The official site of Italy's central bank

Issuance

Issuance

The issuance of euro banknotes

On 1 January 2002 the Bank of Italy and the other eleven EU central banks that had adopted the single currency began issuing banknotes and coins denominated in euros in accordance with the principles and regulations that govern the Eurosystem issue function.

Euro banknotes and coins are legal tender in the euro area, which as of 1 January 2011 comprised 17 of the 27 EU member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

Both the ECB and the euro-area National Central Banks (NCBs) are legally authorized to issue euro notes. In practice, however, only the NCBs actually issue and withdraw euro notes. The ECB does not have a cash handling division and is not involved in any cash transactions.

The principle of non-repatriation of euro notes

The individual NCBs are required to handle all the euro notes present in their respective national systems, regardless of the country that issued them. Under the principle of decentralized performance of Eurosystem operations, the NCBs are responsible for the identification, withdrawal, destruction and replacement of worn notes.

The quality of the notes in circulation

The ECB and the Eurosystem NCBs pursue the objective of ensuring the integrity and good state of the notes in circulation, so as to maintain the public’s confidence in euro banknotes.

Banks and other professional cash handlers play an important role in maintaining the quality of the note issue. To guarantee the integrity of the notes in circulation, the ECB has established a “Framework for the detection of counterfeits and fitness sorting of euro banknotes by credit institutions and professional cash handlers” which requires such persons to supply their customers and the public with banknotes that have been duly checked for authenticity and fitness.

The issuance of euro coins

The issuance of euro coins is the responsibility of the member states participating in the Eurosystem, coordinated by the European Commission. For more information see link below.

Euro coins are minted in Italy by the State Printing Works and Mint
on behalf of the Ministry for the Economy and Finance, which, in its capacity as issuing body, ensures that they are distributed nationally through the branches of the Bank of Italy.
Damaged coins can be presented to the branches of the Bank of Italy, which then forward them to the State Printing Works and Mint.