500 Years of the Founding and Independence of Monaco

Left-facing profile portrait of Lucien I Grimaldi. Above the portrait, the words "SOUVERAINETÉ DE MONACO" are inscribed in an arc, flanked by the dates "1512" and "2012". The lower section bears the mintmarks and the inscription "Lucien I er".

As one of the oldest states still in existence in Europe, Monaco looks back on a remarkably continuous history stretching back to the early 16th century. In 1512, King Louis XII of France formally recognised the sovereignty of the principality, thereby securing the independence of Grimaldi rule. Lucien I, who ruled the small city-state on the Ligurian coast at the time, had, through skilful diplomacy and shifting alliances - sometimes with Spain, sometimes with France - ensured Monaco's survival among the great powers of the Renaissance. The Grimaldi family, which has controlled the principality since the late 13th century, is thus one of the oldest ruling houses in Europe, and the recognition of sovereignty in 1512 remains to this day a central reference point in Monegasque state tradition.

Today, Monaco covers barely more than two square kilometres on the Côte d'Azur and is nevertheless a full member state of the Council of Europe and closely interwoven with the European Union through special agreements. Despite its small size, it has its own constitution, a parliament and, since 2002, the right to issue its own euro coins. The 500th anniversary of the recognition of sovereignty in 2012 gave Monaco the occasion to honour this historic turning point with a 2-euro commemorative coin, recalling the constitutional roots of the principality that reach back to Lucien I Grimaldi.