Monetary System


Circulating Coins
1 Franc = 100 centimes

No mintmark on circulating coins

Centime(s): 1, 5, 10, 20 / Franc(s): 1/2, 1, 2, 5, 10, 100
On January 1, 1999, the European Monetary Union introduced the euro as a common currency to be used by the financial institutions of member countries; Three years later, on 1 January 2002, the euro became the sole currency for everyday transactions with the member countries

The Genoese built a fortress on the site of present-day Monaco in 1215. The current ruling Grimaldi family secured control in the late 13th century, and a principality was established in 1338. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, splendid scenery, and gambling facilities have made Monaco world famous as a tourist and recreation center.

The principality has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state has no income tax and low business taxes and thrives as a tax haven both for individuals who have established residence and for foreign companies that have set up businesses and offices. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.

Borders France 4.4 km
Economy Population: 32,543 (July 2006 est.)
GDP per capita: $ 27000 (2000 est.)