Summary
- The current currency in Monaco: the euro
- Monaco has used the euro since 1999
- Monegasque euro coins: rare and sought-after
- The Monegasque franc, the Principality’s former currency
- History of currency in Monaco since 1640
- From the Monegasque franc to the euro in 1999
- FAQ – Questions about Monaco currency
- Other interesting facts about Monaco
The current currency in Monaco: the euro
Since September 1, 1999, the Principality of Monaco has adopted the euro as its official currency, alongside France and ten other European countries. Although it is not part of the European Union, Monaco joined the eurozone through historical agreements with France.
The euro is therefore used for all everyday transactions: shops, restaurants, hotels, transport, tourist activities, and more.
Monaco has used the euro since 1999
Across eurozone countries, September 1, 1999 marked the introduction of the “virtual” euro for electronic banking transactions. However, coins and banknotes only entered circulation on January 1, 2002, including in Monaco.
This date also marks the implementation of a monetary agreement with France, allowing Monaco to mint its own euro coins. These coins are legal tender throughout the eurozone.
Monegasque euro coins: rare and sought-after
Under this agreement, Monaco issues euro coins featuring national symbols. The Monaco coat of arms appears on the 1, 2, and 5 cent coins, while the Prince’s monogram decorates the 10, 20, and 50 cent coins. The 1 and 2 euro coinscurrently feature Prince Albert II, while earlier series (until 2005) bore the likeness of Prince Rainier III.
Due to their limited mintage, these coins are rare and highly sought after by collectors. Their market value can exceed their face value. The Principality also issues commemorative series for major national events, such as the 150th anniversary of the Monte-Carlo SBM in 2016. Their very limited production and symbolic value make them particularly prized among numismatics enthusiasts.
The Monaco Museum of Stamps and Coins
Collectors and curious visitors can explore the history of Monaco’s currency and stamps in this museum located in Fontvieille. It showcases the personal collections of Prince Rainier III, including particularly rare historical coins.
The Monegasque franc, the Principality’s former currency
The Monegasque franc was the official currency of the Principality for many years, closely linked to the French franc. Its history is part of a much older tradition, marked by centuries of Monaco’s own monetary production.
History of currency in Monaco since 1640
The first currencies officially associated with Monaco date back to the 17th century, when Prince Honoré II obtained the right to mint coins in 1640. Due to geographical, political, and economic proximity, Monegasque coins were allowed to circulate freely in France from 1643, provided they were aligned with French currency standards.
Over the centuries, the Principality issued various monetary units, but it was not until 1837, under Prince Honoré V, that it minted coins in Monegasque francs. Most were made of bronze, some in silver, and more rarely in gold. In the 1890s, Prince Albert I even minted several series of 100-franc gold coins for use in the newly established Casino de Monte-Carlo.
From the Monegasque franc to the euro in 1999
The Monegasque franc, equivalent to the French franc, remained the official currency of the Principality throughout the 20th century under agreements with France. In 1999, with the introduction of a new currency in the eurozone, Monaco adopted the euro as part of updated monetary agreements. The Monegasque franc was definitively withdrawn in 2002, when euro coins and banknotes entered circulation.
FAQ – Questions about Monaco currency
What currency is used in Monaco?
The only currency used in Monaco is the euro (€). Cash payments, card payments, and electronic transactionsoperate in the same way as in other eurozone countries.
Is Monaco part of the eurozone?
Monaco is not a member of the European Union, but it is part of the eurozone through a monetary agreement signed on December 26, 2001 between the French Republic (on behalf of the European Community) and the Princely Government. This agreement allows the use of the euro and the limited minting of national coins.
Are Monaco euro coins rare?
They are less common than those of larger eurozone countries due to limited production. Some series, particularly commemorative or older ones, are highly sought after by collectors.
Other interesting facts about Monaco
Location: situated between the sea and the hills, Monaco occupies a unique setting in the heart of the French Riviera. Monaco surface and population: with just 2 square kilometers, Monaco is one of the most densely populated countries in the world.
Languages spoken in Monaco: French is the official language, but English, Italian, and Monegasque are widely spoken in this cosmopolitan territory.
Climate in Monaco: mild and sunny, Monaco enjoys a Mediterranean climate with over 300 days of sunshine per year.
Monaco, a Principality: heir to a centuries-old dynasty, Monaco retains a strong identity shaped by the history of the Grimaldi family.