San Marino, one of the oldest republics in the world, has a fascinating history when it comes to its currency and banknotes. Despite its small size, this micro-state nestled in Italy has maintained its independence and has had its own monetary history.
Current banknotes in circulation
San Marino currently uses the euro as its official currency, as do other European Union countries. However, unlike other states, San Marino does not issue its own euro banknotes. The banknotes in circulation are the same as those used throughout the euro zone, issued by the European Central Bank. These banknotes come in denominations of 5, 10, 20, 20, 50, 100, 200 and 500 euros, although the 500 euro bill is being phased out.
Historical San Marino banknotes
Prior to the adoption of the euro in 2002, San Marino used the San Marino lira, which was on par with the Italian lira. However, San Marino never issued its own lira banknotes. Instead, it used Italian banknotes under monetary agreements with Italy. This fact makes San Marino unique in terms of notafilia, as it is one of the few countries that has never issued its own national banknotes. However, San Marino has minted its own coins throughout history, which has been an important symbol of its sovereignty.
