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81-811: The CFP franc was created in December 1945, together with the CFA franc , used in Africa, because of the weakness of the French franc immediately after the Second World War . When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar . New currencies were created in the French colonies to spare them

162-499: A European Regulation approved new specifications of euro coins and named (in article 1 g) a deadline for national sides of regular coins to be updated to fully comply with the current regulation: 20 June 2062. In 2014, a new Regulation regarding euro coins was approved. In it, no changes related to what was mentioned above were established. As of 2016 , Belgium, Monaco, the Netherlands, Spain and Vatican City have all experienced

243-532: A change in head of state and have revised their designs to reflect this and the new regulation where applicable. In 2022, France came to comply with the stars' rule after the design change it made on the 1 and 2 euro coins, in which the year had until then been inserted between the stars of the Union. As of 2023 , Austria, Germany and Greece still have to include an indication of the issuing Member State. Additionally, Greece, Luxembourg and Slovenia have to comply with

324-472: A combined GDP of US$ 114.3 billion (as of 2023). In 1975, Central African CFA banknotes were issued with an obverse unique to each participating country, and common reverse, in a fashion similar to euro coins . Equatorial Guinea , the only former Spanish colony in the zone, adopted the CFA in 1984. Euro coins There are eight euro coin denominations, ranging from one cent to two euros (the euro

405-481: A combined population of 210.4 million people (as of 2023), and a combined GDP of US$ 313.7 billion (as of 2023). Between 1945 and 1958, CFA stood for Colonies françaises d'Afrique ("French colonies of Africa"); then for Communauté française d'Afrique (" French Community of Africa") between 1958 (establishment of the French Fifth Republic ) and the independence of these African countries at

486-542: A common reverse side showing how much the coin is worth, with a design by Belgian designer Luc Luycx . The design of the 1c, 2c and 5c coins shows Europe's place in the world as a whole. The 10c coins and above show either the 15 countries that were the European Union in 2002, or, if minted after 2007, the whole European continent. Coins from Italy , San Marino , the Vatican , Austria and Portugal show

567-594: A common commemorative coin was issued to commemorate 30 years of the European Union flag . Finally, in 2022 a common commemorative coin was issued to commemorate 35 years of the Erasmus Programme . In 2006, Germany began issuing a series of coins, the German Bundesländer series , showing each of the states of Germany on its coins; It was originally intended to run until 2021, but one extra issue

648-487: A goal of the European Union (EU) and its predecessors since the 1960s. The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the United Kingdom and Denmark (even though Denmark has a fixed exchange rate policy with the euro). In 1999, the currency was born virtually and in 2002 notes and coins began to circulate. It rapidly replaced

729-460: A grooved edge to distinguish it from the 1 and 5 cent coins and also from the US ;penny , which has the same colour and diameter. Similarly, the 20 cent coin edge is smooth with seven indents to distinguish it from the 10 and 50 cent coins. While currencies predating the euro were specifically designed in similar ways (different sizes, colours, and ridges) to aid the visually impaired,

810-458: A limit on the number that can be issued. The coin must adhere to the normal design criteria, such as the twelve stars , the year and the issuing country. Greece was the first country to issue a commemorative coin, and was followed by other countries. In 2007, every eurozone state participated in the Treaty of Rome programme, in which all member states issued a coin of similar design to commemorate

891-477: A new series of banknotes, and the older notes were withdrawn from circulation on 30 September of that year (they can be exchanged indefinitely at IEOM offices). Before the French regulated the currency on Tahiti , French Polynesia, traders often used dollars. The word dollar became tārā (often written without accents as tara , or tala ), and this term is still used among native Tahitian and local Chinese traders as an unofficial unit, worth 5 francs. Thus for

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972-437: A new version, identified by smaller and more rounded numeral and longer lines outside of the stars at the coin's circumference. Cyprus is shown several hundred kilometers northwest of its real position in order to include it on the map. On the €1 and €2 coins, the island is shown to be directly east of mainland Greece ; on the €0.10, €0.20 and €0.50 coins, it appears directly below Crete . The original proposal from

1053-675: A price of 200 francs, one would say tārā e maha-ʻahuru (40 tārā) in Tahitian . The currency of Samoa is also called the tālā . CFA franc The CFA franc ( French : franc CFA , [fʁɑ̃ seɛfɑ] ) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for Communauté Financière Africaine , i.e. "African Financial Community" in English), used in eight West African countries , and

1134-399: A total 192 different euro coins, not counting annual differences or commemorative coins. The basis for the euro coins is derived from a European recommendation from 2003, which allowed changing the national obverse sides of euro coins from 1 January 2004 onwards. However, a number of recommendations and restrictions still apply. Euro coins must still have a common reverse side, so only

1215-672: A €2 commemorative coin until 2017. As the EU's membership has since expanded in 2004 , 2007 and 2013 , with further expansions envisaged , the common face of all euro coins from the value of 10c and above were redesigned in 2007 to show a new map. Slovenia joined the eurozone in 2007, Cyprus and Malta joined in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, Lithuania in 2015 and Croatia in 2023, introducing eight more national-side designs. Andorra started minting coins in 2014, so by 2023 there are 24 countries with their own national sides in circulation. Bulgaria

1296-421: Is divided into a hundred cents). The coins first came into use in 2002. They have a common reverse , portraying a map of Europe , but each country in the eurozone has its own design on the obverse , which means that each coin has a variety of different designs in circulation at once. Four European microstates that are not members of the European Union ( Andorra , Monaco , San Marino , and Vatican City ) use

1377-613: Is issued by the BEAC ( Banque des États de l'Afrique Centrale , i.e., "Bank of the Central African States"), located in Yaoundé , Cameroon , for the six countries of the CEMAC ( Communauté Économique et Monétaire de l'Afrique Centrale , i.e., " Economic and Monetary Community of Central Africa "): These six countries have a combined population of 62.8 million people (as of 2023), and

1458-608: Is known in French as the Franc CFA , where CFA stands for Communauté financière d'Afrique ('Financial Community of Africa') or Communauté Financière Africaine ("African Financial Community"). It is issued by the BCEAO ( Banque Centrale des États de l'Afrique de l'Ouest , i.e., "Central Bank of the West African States"), located in Dakar , Senegal , for the eight countries of

1539-666: Is the last EU member state to announce its national design . The design of the euro coins was officially chosen by the Bulgarian National Bank in November 2023 and approved by the Council of the EU in February 2024. The minting of the coins in the necessary quantities will start shortly after the Council of the EU approves Bulgaria to adopt the euro, so that they can be put into circulation from

1620-451: The Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar . New currencies were created in the French colonies to spare them the strong devaluation, thereby making it easier for them to import goods from France (and simultaneously making it harder for them to export goods to France). French officials presented the decision as an act of generosity. René Pleven ,

1701-521: The Central African CFA franc (where "CFA" stands for Coopération Financière en Afrique centrale , i.e. "Financial Cooperation in Central Africa" in English), used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. The ISO currency codes are XAF for the Central African CFA franc and XOF for

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1782-643: The European Commission was to include Turkey on the map, but this design was rejected by the Council . The original designs of the 10c, 20c and 50c coins showed the outline of each of the 15 EU member states. Each state was shown as separate from the others, thus giving Europe the appearance of an archipelago . EU member states outside the eurozone ( Denmark , Sweden , and the United Kingdom ) were also depicted. Non-EU states were not depicted. On

1863-499: The French Minister of Finance , was quoted as saying: In a show of her generosity and selflessness, metropolitan France , wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency. The CFA franc was created with a fixed exchange rate versus the French franc . This exchange rate was changed only twice, in 1948 and in 1994 (besides nominal adaptation to

1944-601: The Vatican City show the map if minted in 2008 or later. The common side was designed by Luc Luycx of the Royal Belgian Mint . They symbolise the unity of the EU. The national sides were designed by the national central banks of the Eurosystem in separate competitions. There are specifications which apply to all coins such as the requirement of including twelve stars . National designs were not allowed to change until

2025-550: The West African CFA franc . Both CFA francs have a fixed exchange rate (peg) to the euro guaranteed by France: €1 = F.CFA 655.957 exactly. To ensure this convertibility guarantee, member countries were required to deposit half of their foreign exchange reserves with the French Treasury, but this requirement was dropped in 2019 (effective in 2021) for the West African CFA franc. This requirement remains unchanged for

2106-606: The eurozone . Until 2021, the IEOM issued two sets of CFP coins in denominations of 1, 2, 5, 10, 20, 50, and 100 francs. The New Caledonian series is marked with "Nouvelle Caledonie" on the reverse side and was circulated mainly in New Caledonia and Wallis and Futuna. The French Polynesian series is marked "Polynesie Française" and circulated in French Polynesia. The reverse designs depicted landscapes, plants, or animals typical of

2187-487: The first eurozone-wide commemorative coin was issued to celebrate 50 years of the Treaty of Rome . In 2009, the second eurozone-wide issue of a 2-euro commemorative coin was issued, celebrating ten years of the Economic and Monetary Union (EMU). In 2012, the third eurozone-wide issue of a 2-euro commemorative coin was issued, celebrating 10 years of euro coins and notes . Cyprus did not independently issue

2268-415: The obverse side was identical, the reverse side was inscribed with either Nouvelle-Calédonie or Polynésie française , and used different designs depicting local landscapes, flora and fauna. However, both sets of coins could be used interchangeably in all three French territories. The initials CFP originally stood for Colonies françaises du Pacifique ( lit.   ' French colonies of

2349-468: The 10,000 franc banknote was introduced, which was common to both French Polynesia and New Caledonia. These were followed, between 1992 and 1995, by new 500, 1,000, and 5,000 franc banknote designs common to all of the French Pacific Territories. One side of the banknote shows landscapes or historical figures from New Caledonia, the other from French Polynesia. In January 2014, the IEOM issued

2430-507: The CFA franc since its introduction, despite the fact that they had never been French colonies. In 1998, in anticipation of Economic and Monetary Union of the European Union , the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros and ruled that: The currency has been criticized for making national monetary policy for the developing countries of French West Africa all but impossible, since

2511-645: The CFA franc, and criticism continued from various African organizations. On 21 December 2019, President Alassane Ouattara of the Ivory Coast and President Emmanuel Macron of France announced an initiative to replace the West African CFA Franc with the Eco . Subsequently, a reform of the West African CFA franc was initiated. In May 2020, the French National Assembly agreed to end the French engagement in

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2592-570: The CFA franc: the West African CFA franc ( ISO 4217 currency code XOF), and the Central Africa CFA franc ( ISO 4217 currency code XAF). They are distinguished in French by the meaning of the abbreviation CFA. These two CFA francs have the same exchange rate with the euro (1 euro = 655.957 XOF = 655.957 XAF), and they are both guaranteed by the French treasury ( Trésor public ), but the two currencies are only legal tender in their respective member countries. The West African CFA franc ( XOF )

2673-505: The CFA's value is pegged to the euro (whose monetary policy is set by the European Central Bank ). Others disagree and argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries". The European Union 's 2008 assessment of the CFA's link to the euro noted that "benefits from economic integration within each of

2754-450: The CFP franc (XPF) vs. the French franc / euro is unchanged since 1949. In 1949, New Caledonia and French Polynesia (then called French Oceania) began to issue coins with identical obverse sides, but distinct reverse side designs. They could be used interchangeably in all three French territories, in a similar way to the use of euro coins (with distinct national obverse sides) in all countries of

2835-738: The CFP franc was set at a fixed exchange rate with the US dollar, which played a major role in the economy of the French Pacific territories on account of World War II . That situation ended in September 1949 when the CFP franc was given a fixed exchange rate with the French franc. The CFP franc has been issued by the Institut d'émission d'outre-mer (IEOM, lit.   ' Overseas Issuing Institute ' ) since 1967. The IEOM has its headquarters in Paris . The currency

2916-532: The Central African CFA franc, which wasn't reformed in 2019 (the reform concerned only the West African CFA franc). The currency has been criticized for restricting the sovereignty of the African member states, effectively putting their monetary policy in the hands of the European Central Bank . Others argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates

2997-419: The EU, Monaco , San Marino , and the Vatican City (and Andorra since 2014) also have euro coins featuring a national side, but a considerable number of these coins were not put into general circulation by the authorities who instead sold them to collectors for prices higher than their face value. Due to this, in 2012, a European Regulation established that: "A minor proportion, not exceeding 5 % of

3078-557: The Pacific ' ). This was later changed to Communauté financière du Pacifique ( lit.   ' Pacific Financial Community ' ), and then Change franc Pacifique ( lit.   ' Pacific Franc Exchange ' ), from which the XPF currency code was derived. An ordinance of 15 September 2021, which entered into force on 26 February 2022, defines the name CFP franc as le franc des collectivités françaises du Pacifique ( lit.   '

3159-517: The UEMOA ( Union Économique et Monétaire Ouest Africaine , i.e., " West African Economic and Monetary Union "): These eight countries have a combined population of 147.6 million people (as of 2023), and a combined GDP of US$ 199.4 billion (as of 2023). The Central Africa CFA franc ( XAF ) is known in French as the Franc CFA , where CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). It

3240-418: The West African CFA franc. The countries using the currency will no longer have to deposit half of their foreign exchange reserves with the French Treasury. The broader Economic Community of West African States (ECOWAS), which includes the members of UEMOA, plans to introduce its own common currency for its member states by 2027, for which they have also formally adopted the name Eco . On April 25, 2023,

3321-414: The amount of nickel allowed under the EU nickel directive. The obverse side varies from state to state, with each member allowed to choose its own design. Each of the eight coins can have the same design (such as Irish coins ), or can vary from coin to coin (such as Italian coins ). In monarchies, the national side usually features a portrait of the country's monarch, often in a design carried over from

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3402-459: The beginning of the 1960s. Since independence, CFA is taken to mean Communauté Financière Africaine (African Financial Community) or Coopération financière en Afrique centrale (see Institutions below). The CFA franc was created on 26 December 1945, along with the CFP franc . The reason for their creation was the weakness of the French franc immediately after World War II . When France ratified

3483-477: The coins features a single wavy-line design, with the IEOM issuer and year engraved around the edge, and the denomination value. Each coin denomination has a single reverse design depicting landscapes, artefacts, flora and fauna from all three territories. The IEOM began issuing banknotes in New Hebrides in 1965, and in New Caledonia and French Polynesia in 1969, in 500, 1,000, and 5,000 franc denominations. In 1986

3564-590: The cumulated total net value and volume of circulation coins issued by a Member State, taking into account only years with positive net issuance, may be put on the market above face value if justified by the special quality of the coin, a special packaging or any additional services provided". No territories associated with eurozone countries issue their own euro coins. France and the Netherlands have overseas regions with their own currencies. As of 2023, 24 countries issue euro coins with their own national sides, for

3645-563: The date of introduction of the euro in Bulgaria. There are eight different denominations of euro coins: €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1.00 and €2.00 The €0.01, €0.02 and €0.05  coins show Europe in relation to Asia and Africa in the world. The remaining coins show the EU before its enlargement in May 2004 if minted before 1 January 2007, a map of Europe if minted after. Coins from Austria , Italy , San Marino , Portugal and

3726-465: The design of the coins. The state issuing a coin should in some way clearly be identified on the obverse side, either by stating the full name or a clearly identifiable abbreviation of it; and neither name nor the denomination of the coin should be repeated on the obverse, as it is already featured on the common reverse side. These restrictions do not apply retroactively; only new designs—the national obverse sides for regular issues of states newly joining

3807-595: The design of the national sides was changed, and have until June 20, 2062 in the event that the design had not been changed before. Finally, the different States must inform each other of their new draft designs (both of "regular" and 2 euro commemorative coins), as well as the European Council and the European Commission, which must give its approval. In one example, the initial design of Andorran 10, 20 and 50 cent coins did not obtain EU approval because

3888-474: The design. However, Belgium did issue a 2.50 euro collector's coin, taking advantage of the fact that these coins are not submitted to the draft design approval. Euro coins have high-security machine-readable features. Sophisticated bi-metal and sandwich technologies have been put into the €1 and €2 coins. The 10c, 20c and 50c coins are made of Nordic gold , which is a unique alloy, difficult to melt and used exclusively for coins. The lettering on

3969-444: The edge of the €2 coin also protects it from counterfeiting. Euro coins were designed in cooperation with organisations representing blind people, and as a result incorporate many features allowing them to be distinguished by touch alone. In addition, their visual appearance is designed to make them easy to tell apart for persons who cannot read the inscriptions on the coins. The coins increase in size and weight with value. Of

4050-594: The eight denominations of euro coins, the three lowest denominations are small, resemble copper in colour and are quite thin and light. The next three denominations resemble gold in colour and are thicker as well as heavier. The highest two denominations are bimetallic, being generally larger and thicker than the lower denominations. In general, the greater the value, the heavier and larger the coin. Copper colour identifies low value; gold colour identifies medium value; two different metals identify high value. There are also differences within each group. The 2 cent coin has

4131-437: The end of 2008, unless a monarch (whose portrait usually appears on the coins) dies or abdicates. National designs have seen some changes due to a new rule stating that national designs should include the name of the issuing country. The common side of the €0.01, €0.02 and €0.05 coins depict the denomination, the words 'EURO CENT' beside it, twelve stars and Europe highlighted on a globe in relation to Asia and Africa in

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4212-448: The euro as their currency and also have the right to mint coins with their own designs on the obverse side. The coins, and various commemorative coins , are minted at numerous national mints across the European Union to strict national quotas. Obverse designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank (ECB). The euro came into existence on 1 January 1999. It had been

4293-435: The euro or of eurozone states which change their design, and €2 commemorative coins issued from 2006 onwards—are subject to them. However, the five countries whose designs violated the first update to the rules ( Austria , Belgium , Finland , Germany and Greece ) initially were assumed to have to change their design in the future, which Finland did for 2007 and Belgium for 2008. In 2008, another recommendation changed

4374-401: The euro was the first to have authorities consult organizations representing the blind and visually impaired before the release of the currency. Each state may also mint two 2 euro commemorative coins each year from June 2012. From 2004 to May 2012, countries were only allowed to mint one coin per year. Only €2 coins may be used in this way (for them to be legal tender) and there is

4455-461: The flow of exports and imports between France and the member-countries". On 22 December 2019, it was announced that the West African currency would be reformed and replaced by an independent currency to be called Eco . In May 2020, the French National Assembly agreed to end the French engagement in the West African CFA franc, including the foreign reserve deposit requirements, thereby facilitating

4536-515: The former national currencies and the eurozone has since expanded further to some newer EU states . In 2009 the Lisbon Treaty formalised its political authority, the Eurogroup , alongside the European Central Bank . In 2004, €2 commemorative coins were allowed to be minted in six states. By 2007, all states but France , Ireland and the Netherlands had minted a commemorative issue and

4617-519: The former currency (e.g. Belgian coins ). Republics tend to feature national monuments, symbols, or stylised designs (such as French coins ). Engravings on the edge of the €2 coin are also subject to national choice. There are at present no plans to abolish the national designs in favour of a common European one. However, the Commission has proposed that the 1c, 2c and 5c coins have a common design to keep costs down. Though they are not members of

4698-575: The franc of the French Communities of the Pacific ' ). In 2021, a new series of smaller coins were introduced, with a single set of designs common to all three territories. The 1 and 2 franc coins were discontinued and a new, bimetallic 200 franc coin introduced. The old coins were withdrawn in January 2023. The 1960 and 1999 events are merely changes in the currency in use in France; the relative value of

4779-509: The image of the Pantokrator of San Martí de la Cortinada , included in those coins, violated the principle of religious neutrality. The image of the religious figure was eliminated in the final Andorran coin design. Another example, the 2 euro commemorative coins that Belgium planned to issue in 2015 on the 200th anniversary of the Battle of Waterloo , caused complaints by France and withdrawal of

4860-409: The initials of the issuing central bank (IEOM) from 1972. The 1, 2, and 5 franc coins were made from aluminium alloy , the 10, 20, and 50 franc coins from nickel ( cupronickel after 2005), and the "gold" 100 franc coin from nickel bronze (copper nickel aluminium alloy after 2005). In September 2021 a new single set of coins was released, common to all three French Pacific Territories, to replace

4941-470: The left, the currency, map of Europe and twelve stars on the right. Similarly, coins minted from 1999 to 2006 depicted the EU15, rather than the whole European continent, which is on coins minted from 2007. The 1c, 2c and 5c coins, however, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. (1999-2007) All coins have

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5022-508: The name of the capital cities ( Papeete and Nouméa , respectively) printed on the reverse side of the notes. In 1969, the New Hebrides franc was separated from the CFP franc, and was replaced by the Vatu in 1982 after the establishment in 1980 of the Republic of Vanuatu . The largest denomination 10,000 CFP franc banknote (€83.80) was first issued in 1986, and omitted the capital city name. The city

5103-564: The national obverse sides may be varied. Also, the standard national obverse sides per se should not be changed before 2008 at the earliest, unless the head of state depicted on some coins changes before then. (This clause already came into effect for Monaco and the Vatican City, whose heads of state — Rainier III and Pope John Paul II respectively—died in 2005 and whose national obverse sides were changed for 2006). In 2005, another recommendation added two more guidelines regarding

5184-616: The new French franc in 1960 and the Euro in 1999). Exchange rate: The 1960 and 1999 events merely reflect changes of currency in use in France: the actual relative value of the CFA franc versus the French franc/euro only changed in 1948 and 1994. Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. A couple of nations in West Africa have also chosen to adopt

5265-399: The new design if minted 2008 or later. The coins symbolise the unity of the EU. On 2005 June 7, the European Council decided that the common side of the 10 euro cent to €2 coins should be brought up to date to reflect the enlargement of the EU in 2004 . The 1c, 2c and 5c coins show Europe in relation to the rest of the world, therefore they remained unchanged. In 2007, the new design

5346-420: The original royal portrait of 1999, but otherwise keep the new 2008 coin design as far as the country identification and year mark are concerned. These provisions additionally prohibit further sede vacante sets of coins by the Vatican City, allowing only commemorative coins for such occasions. Finland and Spain updated their designs to meet the new rules about the stars in 2008 and 2010, respectively. In 2012,

5427-463: The region, as well as the coin denomination. The obverse side, common to both regions, included the words Republique Français ( lit.   ' French Republic ' ) and depicted an allegorical representation of Minerva the goddess of wisdom on the 1, 2, and 5 franc coins, or Marianne , symbol of the French Republic, on the higher denominations. The obverse also included the mint year and

5508-443: The rule of the stars. Finally, Austria must eliminate the denominations on the national side of their euro coins. Bear in mind that the foregoing refers to "regular" coins since, in the case of the 2 euro commemorative coins , the aforementioned is fulfilled in all coins since 2013. This is due to the fact that each one of these coins supposes a variation in the design, while, as mentioned, "regular" coins were not affected unless

5589-407: The rules again: Finland and Belgium had already corrected their design on the coins issued to include the initials of the country in 2007 and 2008, respectively. Belgium was forced to change its design back to show the original portrait of its monarch, because the 2008 update to follow the recommendations also updated the portrait, which was against the rules. The Belgian coins from 2009 onwards show

5670-450: The signing of the Treaty, only differing in the name of the issuing country and language of the text. This was also the case in 2009, in commemoration of the tenth anniversary of the Economic and Monetary Union . The design was selected by electronic voting by EU citizens. In 2012, a common commemorative coin was issued to commemorate the tenth anniversary of euro coins and banknotes . In 2015,

5751-421: The strong devaluation of December 1945. René Pleven , the French minister of finance, was quoted saying: "In a show of her generosity and selflessness, metropolitan France , wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency." The other French colonial currencies were set at a fixed exchange rate with the French franc. However,

5832-537: The subject of the CFA franc was discussed at the ministerial meeting of the Economic and Monetary Community of Central Africa (CEMAC) and France. The French perceive the guarantee provided to the CFA franc, and the assurance of its convertibility, as a pillar of economic stability for the region. France remains “open” and “available” to CEMAC proposals to reform monetary cooperation in Central Africa, as has happened in West Africa. [1] There are two different currencies called

5913-684: The transition to the Eco. Despite initial plans for a monetary union by late 2020, setbacks including the COVID-19 pandemic , global geopolitical uncertainties, and failure to meet criteria resulted in a postponement until 2027. CFA francs are used in fourteen countries: twelve nations formerly ruled by France in West and Central Africa (excluding Guinea and Mauritania , which withdrew), plus Guinea-Bissau (a former Portuguese colony), and Equatorial Guinea (a former Spanish colony). These fourteen countries have

5994-593: The two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability". Critics point out that the currency is controlled by the French treasury, and in turn African countries channel more money to France than they receive in aid and have no sovereignty over their monetary policies. In January 2019, Italian ministers accused France of impoverishing Africa through

6075-416: The two older sets of coins. The 1 and 2 franc coins were discontinued, and a new bimetallic 200 franc coin was issued. The old coins were withdrawn from circulation in January 2023. Since the lowest denomination in use is now the 5 franc coin, cash transactions are now subject to rounding: The rounding rule does not apply to electronic transactions, which are still completed to the franc. The obverses of all

6156-465: The world. The common side of the €0.10, €0.20 and €0.50 coins currently depict the denomination on the right, the words 'EURO CENT' underneath it, with twelve stars and the European continent on the left. Coins minted from 1999 to 2006 depicted only the EU15, rather than the entire European continent, which is on coins minted after 2007. The common side of the €1 and €2 coins depict the denomination on

6237-477: The year of minting rather than the year it was put into circulation. Researchers from the University of Zürich warned that an external ring of metal surrounding an inner pill of a different colour, as in the euro coins, can lead to the release of high levels of nickel, causing allergic reactions with people sensitive to the metal. The researchers also warned that the coins could contain between 240 and 320 times

6318-407: The €1 and €2 coins, the landmass appeared more cohesive although borders were indicated. As in current issues, all coins featured 12 stars in their design. The year featured on the coins can date back to 1999, when the currency was formally established (only Belgian , Dutch , Finnish , French and Spanish coins were struck with the 1999 date). These countries traditionally strike coins with

6399-532: Was also omitted from 500 franc banknotes issued after 1992, and the 1,000 and 5,000 franc banknotes issued after 1995. In 2014, a single set of new banknote designs and smaller sizes were introduced, identical in both New Caledonia and French Polynesia. One side of the banknotes shows landscapes or historical figures from French Polynesia, the other from New Caledonia. Before 2023, the coins were issued in two sets, one each for New Caledonia and French Polynesia, in 1, 2, 5, 10, 20, 50, and 100 franc denominations. While

6480-580: Was initially issued in three distinct forms for French Polynesia , New Caledonia and the New Hebrides (see French Polynesian franc , New Caledonian franc and New Hebrides franc ). Wallis and Futuna used the New Caledonian franc. Banknotes were first issued in 500, 1,000 and 5,000 franc denominations. Although the banknotes of the New Hebrides bore the name of the territory, the notes of French Polynesia and New Caledonia could only be distinguished by

6561-508: Was introduced. The design still retains all elements of the original designs, including the twelve stars , but the map of the fifteen states is replaced by one showing the whole of Europe as a continent, without borders, to stress unity. These coins were not mandatory for existing eurozone members when introduced in 2007, but became so for every member in 2008. Starting in 2017 the 1, 2, and 5 euro cent coins from individual member states have started adjusting their common side design to

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