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 issue of commemorative coins in Finland (CON/2002/12)
Date: 2002-04-23
Institutions: European Central Bank
Subjects: Finland, issuing of currency, money, national law

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 issue 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 amendment

to  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 issue

of commemorative coins in Finland. According to the proposal the Finnish Ministry of Finance

would have a right to determine by decree, and in accordance with Community legislation, the

denominations  and  other  properties  of  commemorative  coins  issued  in  Finland.  These  coins

would 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 first

and  second  indents  of  Article  2(1)  of  Council  Decision  98/415/EC  of  29 June  1998  on  the

consultation  of  the  ECB  by  national  authorities  regarding  draft  legislative  provisions1,  as  the

proposal contains provisions concerning currency matters and means 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 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 tender

status  only  in  one  State  to a  level  where  this  may  compromise  the  aims  and  principles  of  the

single 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 has

the  exclusive  right  to  approve  the  overall  volume  of  coins,  including  collector  and

commemorative 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.

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OJ L 189, 3.7.1998, p. 42.

                                                     
Therefore, 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 coins

to 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  the

ECOFIN Council meeting on 31 January 2000. Therefore, the ECB suggests that the decrees to

be adopted by the Finnish Ministry of Finance in accordance with the proposal always ensure

that 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  common

agreement of the Member States reached at the ECOFIN Council meeting on 31 January 2000

requiring  the Member  States  to  consider  any  demands  by  the  ECB  on  matters  regarding  such

coins.

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 banks

of  the  Eurosystem  should  be  able  to  impose  certain  conditions  and  fees  for  possible

arrangements through which owners of euro collector and commemorative coins issued in other

euro 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

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