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There are eight euro coin denominations, ranging from one cent to two euro [1] (the euro is divided into a hundred cents). The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different designs in circulation at once.
The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark (though Denmark has a policy of a fixed exchange rate with the euro). [9] Though the currency was born virtually in 1999, [2] notes and coins did not begin to circulate until 2002. [2]
The Monnaie de Paris in Pessac is the exclusive producer of French euro coins. [16] It also mints Monégasque euro coins [17] and alternates with the Spanish Royal Mint for the production of Andorran euro coins. [18] It has also minted Greek euro coins, [12] Luxembourg euro coins, [13] and Maltese euro coins. [19] [20]
The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro. The coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c.
The 1 euro coin (€1) is a euro coin with a value of one euro. It is made of two alloys: the inner part of cupronickel, the outer part of nickel brass. All coins have a common reverse side and country-specific national sides. The coin has been used since 2002, with the present common side design dating from 2007.
Euro banknotes and coins of various denominations. The new coins and notes were first valid on the French island of Réunion in the Indian Ocean. [23] The first official purchase using euro coins and notes took place there, for one kilogram of lychees. [24] The coming of midnight in Frankfurt at the ECB offices, though, symbolised the transition.