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.
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
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.
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