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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), three European microstates which have currency agreements with the EU (Monaco, San Marino and the Vatican City State), Andorra, Montenegro and the Kosovo province of Serbia. Euro coins and banknotes (see Euro banknotes) came into circulation on January 1 2002. One euro is divided into 100 cents and there are eight different denominations. Normal issues 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 on the coin the year when it was minted rather than the year in which it was put into circulation. Depiction of euro coinage - reverse side / common side 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 stylised 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
Special coin features for people with impaired sight Euro coins were designed in cooperation with organisations representing blind persons, and as a result they incorporate many features allowing them to be distinguished by touch alone. In addition, their visual appearance is designed to make them easy to tell apart for persons who cannot read the actual inscriptions on the coins. The coins increase in size and weight with value. Of the 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 colour 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 colour identifies low values; yellow colour identifies medium values; two different colours identify high values. Although there have been other currencies predating the euro that were specifically designed in similar ways (different sizes, colours, and ridges) to aid the visually impaired, the introduction of the euro constitutes the first time that authorities have consulted associations representing the blind before, rather than after, the release of the currency. 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, as their face value is generally vastly exceeded by their scrap value, 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 five countries have issued €2 commemorative coins as of April 2006, and one more is 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 | |||||||||
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