Gold commemorative coin

The Banque centrale du Luxembourg and the European System of Central Banks

Since the end of the 1960s, the implementation of an economic and monetary union has been one of the aims of the European Communities. In 1970, Pierre Werner's report created the basis for moving towards such a union by proposing that it should be achieved step-by-step during the following decade. The economic turbulence of the 1970s, however, prevented the achievement of the Werner plan, except for some limited proposals. In March 1979, an exchange rate stabilisation mechanism, the European Monetary System, was established.

In June 1988, the European Council asked a committee, chaired by Jacques Delors, to study the steps leading to an economic and monetary union. The Delors report advocated three main stages for the creation of this union, which were incorporated into the Maastricht Treaty:

• the free movement of capital which came into effect on 1 June 1990;
• the establishment on 1 January 1994 of the European Monetary Institute, the forerunner of the future European Central Bank (ECB), responsible for strengthening the coordination of monetary policy in order to maintain price stability and to make the necessary preparations for the establishment of the European System of Central Banks (ESCB) and the introduction of the single currency;
• the changeover to the single currency on 1 January 1999.

After agreement was reached, in May 1998, on those Member States which would take part, and the members of the Executive Board of the European issuing institution were appointed, the ECB and the ESCB were officially created on 1 June 1998. It was on the same date that the Banque centrale du Luxembourg (BCL) was created. Thus, the introduction on 1 January 2002 of euro coins and banknotes represented the final outcome of an ambitious European project which began three decades earlier.

Commemorative Coin

On the occasion of the 5th anniversary of the BCL and of the ESCB, a golden commemorative coin has been issued in an edition of 20 000. This piece is the first euro gold coin in Luxembourg numismatic history.

The obverse of the coin bears the effigy of His Royal Highness the Grand Duke Henri looking to the right. It is the work of the Luxembourg artist Mrs. Yvette Gastauer-Claire. It also bears the indication "LËTZEBUERG". The reverse shows, in the centre, a schematised representation of the BCL building, with, above, an indication of the nominal value and the "€" symbol and, below, the BCL logo. The circular inscription "1998 Banque centrale du Luxembourg 2003 Système européen de banques centrales" is a reminder of the European roots of the BCL.

The coins are available in two different packagings:

• in a plastic capsule for 120 EUR
• in a blue casket for 125 EUR.
• in a De luxe box for 140 EUR.

Specifications face:

value: 5 €
title: 999
diameter: 20 mm
weight: 6,22 g
weight of fine metal: 1/5 OZ