01 | 16.25 mm | 1.67 mm | 2.30 g | Steel with a copper cover | Smooth |
| 2 cent / €0.02 | 18.75 mm | 1.67 mm | 3.06 g | Steel with a copper cover | Smooth with a single groove |
| 5 cent / €0.05 | 21.25 mm | 1.67 mm | 3.92 g | Steel with a copper cover | Smooth |
| 10 cent / €0.10 | 19.75 mm | 1.93 mm | 4.10 g | Copper alloy (Nordic gold) | Scalloped (ribbed edge) |
| 20 cent / €0.20 | 22.25 mm | 2.14 mm | 5.74 g | Copper alloy (Nordic gold) | Smooth with seven indentations ("Spanish flower") |
| 50 cent / €0.50 | 24.25 mm | 2.38 mm | 7.80 g | Copper alloy (Nordic gold) | Scalloped (ribbed edge) |
| 1 euro / €1.00 | 23.25 mm | 2.33 mm | 7.50 g | Inner: Cupronickel Outer: Nickel brass |
Six alternating segments, three smooth, three finely ribbed |
| 2 euro / €2.00 | 25.75 mm | 2.20 mm | 8.50 g | Inner: Nickel brass Outer: Cupronickel |
Varies between national issues. Most are finely ribbed with edge lettering. |
All coins have a common reverse side showing how much the coin is worth, with a design by Belgian designer Luc Luyckx. The design of the 1-, 2-, and 5-cent coins symbolises Europe's place in the world as a whole. The image on the 10-, 20-, and 50-cent coins shows the EU member states coming together (note that the EU members who are at this time not part of the euro are also depicted). Finally, the 1- and 2-euro coins depict a Europe without frontiers. All coins feature 12 stars in their design.
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). These countries traditionally put the year when the coin was minted on the coin, instead of the year in which the coin was put into circulation.
Depiction of euro coinage - reverse side / common side
| €0.01 | €0.02 | €0.05 |
|---|---|---|
| File:1c comm.png | File:2c comm.png | File:5c comm.png |
| €0.10 | €0.20 | €0.50 |
| File:10c comm.png | File:20c comm.png | File:50c comm.png |
| €1.00 | €2.00 | |
| File:1e comm.png | File:2e comm.png |
Each country participating in the euro has its own design on the national 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 stylized graphics of things such as national monuments or symbols.
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.
The coins from Monaco feature the royal family's coat of arms and seal and the portrait of the late ruler, Prince Rainier III. Future coins will presumably feature the current ruler, Prince Albert II.
Those from San Marino have various towers and public buildings from the small nation on them as well as the national coat of arms. The Vatican coins until 2005 presented the portrait of the late Pope John Paul II. Still in 2005 a Sede Vacante set was issued, and from 2006 on coins will feature Pope Benedict XVI. Having coins with the effigy of a religious leader accepted as legal tender caused some controversy in certain countries such as France.
Andorra has secured the right to mint its own national obverse since agreeing to banking regulations in 2005 reducing its status as a tax haven. For the time being, the authority to mint coins has been recently transferred from the Bishop of Urgell to the Andorran government.
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.
Small denomination coins
Finland does not use the 1- and 2-cent coins in circulation.
The Netherlands have also practically decommissioned the 1- and 2-cent coins, pressured by the retail business who claim dealing with 1- and 2-cent coins is too expensive. After a successful experiment in shops 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. Even though the 1- and 2-cent coins have become very uncommon now, they remain official currency and a valid method of payment.
In general, if a country decides not to mint these denominations, coins from other member states will remain legal tender. This is the case in Finland and The Netherlands in present times. However, as the "foreign" monetary mass is lower than the internal, the number of 1- and 2-cent coins would stay marginal, hencefore, not being a great concern for most retailers.
Because Finland does not use 1- and 2-cent coins in circulation, but has still minted them, these coins are greatly valued in collector circles. Finnish 1- and 2-cent coins in good condition can be priced at almost one thousand times their face value.
Design changes
At June 7 2005, the European Council of Economic and Financial Affairs decided to change the design of the common side of the bicoloured and nordic-gold coins.[1] The new design reflects the expansion of the European Union by 10 new member states on May 1 2004. The first coins using the new design will be minted in 2007.
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 amount of €2 commemorative coins [2].
There are no plans to move to common obverse issues in the near future.
Special coin features for the blind
Euro coins were designed in cooperation with organizations 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.
Of the seven denominations of euro coins, the three lowest denominations are small and distinctly reddish in color, and quite thin and light. The next three denominations are yellow in color and thicker, as well as heavier. The highest two denominations are each of two different colors, 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 color identifies low values; yellow color identifies medium values; two different colors identify high values.
The one-cent coin is the smallest of all coins, and size is probably the best way to identify the coin. It is small enough to fit almost entirely between the tips of the thumb and index finger of an average adult. The edge of the coin is smooth, and the coin is dark red in color (roughly the same color as a U.S. one-cent piece).
The two-cent coin is noticeably slightly larger than the one-cent coin and is of the same red color. 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 of two coins pressed into one (although it is actually a single coin).
The five-cent coin is also red, and is the largest of the red coins, but only slightly larger than the two-cent coin. It has a smooth edge.
The smallest three coins are generally recognizable by their color and their light weight, as well as their modest thickness (about that of a U.S. one-cent piece). If a groove can be felt in the coin, it is a two-cent piece; if it is small with no groove, it is a one-cent piece; if it is (relatively) large with no groove, it is a five-cent piece.
The ten-cent coin is yellow in color. 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 also heavier than any of the red coins.
The twenty-cent coin is larger than the ten-cent coin and is also yellow in color. It has a unique group of seven notches around the otherwise-smooth edge, making it easy to recognize by touch.
The fifty-cent coin is noticeably thicker, heavier, and larger than the smaller coins, and it has a coarsely serrated edge.
The middle coin denominations are generally recognizable by their color and intermediate weight. Their thickness and weight distinguish them from the lower denominations.
The one-euro coin has a silver-white interior and a yellow perimeter. The edge is distinctively marked with alternating smooth and finely serrated sections. The coin is of about the same thickness and weight as the fifty-cent piece, but its edge markings make it easy to tell apart from this latter coin.
The two-euro coin is of two colors also, but they are the opposite of the one-euro coin: the perimeter is silver-white, and the interior is yellow. It has the largest diameter of any euro coin. The edge has a fine, continuous serration. (The edge is also embossed with tiny stars at intervals, but this is difficult to detect by touch, and it isn't necessary to do so in order to distinguish the coin from other coins.)
The two highest coin denominations are distinctive because of their two-tone color scheme (silver inside = 1 euro, silver outside = 2 euro). The colors are not sharply distinct, but the edge markings allow the two coins to be easily distinguished from each other and from other coins. The large size of the 2-euro coin makes it distinctive as well.
The most common confusions when identifying coins by touch are between the 5- and 10-cent coins, and between the 50-cent and 1-euro coins. Note that the 10-cent coin has a coarsely scalloped edge, whereas the 5-cent coin has a smooth edge. The 50-cent coin has a coarsely serrated edge as well, whereas the 1-euro coin has a finely-serrated edge, alternating with smooth areas.
Commemorative issues
Gold and silver commemorative issues
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, so it does not constitute a serious problem.
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
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 six countries have issued €2 commemorative coins as of January 2006, and two more are planning to do so in 2006.
Fantasy coins
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, Crete, Gibraltar, Guernsey, Jersey). None of these coins are legal tender anywhere.
See also
List of world commemorative coins
Euro banknotes
External links
- European Central Bank (www.euro.ecb.int)
- Euro Coins (including design fantasies for the UK, Denmark and Sweden)
- Fleur de Coin Series of articles about the history, the design and the coins.
- Euro Coin.net (gold and silver issues)
- euroswapper (coin collector swap service)
Newsgroups: