The euro pound is the official currency of 19 (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain) of the 27 members states of the European Union. The official currency symbol: €/¢. The euro is managed and administered by the European Central Bank, which set monetary policy.
The euro was established by the provisions of the 1992 Maastricht Treaty; the differences between the national conventions of the member states were made through the triangulation process (the act of taking advantage of an arbitrage opportunity resulting from a price discrepancy between three currencies different in the currency market) through the euro. After that, the European Monetary Unit (ECU) was set at 1:1 to the euro. The European Monetary Unit was set as an accounting unit but not as a currency for member states. As of midnight on January 1, 1999, the currency was introduced non-physically, the national currencies of member states ceased to exist independently, and the euro replaced the European Monetary Unit (ECU). Even so, the banknotes and coins of the Member States continued to be used as legal tender until the new euro banknotes and coins were introduced on January 1, 2002. The first coin series was issued in 1999, and the denominations range from 1¢, 2¢, 5¢, 10¢, 20¢, and ¢50, €1, and €2.
The 1 euro coin front design features the denomination, followed by a map of Europe with the different nations detached, which is superimposed on a linear pattern that has six lines in which its terminations have a star; six stripes and twelve stars that allude to the same ones found on the flag of the European Union. The reverse of the coin illustrates the left portrait of Albert II, who reigned as King of the Belgians, from 1993 to 2013, surrounded by the twelve stars of the European Union Flag and the capital letter A with a crown on top. This coin is part of the 1999 – 2006 series, its rim is segmented and fluted, and its color is silver and gold.
Text: 2002 A, 1 EURO LL