Editing Monaco (section)

==Economy==
{{Main|Economy of Monaco}}
[[File:Monaco004.jpg|thumb|left|[[Fontvieille, Monaco|Fontvieille]] and its harbour]]

Monaco has the world's highest [[List of countries by GDP (nominal) per capita|GDP nominal per capita]] at US$185,742, [[List of countries by GDP (PPP) per capita|GDP PPP per capita]] at $132,571 and [[List of countries by GNI (nominal, Atlas method) per capita|GNI per capita]] at $183,150.<ref name="unsd">{{cite web |url=https://data.worldbank.org/country/monaco |title=The World Bank Group |publisher=[[The World Bank Group]] |access-date=18 September 2019 |archive-date=15 September 2019 |archive-url=https://web.archive.org/web/20190915204038/https://data.worldbank.org/country/monaco |url-status=live }}</ref><ref>[https://web.archive.org/web/20120402032202/http://databank.worldbank.org/databank/download/GNIPC.pdf Gross national income per capita 2010, Atlas method and PPP]. World Bank</ref><ref>{{cite web |url=http://monacodc.org/economy.html |title=Business And Economy |publisher=Monacodc.org |access-date=22 March 2012 |archive-date=23 July 2012 |archive-url=https://web.archive.org/web/20120723034530/http://monacodc.org/economy.html |url-status=live }}</ref> It also has an [[List of countries by unemployment rate|unemployment rate]] of 2%,<ref>{{cite web |url=https://www.cia.gov/library/publications/the-world-factbook/fields/2129.html |title=Central Intelligence Agency |publisher=Cia.gov |access-date=22 March 2012 |archive-date=21 August 2016 |archive-url=https://web.archive.org/web/20160821073349/https://www.cia.gov/library/publications/the-world-factbook/fields/2129.html |url-status=dead}}</ref> with over 48,000 workers who commute from France and Italy each day.<ref name="Recensement">{{cite web |url=http://cloud.gouv.mc/devwww/wwwnew.nsf/e89a6190e96cbd1fc1256f7f005dbe6e/64a1643c86f9f661c12575ae004cc473/$FILE/ATTW9ZI8/Recensement2008_p8-9.pdf |archive-url=https://www.webcitation.org/67zk5DtcP?url=http://cloud.gouv.mc/devwww/wwwnew.nsf/e89a6190e96cbd1fc1256f7f005dbe6e/64a1643c86f9f661c12575ae004cc473/$FILE/ATTW9ZI8/Recensement2008_p8-9.pdf |url-status=dead |archive-date=28 May 2012 |title=Plan General De La Principaute De Monaco |access-date=28 May 2012}}</ref> According to the [[CIA World Factbook]], Monaco has the world's [[List of countries by poverty|lowest poverty rate]]<ref name="theodora"/> and the highest number of millionaires and billionaires per capita in the world.<ref>{{cite news |last=Alleyne |first=Richard |url=https://www.telegraph.co.uk/news/uknews/1565068/Prince-Albert-We-want-more-for-Monaco.html |archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/news/uknews/1565068/Prince-Albert-We-want-more-for-Monaco.html |archive-date=10 January 2022 |url-access=subscription |url-status=live |title=Prince Albert: We want more for Monaco |work=The Daily Telegraph |date=4 October 2007 |access-date=22 March 2012 |location=London}}{{cbignore}}</ref> For the fourth year in a row, Monaco in 2012 had the world's most expensive real estate market, at $58,300 per square metre.<ref>{{cite web |author=Katya Wachtel |url=https://www.privatebank.citibank.com/pdf/wealthReport2012_lowRes.pdf |title=The Wealth Report 2012 |publisher=Citi Private Bank |date=28 March 2012 |access-date=6 March 2013 |archive-date=20 August 2012 |archive-url=https://web.archive.org/web/20120820211152/https://www.privatebank.citibank.com/pdf/wealthReport2012_lowRes.pdf |url-status=live }}</ref><ref>{{cite web |author=Robert Frank |url=https://blogs.wsj.com/wealth/2012/03/28/the-most-expensive-real-estate-in-the-world/ |title=The Most Expensive Real-Estate in the World |work=The Wall Street Journal |date=28 March 2012 |access-date=6 March 2013 |archive-date=4 March 2013 |archive-url=https://web.archive.org/web/20130304222211/http://blogs.wsj.com/wealth/2012/03/28/the-most-expensive-real-estate-in-the-world/ |url-status=live }}</ref><ref>{{cite web |author=Julie Zeveloff |url=http://www.businessinsider.com/most-expensive-real-estate-markets-2013-3 |title=Here Are The World's Most Expensive Real Estate Markets |work=Business Insider |date=7 March 2013 |access-date=7 March 2013 |archive-date=9 March 2013 |archive-url=https://web.archive.org/web/20130309085940/http://www.businessinsider.com/most-expensive-real-estate-markets-2013-3 |url-status=live }}</ref> Although the average price went down in 2020, to an average price of $53,378 per square metre, Monaco remains one of the most expensive places in the world to buy property.<ref>{{Cite web |last=Martin |first=Guy |title=Building Wealth In Monaco: How To Buy A Luxury Residential Property |url=https://www.forbesglobalproperties.com/trends/building-wealth-in-monaco-how-to-buy-a-luxury-residential-property |access-date=20 April 2023 |website=Forbes Global Properties |date=28 March 2022 |archive-date=20 April 2023 |archive-url=https://web.archive.org/web/20230420113944/https://www.forbesglobalproperties.com/trends/building-wealth-in-monaco-how-to-buy-a-luxury-residential-property |url-status=live }}</ref> By 2024, Monaco allows Visa-free travel from 86 countries around the world.<ref>{{cite web | url=https://www.travelandtourworld.com/news/article/monaco-is-surging-the-tourism-industry-with-new-visa-free-travel-for-86-countries-including-south-korea-uk-and-usa/ | title=Monaco is Surging the Tourism Industry with New Visa Free Travel for 86 Countries Including South Korea, UK and USA - Travel and Tour World | date=20 July 2024 }}</ref>
[[File:Hotel de Paris - panoramio (6).jpg|thumb|''Hotel de Paris'' lobby ceiling: Monaco draws tourist for its late 19th and early 20th century buildings and glamor]]

The world's most expensive apartment is located in Monaco, a penthouse at the [[Odeon Tower]] valued at $335 million according to ''[[Forbes]]'' in 2016.<ref>{{Cite web |last=Martin |first=Guy |title=Inside the World's Most Expensive Apartment: A $335 Million Penthouse in Monaco's Tour Odeon |url=https://www.forbes.com/sites/guymartin/2016/10/11/yours-for-335-million-in-monaco-the-five-floor-31500-square-foot-penthouse-atop-la-tour-odeon/ |access-date=25 September 2020 |website=Forbes |archive-date=6 November 2020 |archive-url=https://web.archive.org/web/20201106181557/https://www.forbes.com/sites/guymartin/2016/10/11/yours-for-335-million-in-monaco-the-five-floor-31500-square-foot-penthouse-atop-la-tour-odeon/ |url-status=live }}</ref>

One of Monaco's main sources of income is tourism. Each year many foreigners are attracted to its casinos and pleasant climate.<ref name="visitmonaco"/><ref>{{cite web |url=http://globaledge.msu.edu/Countries/Monaco/economy |title=Monaco: Economy >> globalEDGE: Your source for Global Business Knowledge |publisher=Globaledge.msu.edu |access-date=22 March 2012 |archive-date=7 December 2011 |archive-url=https://web.archive.org/web/20111207032241/http://globaledge.msu.edu/Countries/Monaco/economy |url-status=live }}</ref> It has also become a major banking centre, holding over €100 billion worth of funds.<ref>{{cite web |author=Robert BOUHNIK |url=http://cloud.gouv.mc/devwww/wwwnew.nsf/1909$/607f54a31a14184fc1256a130075eb71gb?OpenDocument&6Gb |archive-url=https://archive.today/20120711135421/http://cloud.gouv.mc/devwww/wwwnew.nsf/1909$/607f54a31a14184fc1256a130075eb71gb?OpenDocument&6Gb |url-status=dead |archive-date=11 July 2012 |title=Home > Files and Reports > Economy(Gb) |publisher=Cloud.gouv.mc |date=19 December 2011 |access-date=22 March 2012 }}</ref> Banks in Monaco specialise in providing private banking, asset and wealth management services.<ref name="thebanks">{{cite news |url=https://thebanks.eu/articles/banks-in-Monaco |title=Banks in Monaco |newspaper=Thebanks.eu |date=30 September 2017 |access-date=30 September 2017 |archive-date=1 October 2017 |archive-url=https://web.archive.org/web/20171001031114/https://thebanks.eu/articles/banks-in-Monaco |url-status=live }}</ref> Monaco is the only place in Europe where credit card points are not redeemable. Hotel points are not able to be accumulated nor are transactions recorded, allowing for an increase in privacy that is sought by many of the locals. The principality has successfully sought to diversify its economic base into services and small, high-value-added, non-polluting industries, such as cosmetics.{{failed verification|date=May 2021|reason='Biothermics' do not appear in the linked page. 
 Biotherm is a subsidiary of L'Oréal who made skin care products in Monaco until 2011: was this talking about them?}}<ref name="theodora">{{cite web |url=http://www.theodora.com/wfbcurrent/monaco/monaco_economy.html |title=Monaco Economy 2012, CIA World Factbook |publisher=Theodora.com |access-date=28 May 2012 |archive-date=10 May 2012 |archive-url=https://web.archive.org/web/20120510082911/http://www.theodora.com/wfbcurrent/monaco/monaco_economy.html |url-status=live }}</ref>

The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network ([[Monaco Telecom]]) used to be fully owned by the state. Its monopoly now comprises only 45%, while the remaining 55% is owned by [[Cable & Wireless Communications]] (49%) and [[Compagnie Monégasque de Banque]] (6%). Living standards are high, roughly comparable to those in prosperous French metropolitan areas.<ref>{{cite web |url=https://www.cia.gov/the-world-factbook/countries/monaco/ |title=CIA – The World Factbook |publisher=Cia.gov |access-date=28 May 2012 |archive-date=30 December 2021 |archive-url=https://web.archive.org/web/20211230233800/https://www.cia.gov/the-world-factbook/countries/monaco/ |url-status=live }}</ref>

Monaco is not a member of the [[European Union]], but very closely linked via a customs union with France. As such, its currency is the same as that of France, the [[euro]]. Before 2002, Monaco minted its own coins, the [[Monegasque franc]]. Monaco has acquired the right to mint [[euro coins]] with [[Monegasque euro coins|Monegasque designs]] on its national side.

<!--[[File:Panorama of Monaco - from Rue des Remparts.jpg|thumb|650px|center|Hercules harbor from ''Rue des Remparts'': the port is an important part of Monaco's economy and transport]]-->

===Gambling industry===
[[File:Le casino de Monte-Carlo.JPG|thumb|left|[[Monte Carlo Casino]]]]

The plan for casino gambling was drafted during the reign of [[Florestan I, Prince of Monaco|Florestan I]] in 1846. Under Louis-Philippe's [[Petite bourgeoisie|petite-bourgeois]] regime a dignitary such as the [[Monarchy of Monaco|Prince of Monaco]] was not allowed to operate a gambling house.<ref name="state1"/> All this changed in the dissolute [[Second French Empire]] under [[Napoleon III]]. The [[House of Grimaldi]] was in dire need of money.

The towns of [[Menton, France|Menton]] and [[Roquebrune-Cap-Martin|Roquebrune]], which had been the main sources of income for the Grimaldi family for centuries, were now accustomed to a much-improved [[standard of living]] and lenient taxation thanks to the Sardinian intervention and clamoured for financial and political concession, even for separation. The Grimaldi family hoped the newly legal industry would help alleviate the difficulties they faced, above all the crushing debt the family had incurred, but Monaco's first casino would not be ready to operate until after [[Charles III, Prince of Monaco|Charles III]] assumed the throne in 1856.

The grantee of the princely concession (licence) was unable to attract enough business to sustain the operation and, after relocating the casino several times, sold the concession to French casino magnates [[François Blanc|François]] and Louis Blanc for 1.7&nbsp;million francs.

The Blancs had already set up a highly successful casino (in fact the largest in Europe) in [[Bad Homburg|Bad-Homburg]] in the Grand Duchy of [[Hesse-Homburg]], a small German principality comparable to Monaco, and quickly petitioned Charles III to rename a depressed seaside area known as "Les Spelugues (Den of Thieves)" to "Monte Carlo (Mount Charles)."<ref name="Craps">{{cite web |url=http://www.crapsdicecontrol.com/monte_carlo.htm |title=History of Monte Carlo Casino |publisher=Craps Dice Control |access-date=28 April 2012 |archive-date=30 April 2012 |archive-url=https://web.archive.org/web/20120430065735/http://www.crapsdicecontrol.com/monte_carlo.htm |url-status=live }}</ref> They then constructed their casino in the newly dubbed "Monte Carlo" and cleared out the area's less-than-savoury elements to make the neighbourhood surrounding the establishment more conducive to tourism.
[[File:Monte Carlo Casino, Monaco - interior- (2) (32774947955).jpg|thumb|Atrium in Monte Carlo Casino]]
The Blancs opened [[Le Grand Casino de Monte Carlo]] in 1858 and the casino benefited from the tourist traffic the newly built French railway system created.<ref>{{cite web |url=http://www.iptv.org/series.cfm/9038/rick_steves_europe/ep:504 |title=Rick Steves' Europe: Little Europe: San Marino, Monaco, Vatican City, Liechtenstein, and Andorra |access-date=27 April 2012 |archive-url=https://web.archive.org/web/20121114170925/http://www.iptv.org/series.cfm/9038/rick_steves_europe/ep:504 |archive-date=14 November 2012 |url-status=dead}}</ref> Due to the combination of the casino and the railroads, Monaco finally recovered from the previous half-century of economic slump and the principality's success attracted other businesses.<ref>{{cite web |url=http://www.ricksteves.com/tvr/littleeurope504_scr.htm |title=Rick Steves Europe: Little Europe: Five Microcountries |publisher=Ricksteves.com |access-date=28 May 2012 |archive-date=11 July 2012 |archive-url=https://web.archive.org/web/20120711235819/http://www.ricksteves.com/tvr/littleeurope504_scr.htm |url-status=live }}</ref> In the years following the casino's opening, Monaco founded its [[Oceanographic Museum]] and the [[Monte Carlo Opera House]], 46 hotels were built and the number of jewellers operating in Monaco increased by nearly five-fold. In an apparent effort not to overtax citizens, it was decreed that the Monégasque citizens were prohibited from entering the casino unless they were employees.<ref>{{cite web |author=Keremcan |url=https://www.gamblingherald.com/why-do-monaco-laws-forbid-locals-from-gambling/ |title=Why Do Monaco Laws Forbid Locals from Gambling? |work=Gambling Herald |date=23 August 2016 |access-date=7 December 2017 |archive-date=8 December 2017 |archive-url=https://web.archive.org/web/20171208003410/https://www.gamblingherald.com/why-do-monaco-laws-forbid-locals-from-gambling/ |url-status=live }}</ref> By 1869, the casino was making such a vast sum of money that the principality could afford to end tax collection from the Monegasques—a masterstroke that was to attract affluent residents from all over Europe in a policy that still exists today.
[[File:MONTE-CARLO BAY HOTEL ^ RESORT 10 - panoramio.jpg|thumb|left|Monte-Carlo Bay Hotel & Resort overlooks the Mediterranean Sea]]
Today, [[Société des bains de mer de Monaco]], which owns Le Grand Casino, still operates in the original building that the Blancs constructed and has since been joined by several other casinos, including the Le Casino Café de Paris, the Monte Carlo Sporting Club & Casino and the Sun Casino. The most recent{{when|date=June 2020}} addition in Monte Carlo is the [[Monte-Carlo Bay Hotel & Resort|Monte Carlo Bay Casino]], which sits on 4 hectares of the Mediterranean Sea; among other things, it offers 145 slot machines, all equipped with "[[ticket-in, ticket-out]]" (TITO). It is the first Mediterranean casino to use this technology.<ref name="Porter">{{cite book |year=2006 |title=Frommer's Provence and the Riviera (Fifth. ed.) |author=Porter, D. |author2=D. Prince |publisher=Wiley Publishing Inc.}}</ref>

===Low taxes===
[[File:City of Monaco in 2021.06.jpg|thumb|Boulevard des Moulins meets Avenue Saint-Michel]]
[[File:City of Monaco in 2021.05.jpg|thumb|Pedestrian crossing on Avenue de la Costa]]

Monaco has a 20% VAT plus high social-insurance taxes, payable by both employers and employees. The employers' contributions are between 28% and 40% (averaging 35%) of gross salary, including benefits, and employees pay a further 10% to 14% (averaging 13%).<ref>{{cite web |url=http://www.lowtax.net/lowtax/html/jmcpetx.html |title=Monaco Personal Taxation |access-date=28 May 2010 |archive-date=24 November 2010 |archive-url=https://web.archive.org/web/20101124183217/http://lowtax.net/lowtax/html/jmcpetx.html |url-status=live }}</ref>

Monaco has never levied [[income tax]] on [[individual]]s,<ref name=telegraph/> and foreigners are thus able to use it as a "[[tax haven]]" from their own country's high taxes, because as an independent country, Monaco is not obliged to pay taxes to other countries.<ref>{{cite news |url=https://www.telegraph.co.uk/finance/globalbusiness/7243401/Monaco-might-not-charge-residents-income-tax-but-its-no-tax-haven.html |archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/finance/globalbusiness/7243401/Monaco-might-not-charge-residents-income-tax-but-its-no-tax-haven.html |archive-date=10 January 2022 |url-access=subscription |url-status=live |title=Monaco might not charge residents income tax, but it's no tax haven |work=The Daily Telegraph |date=16 February 2010 |access-date=28 May 2012 |location=London}}{{cbignore}}</ref><ref>{{cite web |url=http://www.lowtax.net/lowtax/html/jmccfir.html |title=Monaco Country and Foreign Investment Regime |publisher=Lowtax.net |access-date=22 March 2012 |archive-date=12 May 2012 |archive-url=https://web.archive.org/web/20120512031238/http://www.lowtax.net/lowtax/html/jmccfir.html |url-status=live }}</ref>

The absence of a personal income tax has attracted many wealthy "tax refugee" residents from European countries, who derive the majority of their income from activity outside Monaco. [[Celebrity|Celebrities]], such as [[Formula One]] drivers, attract most of the attention but the vast majority are lesser-known business people.<ref>{{cite news |author=David Leigh |url=https://www.theguardian.com/business/2006/jul/10/frontpagenews.uknews |title=The tax haven that today's super-rich City commuters call home |work=The Guardian |date=10 July 2006 |access-date=28 May 2012 |location=London |archive-date=22 September 2013 |archive-url=https://web.archive.org/web/20130922204303/http://www.theguardian.com/business/2006/jul/10/frontpagenews.uknews |url-status=live }}</ref>

Per a bilateral treaty with France, French citizens who reside in Monaco must still pay income and wealth taxes to France.<ref name="state.gov">{{cite web |url=https://2009-2017.state.gov/e/eb/rls/othr/ics/2015/241564.htm |title=France and Monaco |work=U.S. Department of State |access-date=21 May 2019 |archive-date=4 February 2020 |archive-url=https://web.archive.org/web/20200204222739/https://2009-2017.state.gov/e/eb/rls/othr/ics/2015/241564.htm |url-status=live }}</ref> The principality also actively discourages the registration of foreign corporations, charging a 33 per cent [[Corporate tax|corporation tax]] on profits unless they can show that at least three-quarters of turnover is generated within Monaco. Unlike classic tax havens, Monaco does not offer offshore financial services.<ref name="telegraph" />

In 1998, the [[Centre for Tax Policy and Administration]], part of the [[Organisation for Economic Co-operation and Development]] (OECD), issued a first report on the consequences of the financial systems of known [[tax haven]]s.<ref>{{cite web |url=http://www.escapeartist.com/OREQ24/Offshore_Tax_Havens.html |title=Obscure Tax Havens |publisher=Escapeartist.com |access-date=28 May 2012 |archive-date=26 June 2012 |archive-url=https://web.archive.org/web/20120626135309/http://www.escapeartist.com/OREQ24/Offshore_Tax_Havens.html |url-status=live }}</ref> Monaco did not appear in the list of these territories until 2004, when the OECD became indignant regarding the Monegasque situation and denounced it in a report, along with [[Andorra]], [[Liechtenstein]], [[Liberia]], and the [[Marshall Islands]]. The report underlined Monaco's lack of co-operation regarding financial information disclosure and availability.<ref>''Declaration of 18 April 2004, by the representative of the [[Organisation for Economic Co-operation and Development|OECD]] Centre for Tax Policy and Administration Gabriel Makhlouf regarding the list of alleged [[tax haven]]s non-cooperative countries comparable''</ref><ref>''Stage Report 2004: Project of [[Organisation for Economic Co-operation and Development|OECD]] on the detrimental tax practices, [[Organisation for Economic Co-operation and Development|OECD]], Paris, 2004''</ref> Later, Monaco overcame the OECD's objections and was removed from the "grey list" of uncooperative jurisdictions. In 2009, Monaco went a step further and secured a place on the "white list" after signing twelve information exchange treaties with other jurisdictions.<ref name=telegraph/>

In 2000, the [[Financial Action Task Force on Money Laundering]] (FATF) stated: "The anti-money laundering system in Monaco is comprehensive. Difficulties have been encountered with Monaco by countries in international investigations on serious crimes that appear to be linked also with tax matters. In addition, the FIU of Monaco (SICCFIN) suffers a great lack of adequate resources. The authorities of Monaco have stated that they will provide additional resources to SICCFIN."<ref>{{cite web |url=http://www.fatf-gafi.org/dataoecd/56/43/33921824.pdf |archive-url=https://web.archive.org/web/20110726051252/http://www.fatf-gafi.org/dataoecd/56/43/33921824.pdf |archive-date=26 July 2011 |title=Review to Identify Non-Cooperative Countries or Territories: Increasing the Worldwide Effectiveness of Anti-Money Laundering Measures |publisher=Financial Action Task Force on Money Laundering |date=22 June 2000 |location=Paris |page=8 |access-date=23 May 2009 |url-status=live}}</ref>
[[File:Monaco 2022.jpg|thumb|Tall buildings in Monaco]]
Also in 2000, a report by French politicians [[Arnaud Montebourg]] and [[Vincent Peillon]] stated that Monaco had relaxed policies with respect to money laundering including within its casino and that the Government of Monaco had been placing political pressure on the judiciary so that alleged crimes were not being properly investigated.<ref>{{cite web |url=http://www.assemblee-nationale.fr/11/rap-info/i2311-2.asp |title=Assemblee-Nationale report |publisher=Assemblee-nationale.fr |date=27 July 1987 |access-date=28 August 2010 |archive-date=15 August 2010 |archive-url=https://web.archive.org/web/20100815132524/http://www.assemblee-nationale.fr/11/rap-info/i2311-2.asp |url-status=live }}</ref> In its Progress Report of 2005, the [[International Monetary Fund]] (IMF) identified Monaco, along with 36 other territories, as a [[tax haven]],<ref>''Financial Centres with Significant Offshore Activities in Offshore Financial Centres. The Assessment Program. A Progress Report Supplementary Information, IMF, Washington, 2005''</ref> but in its [[Financial Action Task Force on Money Laundering|FATF]] report of the same year it took a positive view of Monaco's measures against money-laundering.<ref>''Review to Identify Non-Cooperative Countries or Territories: Increasing the Worldwide Effectiveness of Anti-Money Laundering Measures, [[Financial Action Task Force on Money Laundering|FATF]], Paris, 2005''</ref><ref>''Review to Identify Non-Cooperative Countries or Territories: Increasing the Worldwide Effectiveness of Anti-Money Laundering Measures, FATF, Paris, 2006''</ref>

The [[Council of Europe]] also decided to issue reports naming tax havens. Twenty-two territories, including Monaco, were thus evaluated between 1998 and 2000 on a first round. Monaco was the only territory that refused to perform the second round, between 2001 and 2003, whereas the 21 other territories had planned to implement the third and final round, planned between 2005 and 2007.<ref>''First Mutual Evaluation Report on the Principality of Monaco, Moneyval, Strasbourg, 2003''</ref>

In June 2024, the FATF added Monaco to its "grey list", which includes countries needing "increased monitoring" due to statewide issues of money laundering and terrorist financing.<ref name="dw"/>

===Numismatics===
{{Main|Monégasque franc|Monégasque euro coins|Euro gold and silver commemorative coins (Monaco)}}
[[File:Medaglia genovese 1655.JPG|thumb|Genovese coin from 1655]]
Monaco issued its own coins in various devaluations connected to the [[écu]] already in the seventeenth century, but its first decimal coins of the Monégasque franc were issued in 1837 continued until 2001.

Although Monaco is not a [[European Union]] member, it is allowed to use the [[euro]] as its currency by arrangement with the [[Council of the European Union]]; it is also granted the right to use its own designs on the national side of the [[euro coins]], which was introduced in 2002.<ref>{{cite web |url=http://www.eurocoins.co.uk/monaco.html |title=Monaco Euro Coins |publisher=Eurocoins.co.uk |date=1 January 2002 |access-date=11 May 2017 |archive-date=20 July 2019 |archive-url=https://web.archive.org/web/20190720084154/https://www.eurocoins.co.uk/monaco.html |url-status=live }}</ref> In preparation for this date, the minting of the new euro coins started as early as 2001. Like Belgium, Finland, France, the Netherlands, and Spain, Monaco decided to put the minting date on its coins. This is why the first euro coins from Monaco have the year 2001 on them, instead of 2002, like the other countries of the [[Eurozone]] that decided to put the year of first circulation (2002) on their coins.<ref>{{cite web |url=http://www.ecb.int/euro/coins/html/mo.en.html |title=ECB: Monaco |publisher=Ecb.int |access-date=22 March 2012 |archive-date=27 March 2012 |archive-url=https://web.archive.org/web/20120327025024/http://www.ecb.int/euro/coins/html/mo.en.html |url-status=live }}</ref> Three different designs were selected for the Monégasque coins.<ref name="visitmonaco1">{{cite web |url=http://www.visitmonaco.com/en/Places-to-visit/Museums/The-Museum-of-Stamps-and-Coins |title=Monaco – The Museum of Stamps and Coins |publisher=Visitmonaco.com |access-date=22 March 2012 |archive-date=30 December 2011 |archive-url=https://web.archive.org/web/20111230073408/http://www.visitmonaco.com/en/Places-to-visit/Museums/The-Museum-of-Stamps-and-Coins |url-status=live }}</ref> The design was changed in 2006 after Prince Rainier's death to feature the effigy of Prince Albert.<ref name="visitmonaco1"/>
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