EN
OPINION OF THE EUROPEAN CENTRAL BANK
of 23 April 2002
at the request of the Finnish Ministry of Finance
on a draft proposal concerning the issu e of commemorative coins in Finland
(CON/2002/12)
1. On 25 March 2002 the European Central Bank (ECB) received a request from the Finnish
Ministry of Finance for an opinion on a draft Government proposal concerning an amendmentto the Laki metallirahasta 216/1998  (the Finnish Coinage Act) (hereinafter referred to as the
proposal). The proposal intends to insert into the Finnish Coinage Act a provision on the issueof commemorative coins in Finland. According to the proposal the Finnish Ministry of Finance
would have a right to determine by decree, a nd in accordance with Community legislation, the
denominations and other properties of commemorative coins issued in Finland. These coinswould have the status of legal tender only in Finland.
2. The ECBs competence to deliver an opinion is based on Article 105(4) of the Treaty
establishing the European Community (hereinafter referred to as the Treaty) and on the firstand second indents of Article 2(1) of Coun cil Decision 98/415/EC of 29 June 1998 on the
consultation of the ECB by national authorities regarding draft legislative provisions
1, as the
proposal contains provisions concerning currency matters and means of payment. In accordancewith the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank,the Governing Council of the ECB has adopted this opinion. 
3. In principle the ECB welcomes the issue of collector or commemorative coins respecting the
individual numismatic traditions and practices of the Member States. However, Member States
should avoid developing the issue of collector or commemorative euro coins having legal tenderstatus only in one State to a level where this may compromise the aims and principles of thesingle European coinage system established by the adoption of the euro.
4. In accordance with Article 106(2) of the Treaty, Member States may issue coins subject to
approval by the European Central Bank of the volume of the issue. Accordingly, the ECB hasthe exclusive right to approve the overall volume of coins, including collector andcommemorative coins, issued by Finland. The ECB would like to draw attention to the fact that
ECB Decisions approving the volume of coins have until now been adopted on an annual basis.
                                                     
1 OJ L 189, 3.7.1998, p. 42.
2Therefore, the ECB's approval for the volume of commemorative coins issued in Finland should
be sought on an aggregate basis together with the yearly estimates of the volume of euro coinsto be issued by Finland.
5. Furthermore, the ECB would like to recall the importance of ensuring that euro collector and
commemorative coins should be clearly distinguishable from euro coins issued for circulation.This has been endorsed by all the Member States in the Council conclusions adopted by theECOFIN Council meeting on 31 January 2000. Therefore, the ECB suggests that the decrees tobe adopted by the Finnish Ministry of Finance in accordance with the proposal always ensurethat the coins to be issued fulfil the criteria adopted by the ECOFIN Council.
6. With regard to possible risks incurred by collector or commemorative coins denominations that
may coincide with the low denominations of euro banknotes, the ECB recalls the commonagreement of the Member States reached at the ECOFIN Council meeting on 31 January 2000requiring the Member States to consider any demands by the ECB on matters regarding suchcoins.
7. Finally, the ECB would like to point out generally that while the collector and commemorative
coins will have legal tender status only in the issuing Member State, the national central banksof the Eurosystem should be able to impose certain conditions and fees for possiblearrangements through which owners of euro collector and commemorative coins issued in othereuro area Member States can receive the face value of those coins. 
8. The ECB confirms that it has no objection to the competent national authorities making this
opinion publicly available at their discretion.
Done at Frankfurt am Main on 23 April 2002.
The President of the ECB
[signed]
Willem F. DUISENBERG