The Cash Cycle
Production and issue of euro banknotes and coins
Banknotes
Article 106.1 of the Treaty establishing the European Community stipulates that the Governing Council of the European Central Bank (ECB) shall have the exclusive right to authorise the issue of banknotes within the European Community. The ECB and the national central banks (NCBs) may issue such notes, which shall be the only ones to have the status of legal tender within the euro area.
From 1999 to 2001 each NCB in the Eurosystem was responsible for estimating the number of euro banknotes it needed for the introduction of the euro. The production required in Spain was 1,924 million banknotes, spread among seven denominations (€5, €10, €20, €50, €100, €200 and €500).
In 2002 the euro banknote production system was changed to a decentralised scheme with pooling in accordance with a decision by the ECB's Governing Council. Under this production scheme, each NCB is responsible for producing a certain number of banknotes of one or two denominations. The annual production of banknotes in the Eurosystem can be consulted at Latest figures on euro banknotes and coins. The Banco de España was responsible for producing a portion of these banknotes in the €20 and €50 denominations. The Banco de España has an agreement with the Spanish National Mint for the supply of euro banknotes.
The central bank that commissioned the printing of a banknote (but not necessarily the country of printing) is indicated by a letter or country code preceding the serial number:
| Country | Letter | Country | Letter | Country | Letter |
|---|---|---|---|---|---|
| Austria | N | Greece | Y | Portugal | M |
| Belgium | Z | Ireland | T | Slovakia | E |
| Cyprus | G | Italy | S | Slovenia | H |
| Finland | L | Luxembourg | R | Spain | V |
| France | U | Malta | F | ||
| Germany | X | The Netherlands | P |
Coins
Article 106.2 of the Treaty establishing the European Community specifies that from 1 January 1999, the ECB has the exclusive right to approve the volume of coins to be issued by the Member States.
In Spain euro coins are minted by the Spanish National Mint. The Banco de España puts euro coins into, and withdraws them from, circulation on behalf of the Spanish State.
7,055 million euro coins with the Spanish national face were minted for the launch of the euro.