EN ECB -PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 11 July 2014  
on the reproduction of euro and forint banknotes and coins in Hungary  
(CON/201 4/55) 
 
Introduction and legal basis  
On 23 June 2014, the European Central Bank (ECB) received a request from the Magyar Nemz eti Bank 
(MNB) fo r an opinion on a draft MNB decree  on the reproduction of forint and euro coins (hereinafter 
referred to as the ‘ draft decree ’). The draft  decree is intended to re peal and re place the current MNB 
decree on the reproduction of forint and eu ro coins  (hereinafter referred to as the ‘Decree on the 
reproduction of coins’) and amend the current  MNB decree on the reproduction of forint and euro  
banknotes  (hereinafter referred to as the ‘Decree on the reproduction of banknotes ’). 
The ECB’s competen ce to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the  first and  second  indent s of Article 2(1) of Council Decision 
98/415/EC1, as the draft decree relate s to currency matters and mean s of payment . In accordance with the 
first sentence of Article  17.5 of the Rules of Procedure of the European Central Bank, the Governing 
Council has adopted this opinion.  
 
1. Purpose of the draft decree  
1.1  Article 26 of the  Law on the Magyar Nemzeti Ban k2 provides that legal tender in circulation , or 
banknotes and coins withdrawn from circulation but convertible to legal tender , may only be 
reproduced in accordance with  rules laid down by the Governor of the MNB  in a decree .  
1.2  The MNB has observed a substantial increase in  the volume  of medals not qualifying as legal 
tender being issued by commercial enterprises  in Hungary. Such medals have  similar 
characteristics to commemorative coins issued by the MNB  and can easily be  mistak en for legal 
tender. The MNB has therefore decided to adopt the draft decree in  order to prevent  these medals 
being confused with  commemorative coins or any other coin  that qualif ies as legal tender . The draft 
decree will repeal  the Decree  on the reproduction of coins and streng then the legal protection of 
banknotes by amend ing the Decree on the reproduction of banknotes . The overall aim of these 
provisions is to  curb misleading business practices and protect consumers who purchase  such 
medals.  
                                                 
1  Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisions (OJ L 189, 3.7.199 8, p. 42). 
2  Law CXXXIX of 2013 on the Magyar Nemzeti Bank. 
ECB -PUBLIC  
2 1.3 The Decree on the reproduction of coins is to be repealed, and the draft decree introduces  new 
provisions in order to : 
a) prohibit  the reproduction of coins similar to forint coins , with such prohibition also 
extending to  the use of images similar to those used on either side of forint coi ns and to 
reference  being made  to the Hungar ian Republic  on the reproduction ; 
b) prohibit  the issuance of a reproduction with an identical or a similar theme as a  
commemorative coin issued by the MNB , for a period of one year following the issuance of 
such a  commemorative coin ; 
c) prohibit  any reproduction being referred to as a ‘coin’ or ‘commemorative coin’ , in 
particular on its packaging or in consumer advertising ; 
d) prohibit  the alteration  of any design elements of a forint coin , for example  by painting, 
engrav ing, gilding, or silver plating , for commercial purposes;  
e) make the r eproduction of commemorative forint coins subject to the MNB’s prior 
authorisation ; 
f) extend the scope of the legal provisions  concerning coins  to coins withdrawn from 
circulation but conver tible to legal tender , which includes commemorative coins.  
1.4 The scope of  the Decree on the reproduction of banknotes is extended  to to the reproductions of 
forint banknotes withdrawn from circulation but convertible to legal tender , which includes  
comme morative banknotes.  
 
2. General observations   
2.1 As observed  in several previous ECB opinions3, Hungary is a Member State with a derogation 
pursuant to Article 139 of the Treaty . Therefore,  the EC B’s requirements regarding the 
denominations, specification s, reproduction, exchange and withdrawal of euro banknotes  do not 
apply to the MNB4. These requirements will apply once Hungary adopts the euro and the MNB 
becomes a fully integrated member of the Eurosystem.  The ECB welcomes the MNB’s initiative to 
streng then the legal framework for forint banknote reproduction.  
2.2 In addition to strengthening the applicable legal framework, the MNB could consider conducting a 
public campaign as regards the non-legal  tender  status of the medals issued by these commercial  
enterprises , in order to raise consumer awareness in this field  and ensure protection of the integrity 
of genuine forint and euro coins as means of payment.  
 
                                                 
3  See Opinions CON/20 13/89, CON/2011/59, CON/2008/90, CON/2006/2, CON/2005/19 and CON/2005/3 . All ECB 
opinions are published on the ECB’s website at www.ecb.europa.eu.  
4 See, in particular, Opin ions CON/2013/89, CON/2011/59 , CON/2010/1  and CON/2008/90 . 
ECB -PUBLIC  
3 3. Specific observations  
The ECB reiterates that as regards the rules applicable to the reproduct ion of euro banknotes, Guidelines 
ECB/2003/55 and ECB/2013/116, as well as  Decision ECB/2013/107 prevail over national legislation. The 
ECB stresses that it holds the copyright of the design of all euro banknotes. The ECB, or the NCBs on its 
behalf, may en force such copyright, irrespective of the applicability of the abovementioned rules to the 
reproduction of euro banknotes, with regard to reproductions issued or distributed in breach of this 
copyright, if the Member State’s legislation provides for copyri ght protection. To this end, Article 10(2) 
of the Decree on the reproduction of banknotes would benefit from being updated to include reference s to 
Guideline  ECB/2013/11 and Decision ECB/2013/10 . 
 
This opinion will be published on the ECB’s website.  
 
 
Done  at Frankfurt am Main, 11 July  2014. 
 
[signed]  
 
The President of the ECB  
Mario DRAGHI  
                                                 
5  Guideline  ECB/2003/5 of the European Central Bank of 20 March 2003 on the enforcement of measures to counter n on-
compliant reproductions of euro banknotes and on the exchange and withdrawal of euro ba nknotes (OJ L 78, 25.3.2003, 
p. 20). 
6  Guideline  ECB/2013/11 of the European Cent ral Bank of 19 April 2013 amending Guideline ECB/2003/5 on the 
enforcement of measures to counter non -compliant reproductions of euro banknotes and on the exchange and withdrawal 
of euro banknotes (OJ L 118, 30.4.2013, p. 43) . 
7  Decision  ECB/2013/10 of the European Central Bank of 19 April 2013 on the denominations, specifications, 
reproduction, exchange and withdrawal of euro banknotes (OJ L 118, 30.4.2013, p. 37) .