Coin Migration between Germany and Other Euro Area Countries

34 Pages Posted: 28 Sep 2020

Date Written: 2020


Euro coins have a common European side and an individual national side. Thanks to coin migration, coins bearing a panoply of national sides are in circulation throughout the euro area. In this paper, we model the mixing of coins circulating in the euro area countries and in particular the extent of coin migration in the euro area. A model calibration suggests that, for the coin denominations €2, €1, 50 cent and 20 cent roughly the same quantity of euro coins migrate from Germany to the rest of the euro area as vice versa. Accordingly, the relatively large quantities of coins issued by the Federal Republic of Germany are not materially explained by exports of coins to other euro area countries.

Keywords: Euro coins, coin circulation, coin mixing

JEL Classification: E41

Suggested Citation

Uhl, Matthias, Coin Migration between Germany and Other Euro Area Countries (2020). Deutsche Bundesbank Discussion Paper No. 49/2020, Available at SSRN: or

Matthias Uhl (Contact Author)

Deutsche Bundesbank ( email )

Wilhelm-Epstein-Str. 14
Frankfurt/Main, 60431

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