IT COULD be seen as two sides of the same coin: as the euro crisis rumbles on, central banks across the euro zone yesterday launched a €2 coin to mark the 10-year anniversary of the euro.
Three million coins began to enter circulation in the Republic marking the 10th anniversary of the currency which first came into circulation on January 1st, 2002.
The commemorative coin was designed by Helmut Andexlinger, a professional designer at the Austrian mint.
The winning design was chosen from a selection of five through an internet vote by citizens and residents of the euro area.
The five shortlisted designs were selected by a jury from entries to a Europe-wide design competition open to citizens from the euro area countries.
According to the European Central Bank the winning design symbolises “the way in which the euro has become a true global player over the past 10 years, as well as its importance in day-to-day life”.
The design elements surrounding the euro symbol on the coin depict people, the financial world; trade, represented by a ship; industry, represented by a factory; the energy sector, represented by wind farms; and research and development.
The coin will be issued by all euro area countries and bears a common design on the national side. In Ireland, the design appears in place of the harp and is inscribed with “Éire” along with the years 2002-2012.
The coin is the third €2 commemorative coin to be issued by the Central Bank. The first was issued in 2007, celebrating the 50th anniversary of the Treaty of Rome, and the second was in 2009 to celebrate 10 years of the Economic and Monetary Union.
Last month the Central Bank denied a report in the Wall Street Journal suggesting that the bank was “evaluating whether it needs to secure additional access to printing presses” in case of the breakdown of the euro.
A spokesman for the bank said: “As we have already stated, the Central Bank is not printing Irish banknotes and they are not being printed elsewhere on the instruction of the Central Bank. The Central Bank continues to produce euro currency.”
The euro was first introduced to world financial markets as an accounting currency on January 1st, 1999, with euro coins and banknotes entering circulation in 12 European countries on January 1st, 2002.
The currency has since expanded to become legal tender in 17 countries.