Taboo Topics on €2 Coins
Not every €2 coin makes it to pocket change. Political sensitivities and EU regulations have quietly shaped which designs see the light of day.
The world of numismatics is full of stories—not only about the coins that were actually minted and circulated, but also about those that never made it beyond announcements, design drafts, or early trial strikes. Among them, €2 commemorative coins hold a special place. As legal tender across the entire euro area, their creation follows strict rules and often involves a delicate balance of political and diplomatic considerations.
When €2 commemorative coins were first introduced in 2004, it marked a historic milestone. This decision not only created a cross-border field of collecting but also symbolized European unity and neighborly understanding. For collectors, it remains a delight to find a coin in their change in France or Spain honoring an event or historical figure from Germany, Italy, or Latvia. Yet not every coin design has entered circulation without controversy. Alongside the more than 550 officially issued €2 commemorative coins that have found their way into everyday use, there are also designs that were halted in the planning stage.
Before a member of the eurozone can release a €2 commemorative coin, it must undergo a thorough approval process, as these coins are valid legal tender throughout the currency area. Following EU regulations, which allow for one commemorative issue per year, the design for the national side must be reviewed and accepted by the European Commission and all other eurozone member states. Countries are required to share proposed designs in advance so that others may raise any concerns deemed appropriate. Under Regulation (EC) No. 975/98, such commemorative coins may only depict events of “major national or European significance.” Since 2015, informal consultations have also been mandated to prevent the selection of themes likely to provoke negative reactions. Over the years, several proposed coins have been blocked or modified due to political, historical, or religious sensitivities.
All photographs courtesy of the author.
Belgium (2015): 200 Years Since the Battle of Waterloo
Perhaps Belgium’s most high-profile canceled €2 commemorative coin was the planned 2015 issue marking the 200th anniversary of the Battle of Waterloo. The approved design depicted the iconic Lion’s Mound (Butte du Lion) —a man-made hill commemorating Napoleon’s final defeat in 1815—with the inscription “Waterloo 1815–2015.” The coin was scheduled for release in spring 2015 with a modest mintage of 180,000 pieces, primarily intended for collectors in coin cards.
The project, however, quickly became embroiled in political controversy. France lodged a formal complaint with the EU Council, warning that the Waterloo coin could provoke “unfavorable reactions” in France. The French government argued that the design was politically sensitive because it symbolized a national defeat and could reopen historical wounds. Several other eurozone countries supported the objection.
The European Commission sided with France, and on March 11, 2015, the issue was officially withdrawn. The situation became particularly awkward because the Royal Mint of Belgium had already struck approximately 180,000 coins, many of which had even been packaged for sale. These coins had to be destroyed, resulting in significant financial losses.
As a diplomatic workaround, Belgium decided to commemorate the historic event nonetheless. In June 2015, the Waterloo design was reissued with an unconventional denomination of €2.50, a value legal tender only within Belgium, thus exempt from EU approval procedures for shared euro coins. The €2.50 piece featured the same Lion’s Mound and stylized battle formations, with a limited mintage of 70,000 pieces sold in collector packaging. In this way, Belgium managed to honor the bicentennial without the coin ever appearing in French wallets, a precedent-setting example of a numismatic diplomatic compromise within the eurozone.
Greece (2025): 100th Anniversary of the Birth of Manos Hadjidakis
In January 2025, Greece initially announced two €2 commemorative coins: one marking the 100th anniversary of the birth of composer Mikis Theodorakis, and another honoring fellow composer Manos Hadjidakis. Both figures are central to modern Greek music, giving the year’s coin program a distinctly cultural tone. However, just weeks later, on February 6, 2025, the Greek Ministry of Finance revised the plan. The second coin would instead commemorate the 200th anniversary of Laskarina Bouboulina's death, a decision that drew significant attention.
The change was widely interpreted as a deliberate correction to broaden the thematic range and pay tribute to a prominent female figure in Greek history. Bouboulina, a celebrated heroine of the Greek War of Independence, symbolizes courage, resistance, and the role of women in the nation’s past. With this decision, Greece sent a clear cultural and social message: Theodorakis represents the artistic soul of modern Greece, while Bouboulina embodies its enduring fight for freedom.
Italy (2019): 100 Years of the Associazione Nazionale Alpini
In 2019, Italy planned a second €2 commemorative coin, alongside the Leonardo da Vinci issue, to mark the centenary of the Associazione Nazionale Alpini. The Alpini, Italy’s historic mountain infantry corps, had founded their veterans’ association in 1919, shortly after the end of World War I. The planned coin was intended to celebrate this military and cultural legacy.
Designed by Silvia Petrassi, the coin depicted an Alpine soldier climbing a mountain slope, followed by a pack mule carrying supplies. Below was an edelweiss flower, with the Alps rising in the background. The inscription “ASSOCIAZIONE NAZIONALE ALPINI” curved along the upper edge, alongside the monogram “RI” (Repubblica Italiana). The mintmark “R” for the Rome Mint appeared on the lower left, the years “1919–2019” on the right, and the artist’s initials “SP” below. As usual, the outer ring featured the twelve EU stars. The issue was planned as a €2 commemorative coin in brilliant uncirculated quality, with a total mintage of 3,000,000 coins—6,000 in proof and 15,000 in coincards—priced at €10 (Coincard FDC) and €20 (proof), with a release date set for January 2019.
However, the coin was ultimately canceled after being rejected by the European Commission. The official reason was never disclosed, but discussions within numismatic circles suggested that the controversial wartime history of the Alpini played a decisive role. According to reports, both Germany and Greece vetoed the design, citing historical sensitivities. The German Ministry of Finance noted that celebrating the 100th anniversary of the Alpini Association would encompass the World War II period, during which Alpini units had fought alongside the Wehrmacht in occupied Greece and were implicated in wartime atrocities. From both German and Greek perspectives, honoring such a unit with a pan-European coin was considered deeply inappropriate.
Italy responded diplomatically, canceling the €2 commemorative issue and replacing it with two collector coins denominated €5, which are legal tender only in Italy and thus not subject to EU approval. The case underscored how military-themed designs can quickly become a diplomatic minefield within the eurozone’s shared coinage system.
Luxembourg (2020): 75th Anniversary of the Signing of the United Nations Charter
In 2020, Luxembourg had originally planned to issue a €2 commemorative coin to mark the 75th anniversary of the signing of the United Nations Charter. However, the theme was ultimately canceled in favor of another issue. The reason was the anticipated birth of a royal heir, which, under Luxembourg’s numismatic rules, took precedence. The Grand Duchy is permitted to issue a third national coin only when there is a change in the reigning monarch or a related dynastic event. As the royal birth was considered a more significant national occasion, the UN anniversary coin was dropped.
San Marino (2013): 50th Anniversary of the Death of John F. Kennedy
In 2013, San Marino planned to release a €2 commemorative coin honoring the 50th anniversary of U.S. President John F. Kennedy’s assassination. The coin was scheduled for June 7, 2013, to coincide with the San Marino Numismatic Fair and was to be limited to 130,000 pieces. Officially released design images featured Kennedy’s portrait on the right, set against the U.S. flag, with the dates “1963 • 2013” on the left and the inscriptions “SAN MARINO” and the “R” mintmark of the Italian Mint on the right. Below appeared the words “J.F. Kennedy” and the artist's name, Momoni. The outer ring featured the twelve stars of the European Union.
Just weeks later, on May 5, 2013, the Azienda Autonoma di Stato Filatelica e Numismatica di San Marino unexpectedly withdrew the release and requested that all references to the coin be removed. The decision was reportedly due to potential copyright concerns related to Kennedy’s likeness and possible violations of EU regulations governing commemorative coin themes. According to Article 1 (n) of EU Regulation (EC) No. 975/98, €2 commemorative coins may commemorate only events of “major national or European significance.” Kennedy’s death, while historically important, did not meet that criterion.
Later that year, San Marino issued a different €2 commemorative coin instead. Nonetheless, the canceled Kennedy coin remains well remembered among collectors; its officially released design mockups still circulate online as so-called “fantasy issues.”
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