Opinion of the European Central Bank of 11 July 2014 on the reproduction of euro and forint banknotes and coins in Hungary (CON/2014/55)
Date: 2014-07-11
Institutions: European Central Bank
Subjects: Hungary, copyright, counterfeiting, money, national law

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/2014/55) 

Introduction and legal basis 

On 23 June 2014, the European Central Bank (ECB) received a request from the Magyar Nemzeti Bank 

(MNB) for 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  repeal  and  replace  the  current  MNB 

decree  on  the  reproduction  of  forint  and  euro  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 competence 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 indents of Article 2(1) of Council Decision 
98/415/EC1, as the draft decree relates to 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 has adopted this opinion. 

1. 

Purpose of the draft decree 

1.1   Article 26 of the Law on the Magyar Nemzeti Bank2 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banknotes  and  coins  withdrawn  from  circulation  but  convertible  to  legal  tender,  may  only  be 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 mistaken  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 qualifies as legal tender. The draft 

decree  will  repeal the  Decree on the reproduction of  coins  and  strengthen  the  legal  protection of 

banknotes  by  amending  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. 

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2  

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, 3.7.1998, p. 42). 
Law CXXXIX of 2013 on the Magyar Nemzeti Bank. 

 
 
 
 
                                                 
ECB-PUBLIC 

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  coins  and  to 

reference being made to the Hungarian 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, 

engraving, gilding, or silver plating, for commercial purposes; 

e)  make  the  reproduction  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 convertible 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 

commemorative 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  ECB’s  requirements  regarding  the 

denominations,  specifications,  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 

strengthen 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  

4 

See  Opinions  CON/2013/89,  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. 
See, in particular, Opinions CON/2013/89, CON/2011/59, CON/2010/1 and CON/2008/90. 

2 

 
 
                                                 
ECB-PUBLIC 

3. 

Specific observations 

The ECB reiterates that as regards the rules applicable to the reproduction 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 enforce 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 copyright protection. To this end, Article 10(2) 

of the Decree on the reproduction of banknotes would benefit from being updated to include references 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  

6  

7  

Guideline ECB/2003/5 of the European Central Bank of 20 March 2003 on the enforcement of measures to counter non-
compliant reproductions of euro banknotes and on the exchange and withdrawal of euro banknotes (OJ L 78, 25.3.2003, 
p. 20). 
Guideline  ECB/2013/11  of  the  European  Central  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). 
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). 

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