The one euro coin (€1) is the new basic unit of currency for the Euro Zone – an area where a common currency (the Euro) is used. This new economic area was implemented on 1st January 2002 when 12 national currencies of varying values were replaced with new coinage and banknotes. The rates of exchange were fixed in 1999 and citizens had a short period of dual currencies to get rid of their old money, i.e. you could pay for your goods/services in either the new currency or the old, but you always got your ‘change’ in the new currency.
|Preceding National Currencies of the Euro Zone – Initial 12 States|
- The idea was that the old currencies would gradually be replaced by the new
- From 1st January until 31st March, 2002, everyone got paid in the new currency
- A further period (6 months to 2 years) was allowed whereby all retail banks could take in old currency and exchange it for the new
- After that, the old currency was demonetized and declared value-less by the central banks
- Or, in the case of Ireland and a few others, this final period of exchange lasts until 2099
|Preceding National Currencies of the Euro Zone – Micro-States|
|Preceding National Currencies of the Euro Zone – Accession States|
The €1 coin is bi-metallic, i.e. made of two alloys: the inner part of cupro-nickel, the outer part of nickel-brass.
- All coins have a common reverse side and country-specific national sides
- The Irish design shows the national arms of Ireland, an Irish harp (the Cláirseach)
- Vertically on the left hand side is the word “Éire” and on the right hand side is the date
- The harp motif was designed by Jarlath Hayes.
|Edge||Alternating segments, three smooth, three finely ribbed|
|Composition||Outer segment: nickel brass.
Inner segment: three layers: copper-nickel, nickel and copper-nickel.
Since its introduction in 2002, €1 coins have been produced every year by Ireland.
|Year||€1, Type I|
|Year||€1, Type II|
** Data not available yet
To date, no major errors have been recorded for Irish €1 coins but errors have been recorded from other Euro Zone states.
- Italian one euro from 2002 without mint marks
- Monegasque one euro from 2007 without mint marks
- Portuguese coins from 2002 with non-standard type of edging (29 stripes instead of 28)
- Portuguese ‘Type I reverse’ coins from 2008 (all other states used Type II reverse from 2007 onwards