Skip to content
Close
SEARCH
LANGUAGE – en
it
en
it

San Marino and the Euro

The Republic of San Marino uses the euro as its official currency under a Monetary Agreement with the European Union. The current agreement came into effect on September 1, 2012, replacing the previous one signed in 2000. Before the introduction of the euro, San Marino used the lira as its national currency, as per an agreement with Italy.

Under this monetary agreement, San Marino has the right to mint a set number of euro coins featuring its own national side. For 2014, the allotted amount, based on the agreement's parameters, was €2,745,957.61. The euro coins issued by San Marino are identical to those issued by EU member states in terms of face value, legal tender status, technical features, the design of the common side, and the artistic elements shared with the national side.

Within this annual quota, San Marino may also issue euro collector coins, in line with EU guidelines. These guidelines specify that collector coins must have distinct technical characteristics, artistic designs, and denominations to differentiate them from those intended for circulation.

In addition, San Marino retains the right to issue gold coins denominated in scudi. However, these collector and gold coins are not legal tender within the European Union.

The Philatelic and Numismatic Office is responsible for managing the minting and circulation of coins. While the Italian State Mint is typically commissioned to mint the coins, San Marino may also choose to work with other EU coinage institutions.

As part of its right to use and mint the euro, San Marino has committed to implementing key EU regulations on banknotes, coins, and anti-counterfeiting measures. Law No. 101 of July 29, 2013 "Compilation of Provisions on Banknotes and Coins," and Delegated Decree No. 116 of August 8, 2013 "Sanctions Related to the Provisions of Law No. 101 of July 29, 2013 and Reconciling Provisions with Decree No. 76 of May 30, 2006," are the main regulations transposing these provisions.

Law No. 101/2013 entrust the Central Bank the role of National Competent Authority, with the following responsibilities:

  • Supervising cash handlers, ensuring they follow procedures and use equipment that prevent fraud and counterfeiting of banknotes and coins;

  • Managing the withdrawal and redemption of eligible banknotes and coins from circulation;

  • Withdrawal from circulation of suspected counterfeit banknotes and coins and activation of legal procedures for their verification;

  • Collecting statistical data from managing entities;

  • Protecting copyright on euro banknotes within the Republic of San Marino, on behalf of the European Central Bank (ECB).

CBSM cooperates with the Central Office for Counterfeit Currency (UCFM), which serves as the National Competent Authority for coordinating investigations into counterfeiting and collaborating with police forces from other countries in preventing and combating fraud and counterfeiting. The UCFM is based at the Interpol National Central Office of San Marino.

In this section, you will find useful documents and information regarding CBS's role as the national competent authority.

 

Attached documents:


EU Monetary Convention
Download PDF

Useful references: