San Marino and the Euro

The Republic of San Marino uses the Euro as its national currency by virtue of a Monetary Agreement with the European Union. The current agreement entered into force on 1 September 2012 replacing the agreement previously in force, signed in 2000. Prior to the introduction of the Euro, San Marino used the Lira as national currency by virtue of a monetary agreement with Italy.

The monetary agreement provides for the right of San Marino to mint a restricted number of metal coins in Euro with its own national side. For the year 2014 the number of coins, calculated based on the parameters envisaged in the agreement, is equal to € 2,745,957.61.  Euro coins minted by the Republic of San Marino shall be identical to those minted by the Member States of the European Union which have adopted the Euro as far as the nominal value, legal tender status, technical characteristics, artistic features of the common side and the shared artistic features of the national side are concerned.

Provided that the annual maximum amount envisaged is respected, the Republic of San Marino may issue Euro collector coins. The issue is in line with the guidelines of the European Union for collectors coins in Euro, which, specifically, provide for the adoption of technical characteristics, artistic features and denominations that enable Euro collector coins to be distinguished from coins intended for circulation.

Additionally, San Marino maintains the right to continue issuing gold coins denominated in scudi.

Collector coins and gold coins denominated in scudi are not legal tender in the European Union.

The Philatelic and Numismatic Office is the Office of the Public Administration that is in charge of managing the minting and circulation of metal coins. Based on the conventional agreements, the minting of the coins is commissioned to the Italian Mint (Zecca dello Stato). The Republic of San Marino is entitled, however, to avail itself also of other minting institutions in the Community.

Because of its right to use and mint Euro, San Marino undertook to implement the main European regulations on banknotes and coins and on the relevant measures for preventing fraud and counterfeit. The Law no. 101 of 29 July 2013 "Collection of provisions on banknotes and coins" and the Delegated Decree no. 116 of 8 August 2013 "Sanctions related to the provisions of law no. 101 of 29 July 2013 and the provisions for the connection with the decree no. 76 of 30 May 2006"  represent the main legal sources with which such provisions are implemented.

Law no. 2013/101 assigns to the Central Bank the role of Competent National Authority with the following functions:

• Supervision on the "cash handlers" with reference to the procedures adopted and the equipment used to prevent fraud and counterfeit of banknotes and coins;
• Withdrawal from circulation and refund of banknotes and coins;
• Withdrawal from circulation of banknotes and coins suspected to be counterfeited and activation of the procedures provided for by law to verify them;
• Acquisition of statistical information from the cash handlers;
• Protection, in the territory of the Republic of San Marino, in the name and for the account of the ECB, of the copyright on the reproductions of the banknotes in Euro.

CBSM cooperates with the Anti-Counterfeiting Central Office, which is in charge, as Competent National Authority, of organising and coordinating the investigations on the counterfeit of coins and banknotes and of cooperating with the police force of other countries as regards to the prevention and fight against fraud and counterfeiting of such coins and banknotes. The Anti-Counterfeiting Central Office is established at the Interpol National Central Bureau of the Republic of San Marino

This section of the website contains the documents and useful information concerning the role of the CBSM as competent national authority.

Enclosed documents:

The Monetary Agreement
 

Useful links:

Philatelic and Numismatic Office