Renegotiation the Monetary Agreement with Monaco


The European Union in collaboration with the European Central Bank is currently renegotiation the monetary agreement with Monaco, similar to what they did with the Vatican last year. With the new agreement Monaco will be forced to put 80% of its coins in circulation at face value.



Updated 31.Mar.2011 

Quoting from the Journal of the European Union "The method for determining the ceiling of issuance of Monegasque euro coins shall be revised. The new ceiling shall be calculated using a method which will combine a fixed part aimed at avoiding excessive numismatic speculation on Monegasque coins by satisfying the demand of the collector coin market and a variable part, calculated as the average per capita coin issuance of France in the year n-1 multiplied by the number of inhabitants of Monaco. Without prejudice to the issuance of collector coins, the renegotiated Agreement shall set the minimum proportion of Monegasque euro coins to be put into circulation at face value at 80 % of the euro coins issued every year." With the new rules the situtation with the Monegasque euro coins should be similar to the Vatican 2011 - thereby we except that if a 2 euro commemorative coin is issued it should have a mintage volume of around 100,000



Updated 28.Jan.2012

The new agreement with Monaco became effective on 1st December 2011. This new agreement has considerably increased the issuance volume of the Monaco euro coins - last December, as soon as the agreement became effective, Monaco had to increase its issuance volume of the standard €2 euro coin.




(C) Journal of the European Union - February 2011

(C) Journal of the European Union - March 2011

(C) Journal of the European Union - January 2012

(C) Image Source - Reppa

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Comment by austin farrugia on January 28, 2012 at 19:09



Comment by leo on January 28, 2012 at 12:51

In the end will increase by 2 euro coins in circulation? ? ? ? ? I have not purchased KMS MONACO 2011! I am waiting!

Comment by mog on January 28, 2012 at 12:39

Hi Adrian, I was really surprised last week when I was given as change a Malta EMU circulated coin, my frist Malta circulated CC

Comment by euroHOBBY on January 28, 2012 at 9:51

Adrian that is not true - Malta has to issue a percentage of the 2 euro commemorative coins in circulation

i had found Maltese EMU in circulation

from which year is the 2 euro from Monaco?

Comment by Adrian Grech on January 28, 2012 at 9:43

In fact I found a EUR 2 form Monaco in circulation.

Comment by Adrian Grech on January 28, 2012 at 9:41

Can anyone tell me what agreement Malta has then because as far as I know, none of our commemorative coins are released into circulation. 

Comment by euroHOBBY on January 28, 2012 at 9:29

yes probably

we will see what Andorra will put :D

although the new agreements are far better than the first - it is still a long way to go

Comment by putson on January 28, 2012 at 9:25

And San Marino put in circulation 1€ I think but I´m not sure!

Comment by euroHOBBY on January 28, 2012 at 9:17

as i said earlier - the mini states found a loophole in this agreement and will mint only one denomination year after year - eg Vatican is minting 50c only which is now quite common and is keeping all the other denominations rare. Yes it is difficult to find a 50c from the Vatican in circulation but they do exist as i found one myself :D

Monaco seems that will do the same as Vatican but instead of 50c will put €2 - last year it minted quite a lot of them

Comment by Ar1us on January 28, 2012 at 9:00

What's the assurance that they will be given to circulation? I can't believe for a single moment that they will be really put into circulation and that there's a chance in a million to get a monegasque or vatican coin as smallchange from the supermarket. I am quite certain that the ''loose coin'' bank rolls will one-way-or-antother end up into the hands of numismatic merchants and speculators. Perhaps the numismatic authorities of those microstates will not benefit by legally speculating themselves on their coins, but an administrator (not even believe that a simple clerk) of these authorities can surely benefit his own pocket by handing them over to the merchants.

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