Does San Marino have its own money? Well… Almost
From Euro coins to the time San Marino nearly minted Millions in Gold. And got a diplomatic slap from Italy
Cash rules everything around me
Whenever I meet someone from abroad and tell them I’m from San Marino, one of the top three questions is always:
“Do you guys have your own currency?”
(That’s the bronze medal question. Silver and gold? We’ll get to those in another article.)
Right now, San Marino uses the Euro.
Although we’re not in the European Union - not yet, at least - we’ve had a monetary agreement with the EU since the early 2000s. That’s why, if you’re lucky, you might spot the beautiful San Marino coat of arms on the back of your 1-Euro coin.
We’ve been officially using the Euro since the very beginning: January 1st, 2002.
I still remember New Year’s Eve 2001. I was a kid, excited not just about fireworks but about the fact that, the next morning, we’d wake up in the Euro era. Good times.
That said, our Euros are mostly collector's items. You won’t find many of them in actual circulation. There are also a few extra commemorative coins for - wait for it - numismatics. (Yes, that’s the word for coin collecting. You're welcome.)
But before the euro, San Marino used the Italian Lira. And before that? Still the Italian Lira. San Marino never really had its own independent currency. And that’s not by chance.
Since 1862, a treaty of “Friendship and Good Neighbourliness” (yes, that’s the actual name) has governed relations between Italy and San Marino. Among other things, it basically said:
“You can mint coins, sure - but keep it symbolic. Don’t go wild.”
The time San Marino did go wild
(And tried to mint a Million in Gold)
Let’s rewind to 1895. San Marino had just finished building its brand-new Parliament (Palazzo Pubblico) for a whopping 350,000 Lire. And state finances were… let’s say, under pressure.
That’s when a bold idea came up.
A proposal landed on the desk of the San Marino Congress: why not mint coins - real ones, in gold and silver - for a total of 2 Million Lire?
The plan had heavyweight backing: it was suggested by none other than Senator Gaspare Finali, president of Italy’s Court of Auditors. He believed the 1862 and 1872 treaties didn’t explicitly forbid large-scale coinage.
So, San Marino figured: let’s do this.
And they did.
On August 3rd, 1895, the Grand Council of San Marino approved an official decree authorising the minting of one Million in gold coins and one Million in silver, all in line with Italian standards (weight, size, purity).
It was bold. It was strategic. It was… short-lived.
Rome was not amused
(And by “not amused,” we mean furious)
Italy didn’t take the news lightly. Within weeks, Rome formally denounced the 1872 treaty, triggering a diplomatic standoff. San Marino’s dream of golden coins was suddenly on thin ice.
Eventually, negotiations resumed, but by then the damage was done. The revised treaty signed in 1897 made it very clear: no large-scale coinage. You can mint a few silver coins for collectors, but don’t even think about gold.
Which is why in 1898, San Marino finally issued its first real coins - beautiful silver ones, but worth only 150,000 Lire in total.
That million-lire golden fantasy? Back in the drawer.
So, does San Marino have its own money?
Not exactly. But we tried.
And if you ever find a shiny San Marino euro in your pocket, just know: it’s not just a coin. It’s a tiny symbol of a republic that once dreamed big - maybe too big - and ended up with a few beautiful silver coins instead of a Million in gold.