Regulation 2014/729 - Denominations and technical specifications of euro coins intended for circulation (Recast) - Main contents

EN

Official Journal of the European Union

L 194/1

Council Regulation (EC) No 975/98 of 3 May 1998 on denominations and technical specifications of euro coins intended for circulation (1) has been substantially amended several times (2). Since further amendments are to be made, it should be recast in the interests of clarity.

According to Article 128(2) of the Treaty, Member States may issue euro coins subject to approval by the European Central Bank (ECB) of the volume of the issue. The Council, on a proposal from the Commission and after consulting the European Parliament and the ECB, may adopt measures to harmonise the denominations and technical specifications of all coins intended for circulation to the extent necessary to permit their smooth circulation within the Union.

Euro banknotes range from 5 to 500 euro. The denominations of banknotes and coins need to allow for cash payments of amounts expressed in euro and cent to be facilitated.

The single coinage system of the Union should encourage public confidence and entail technological innovations which ensure that it is a secure, reliable and efficient system.

The acceptance of the system by the public is one of the main objectives of the coinage system of the Union. Public confidence in the system depends on the physical characteristics of the euro coins, which should be as user-friendly as possible.

Consultations with consumer associations, the European Blind Union and representatives of the vending machines industry were carried out to take into account the specific requirements of important categories of coin users. In order to ensure a smooth changeover to the euro and to facilitate acceptance of the coinage system by users, easy distinction between coins through visual and tactile characteristics needed to be guaranteed.

The euro coins are more readily distinguishable and easier to become accustomed to because of the link between their diameter and face value.

Certain special security features are needed in order to reduce the scope for fraud for the 1 and 2 euro coins given their high value. Coins made in three layers and the combination of two different colours in a coin are considered to be the most efficient security features available.

European Parliament and Council Directive 94/27/EC (3) limits the use of nickel in certain products in recognition that nickel could cause allergies under certain conditions. Coins are not covered by that Directive. It seems desirable to reduce the nickel content of coins for reasons of public health.

Giving the coins one common European and a distinctive national side is an appropriate expression of the idea of the European monetary union between Member States. The common European sides of euro coins bear both the name of the single currency and the denomination of the coin. The national side should neither repeat the name of the single currency nor the denomination of the coin.

A clear indication of the name of the issuing Member State should be put on the national side of the coin, in order to allow interested coin users to easily identify the issuing Member...