2014-06-16
The first Lithuanian euro coins are being minted by order of the Bank of Lithuania
The Lithuanian Mint, by order of the Bank of Lithuania, has begun minting the first Lithuanian euro pattern coin series with the Vytis, the figure from the Lithuanian coat of arms. The coins will enter into circulation early next year with the introduction of the European Union’s single currency — the euro. The press that will mint the Lithuanian 1 euro coins was symbolically turned on by Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
“Having begun its journey 600 years ago with the Lithuanian denarii, the Vytis, which is so dear to us all, is now moving on to the euro and will make Lithuania known across Europe,” says Vitas Vasiliauskas. This spring the Lithuanian euro coin and euro cent samples were manufactured. Based on them, the 2015-issue Lithuanian euro coins will be minted and will be legal tender in all the countries that have adopted the euro.
Dainius Labutis (ELTA) photo. The press that will mint the Lithuanian 1 euro coins was symbolically turned on by Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania
According to the Governor of the Bank of Lithuania, the UAB Lithuanian Mint has thoroughly prepared for this important work and will be able to successfully mint, in time for the changeover, the required amount of euro coins.
The Lithuanian Mint will begin to mint en masse the Lithuanian circulation euro coins at the end of July this year, immediately after the final decision of the Council of the European Union regarding the adoption of the euro in Lithuania. Until then, one million each of eight-denomination euro coins can be minted in seeking to test the coin blanks, minting tools and measurement control equipment. Today the symbolic amount of 1000 euro coins will be minted and they will be stored at the Bank of Lithuania’s Money Museum.
Dainius Labutis (ELTA) photo. Prime Minister Algirdas Butkevičius, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania and Minister of Finance Rimantas Šadžius with the first Lithuanian euro coins
Every state, which has adopted the euro, has the right to issue euro coins, of which one side is the same for all countries (common side) and the other is different (national side). The national side of the Lithuanian circulation euro coins was designed by the sculptor Antanas Žukauskas. The Board of the Bank of Lithuania has three different designs for the national side (obverse). They depict the symbol from the emblem of the Lithuanian State — Vytis and it is surrounded by the inscriptions “LIETUVA” (Lithuania), “2015” and twelve stars, symbolising the ideals of unity, solidarity and harmony among the European nations. On the 1 and 2 euro coins — a background of vertical lines; the 10, 20 and 50 euro cent coins — horizontal lines; on the 1, 2 and 5 euro cent coins — a plain surface.
Dainius Labutis (ELTA) photo. Prime Minister Algirdas Butkevičius, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania and Minister of Finance Rimantas Šadžius with the first Lithuanian euro coins
The circulation euro and euro cent coins with the Vytis will be minted at the Lithuanian Mint, operating in Vilnius. The 1 and 2 euro dual-coloured coins will be minted from coloured metal alloys; the 10, 20, 50 euro cent coins — from the so-called “Nordic gold” alloy; the 1, 2 and 5 euro cent coins — from copper coated steel.
The Bank of Lithuanian will have to acquire 370 million units of euro and euro cent coins and 132 million units of euro banknotesto satisfy the demand for them at the time of euro adoption and to ensure their necessary stocks. Banknotes will be acquired in cooperating with one of the euro area’s national central banks.
Dainius Labutis (ELTA) photo. The Lithuanian Mint has begun minting the first Lithuanian euro pattern coins
Each country, the currency of which is the euro, has the right to issue every year two commemorative euro coins. Commemorative euro coins can only be dedicated to great events that are important at the national or European level and their value can only be 2 euro. Such coins can be used throughout the euro area.
Moreover, each euro area country may mint collector euro coins as well, selecting the denomination, metal and other features at its discretion. These coins may be a means of payment only in Lithuania.
The Board of the Bank of Lithuania envisaged that with the Council of the European Union taking a positive decision on the date of adoption of the euro in Lithuania as of 1 January 2015, the first collector euro gold coin will be devoted to coinage in the Grand Duchy of Lithuania. It would be issued in the first quarter of 2015.