Monaco, a tiny country in Europe has Euro as its currency. Despite the fact that Monaco currency is Euro, Monaco is not a member of European Union. Currency of Monaco has helped it achieve a distinct position in terms of rich economy.
Monaco is having close relation with France through customs union. Till the year 2002 Monaco was minting its coins which were Monegasque coins and Franc coins. But it was after January 1, 2002 that Monaco along with 11 other EU members accepted Euro as official currency and got the right to start minting Euro coins with Monegasque patterns as the national design on the side of the coins. Monaco currency is high in value but Monaco does not impose any income tax on the individuals that is the reason why most of the foreign investors have set up their entrepreneurship in Monaco adding much to this tiny country's economy. This has made Monaco as one of Tax Havens as declared by International Monetary Fund (IMF). However Monaco does not show economic figures officially but it is estimated that in 2006 it had GDP at $976.3 million.
Ever since Monaco has started minting its own Euro coins two series of coins are being circulated. These two are:
- The First Series of Coins: The first series has a double portrait of Prince Rainier III on the €2 coin. The portrait of Prince Albert is depicted on the coin of €1. The coins of 10, 20 and 50 cent bear the seal of the Prince. On the coins of 1, 2 and 5 cent the coat of arms of Monaco Princes is depicted.
- The Second Series of Coins: The second series has portrait of Prince Albert II on the €1and €2 coins. While a monogram of Prince Albert is shown on the coins of 10, 20 and 50 cent.