Slovakia 2009 mintage quantities

Mintage quantities of the Euro coins.
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Slovakia 2009 mintage quantities

Postby theeuro » 24 Feb 2009, 15:58

Slovakian mintage quantities have been updated:

Slovakian mintage quantities

Slovakian mintage quantities
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Re: Slovakia 2009 mintage quantities

Postby melitikus » 27 Feb 2009, 14:25

Strange that Malta minted 200m coins and has a population of about 400,000, whereas, Slovakia with a population of 5.4m (x13 that of Malta) minted only 502m coins
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Re: Slovakia 2009 mintage quantities

Postby theeuro » 27 Feb 2009, 22:00

melitikus wrote:Strange that Malta minted 200m coins and has a population of about 400,000, whereas, Slovakia with a population of 5.4m (x13 that of Malta) minted only 502m coins


It does seem strange. Initial mintage quantities are not based on size of a population, but on size of an economy.
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Re: Slovakia 2009 mintage quantities

Postby Illioplius » 28 Feb 2009, 00:51

MdV, I have some questions.
- How is "size of an economy" measured?
- How is calculated how many eurocoins each country need?
- Does Malta need so many eurocoins?

Thank you.
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Re: Slovakia 2009 mintage quantities

Postby theeuro » 28 Feb 2009, 03:49

Illioplius wrote:MdV, I have some questions.
- How is "size of an economy" measured?
- How is calculated how many eurocoins each country need?
- Does Malta need so many eurocoins?

Thank you.


These questions have some pretty complicated answers- but I'll try to keep it brief.

How is "size of an economy" measured?

This is usually a formula which takes into account the GDP, national debt and budget size- among other aspects.

How is calculated how many eurocoins each country need?

There is a heavier weight placed on total government holdings with regard to Euro adoption, which also plays a very large role in how many Euro coins (and the total value in Euro) each country is allocated to produce.

Does Malta need so many eurocoins?

If they were not needed, they would not have been produced.

Having said that, it is possible that the ECB gave Malta a larger share for their initial issue and temporarily recessed the shares of other Member States in order to mitigate the collector status of the new Maltese coins. At present, Malta has the smallest economy of all EU members in the EMU. However, Malta has the third smallest total holding value, next to Luxembourg and Cyprus. Ireland now has the fourth smallest. With the Monaco 2007 2 Euro commemorative, a lesson was learned with regard to small mintage quantities. This lesson has also manifested in the more equally distributed minting of the German 2 Euro common commemorative of 2009 across all five of their national mints.

Hope this helps... if there are more questions, please post them... :geek:
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Re: Slovakia 2009 mintage quantities

Postby melitikus » 28 Feb 2009, 11:46

Yes, I am sure that a good proportion of the Maltese euro coins went for collections but it is difficult to say how much

In general, let say 70% of the coins i get here in Malta are Maltese, only the Dutch 1c is more popular than the Maltese one, i would say 60% and 40% respectively
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Re: Slovakia 2009 mintage quantities

Postby NumisMatix » 28 Feb 2009, 15:41

melitikus wrote:only the Dutch 1c is more popular than the Maltese one


This can only mean the Maltese central bank has bought 1c coins from the Netherlands as the Netherlands doesn't use 1c and 2c coins any more.
What year marks are on the NL 1c coins you see? Do you also find NL 2c?
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Re: Slovakia 2009 mintage quantities

Postby melitikus » 28 Feb 2009, 16:09

NumisMatix wrote:
melitikus wrote:only the Dutch 1c is more popular than the Maltese one


This can only mean the Maltese central bank has bought 1c coins from the Netherlands as the Netherlands doesn't use 1c and 2c coins any more.
What year marks are on the NL 1c coins you see? Do you also find NL 2c?


the NL2c is also common but not as the NL1c

the NL1c are from 2000,01,03 and 04 - the common ones
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Re: Slovakia 2009 mintage quantities

Postby theeuro » 28 Feb 2009, 21:13

NumisMatix wrote:This can only mean the Maltese central bank has bought 1c coins from the Netherlands as the Netherlands doesn't use 1c and 2c coins any more.


Quite right, NumisMatix. In fact, even though the Dutch don't use the 1c and 2c coins anymore, DNB still has to issue them and KNM still has to produce them. Millions of them, every year. Finland is in the same situation. It has become a little bit of a concern, because while nobody really considers the 1c and 2c as having any value, when there are literally tens of millions of them just sitting around, the value begins to add up.

Both Slovenia and Cyprus bought a large portion of Finnish 1c and 2c coins when they adopted the Euro and Malta and Slovakia bought large numbers of Dutch 1c and 2c coins. This helps in the cost of Euro adoption because then the NCBs of the purchasing Member States do not also have to pay for coin production.

Prior to the new adoptions beginning with Slovenia in 2007, the Dutch coins were mainly sold to Belgium, Luxembourg, France and Germany. Luckily, Finland doesn't have a large share of coin production to begin with, so the value of their holdings of these coins were much smaller.
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Re: Slovakia 2009 mintage quantities

Postby melitikus » 28 Feb 2009, 21:44

You mean that they are still producing large quantities of 1c and 2c? – I thought that now they only produce some for the BU sets.

Also the NL1c and 2c in Malta are all pre-2005 so I am * that we are using their unused stock.

why do they still have to continue to produce them ?
Last edited by melitikus on 01 Mar 2009, 13:32, edited 1 time in total.
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Re: Slovakia 2009 mintage quantities

Postby theeuro » 01 Mar 2009, 02:41

melitikus wrote:You mean that they are still producing large quantities of 1c and 2c?

why do they still have to continue to produce them ?


In each of the last four years (2005-2008) of coin production, the 1c and 2c coins accounted for the second highest in quantity produced of all the other Dutch Euro coins and the highest in the first five years (1999-2004). The total number of 1c and 2c Dutch coins produced so far account for more than the total quantities of all the mid-value coin quantities (nordic gold coins) ever produced and six times the quantity of the Dutch 1e coin.

There are clear provisions for how many coins produced for circulation can be allocated for collector cards and sets.

Having sixteen countries all issuing the same eight denominations of the same currency requires a very delicate and well balanced equation in order to prevent devaluation or inflation and deflation. Especially taking into account the cost to produce coins. 1e and 2e coins cost more to produce out of them all. Next are the copper low value coins and least costly are the nordic gold mid-value coins. Banknotes are so much easier to mitigate cost and maintain balance of value. Coins on the other hand are a different story.

If too many of one denomination, even the 1c coins are issued by even one of the NCBs, it may throw the balance out of whack and the currency begins to loose value. If not enough of a denomination are issued by another NCB, the currency begins to inflate. Although we, the EU, and those of us in the EMU appear to be one country, there are still sixteen individual national banks that have to account for their individual holdings and GDP- we are not one economy, but one economic union of sixteen economies.

While the argument could be made that for every three 5c coins that are produced, five 1c and five 2c coins do not have to be produced. The problem then becomes what is known as the 'ghostly decimal'. While those of us in the Netherlands can safely purchase something at the store that is €1.02 and simply hand over a 1e coin and be done with it, banks can not do the same. Each and every 1c and 2c and all the other denominated coins are carefully accounted for and each NCB who has issued them duly holds their value. In other words, chaos would ensue if the Netherlands suddenly stopped issuing 1c and 2c coins because there would be no way of accounting for the trillions of transactions that occur across the country which end in €0.01, €0.02, €0.03 and €0.04.

If you take even a transaction ending in €0.01 and multiply it by 1 000 000 000 000, you will have enough Euro to purchase eight Lamborghini cars each day for the next year. While this might be appealing to some, the EMU would collapse and we'd have to dig out our old bags of Guilders that we're keeping for posterity, break the mugs we bought with a Guilder encased at the bottom, melt the plastic surrounding tienjes and dubletjes from our key rings and take all those pretty 50 Guilder notes out of their frames and start using those instead- because the Euro would cease to exist as a viable currency. I hear the Italians gather regularly for bonfires of their old Lira papermoney devalued by the bank; the Finns have made a sport out of shooting at their old Maarka coins; the Germans bury old pfennigs by oak trees. Can you imagine what life in Europe would be like if we had to go back to our old currencies?!

Hence, every Member State must produce enough of the 1c and 2c coins to account for the 'ghostly decimal' in transactions. Or else, the Euro will fail. It is actually a bit more complicated than that, but this is one of the most basic reasons, and I figured it was the one most suited to answer your question...

Did any of that just make sense, or did I start talking like a crazy man again? :ugeek:
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Re: Slovakia 2009 mintage quantities

Postby melitikus » 01 Mar 2009, 13:40

:o

I Had no idea that the system is this complicated - thanks for explaining :thumbup:
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Re: Slovakia 2009 mintage quantities

Postby Illioplius » 01 Mar 2009, 16:48

MdV, very interesting and funny explanation. :)
I like especially this sentence: "the Germans bury old pfennigs by oak trees". :D
In my country lot of people stored some Slovak coins and/or banknotes. And in the night from 31st December 2008 to 1st January 2009 quite many Slovaks ceremonialy burned some low denomination koruna notes...


But, you said that Slovakia bought Dutch 1&2c coins also. However, I didn't find any of these coins in circulation so far... why?
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Re: Slovakia 2009 mintage quantities

Postby melitikus » 01 Mar 2009, 16:52

Illioplius wrote:

But, you said that Slovakia bought Dutch 1&2c coins also. However, I didn't find any of these coins in circulation so far... why?



They will start to appear later on this year, first you have to exhaust the SK1 and 2c :)
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Re: Slovakia 2009 mintage quantities

Postby Illioplius » 02 Mar 2009, 00:29

melitikus wrote:
Illioplius wrote:But, you said that Slovakia bought Dutch 1&2c coins also. However, I didn't find any of these coins in circulation so far... why?



They will start to appear later on this year, first you have to exhaust the SK1 and 2c :)


I look forward to get them in circulation! :)
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