Euro coins for circulation — clarification of rules

 

SUMMARY

Regulation (EU) No 729/2014 defines the denominations and technical specifications of euro coins intended for circulation. It replaces a previous EU law (Regulation (EC) No 975/98), which had been amended on several occasions.

WHAT DOES THIS REGULATION DO?

To permit the smooth circulation of coins in the eurozone, it lays down the denominations and technical specifications of euro coins.

The physical characteristics of the coins are a key element in ensuring public confidence in the coinage system. To ensure that the coins are accepted by users, the regulation seeks to ensure that they are distinguishable by means of certain visual and tactile characteristics. A further reason for the technical specifications is to reduce the risk of fraud.

KEY POINTS

There are eight denominations of euro coins: €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1 and €2.

The technical specifications (diameter, thickness, weight, shape, colour, composition and edge) of each denomination are set out in Annex I to the regulation.

Each coin has a common European side and a distinctive side individual to each eurozone country.

The national side of coins bears an indication of the issuing country (either its name or an abbreviation) and a circle of 12 stars that must fully surround the national design, including the year mark and the indication of the issuing country’s name. The 12 stars must be depicted as on the EU flag.

Changes to the designs used for the national sides of coins may only be made once every 15 years, except where changes are necessary to prevent counterfeiting of the currency.

Given that euro coins circulate in the whole eurozone, to avoid the use of inappropriate designs issuing countries must inform each other and the European Commission about draft designs in advance of the planned issue date. The Commission must check that the designs comply with the technical requirements of the regulation.

The regulation also lays down uniform conditions for the approval of the designs of the national sides of euro coins. This is to avoid a situation where the choice of design might be considered inappropriate in one or more other eurozone countries. The approval of the final design remains with the Council.

The rules concerning the technical specifications for euro banknotes are defined in Decision 2013/211/EU.

WHEN DOES THE REGULATION APPLY?

The regulation applies from 22 July 2014. It repeals Regulation (EC) No 975/98.

KEY TERMS

Circulation coins are euro coins intended for circulation.

Regular coins means circulation coins excluding commemorative coins.

Commemorative coins are circulation coins intended to commemorate subjects of major national or European relevance. They bear a commemorative design and can only be issued as €2 coins, to which they are technically identical.

Further information is available from the European Commission’sDirectorate-General for Economic and Financial Affairs website.

ACT

Council Regulation (EU) No 729/2014 of 24 June 2014 on denominations and technical specifications of euro coins intended for circulation (Recast).

RELATED ACTS

2013/211/EU: Decision of the European Central Bank of 19 April 2013 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (ECB/2013/10) (Official Journal L 118 of 30 April 2013, p. 37–42).

last update 30.12.2014