Price Decline for Monaco Euro Coins – Is the Hype Over?

The decline in prices is particularly evident with coins like the famed 2007 commemorative issue marking the 25th anniversary of Princess Grace’s death. While this coin typically fetched €3,500 to €4,000 in online auctions and coin shops between 2020 and 2022, it’s now available for as little as €2,500.

A similar pattern is seen with the 2015 issue commemorating the 800th anniversary of the fortress on the rock’s foundation stone. Once commanding peak prices of €3,500 to €4,000, it now also sits at around €2,500.

Another striking example is the coin celebrating the 150th anniversary of Monte Carlo’s founding by Charles III in 2016. Once sold for €1,200 during the collecting boom, it’s now available starting at €750. The 2017 coin honouring the “Prince’s Carabiniers” has dropped from about €800 to roughly €500.

Commemorative Coins Under Pressure

Other €2 coins from Monaco released in recent years have similarly lost value. Coins issued between 2019 and 2021 to mark historical events, such as the enthronement of Prince Honoré V, the 300th anniversary of Prince Honoré III, and the 10th wedding anniversary of Prince Albert II and Princess Charlene, sold for up to €600 during the collecting hype. Today, these coins can be acquired for as little as €350.

Reasons for the Price Decline

One key factor in the price drop likely relates to the COVID-19 pandemic. During the

pandemic years, many people had more time for hobbies like coin collecting. Simultaneously, demand for exclusive coins soared, causing prices to spike further. However, as normality has returned, some collectors have exited the market, leading to a significant drop in demand.

Additionally, more Eurozone countries are releasing rare commemorative coins in limited editions. What was once a unique feature of Monaco is now being increasingly copied by other nations—take Cyprus, for example, which sparked an outcry at the end of 2024 for its €2 coin issued in a tiny run of just 7,000 proof pieces. The abundance of super-rarities, countless variations of coin cards, coloured coins, and special minting techniques for €2 coins has led to a certain collector fatigue, as the sheer number of issues has become financially unmanageable for completists.

It should also be noted that the value of Monaco’s Euro coins had been climbing almost continuously. For example, in 2018, the “Fortress on the Rock” coin, then only three years on the market, could be bought for around €1,000; just two years later, it was fetching three times that amount. Similarly, the Grace Kelly coin, traded at about €1,500 in 2018, more than doubled in price within a short period.

Further Possible Explanations

Another factor is the economic situation. Inflation and rising living costs are forcing many collectors to cut back on hobby spending or even sell parts of their collections. Online marketplaces have also increased market transparency, intensifying price competition and squeezing margins.

Opportunities for New Collectors

Despite the price decline, Monaco coins remain highly sought-after collector’s items—now at much more affordable prices. This presents a unique opportunity for newcomers to expand their collections with high-quality pieces that were unaffordable just a few years ago. Completist collectors from new Euro-adopting countries could also generate additional demand, potentially stabilising the market in the long run.

Whether the hype returns remains to be seen—one thing is certain: Monaco’s Euro coins continue to be a dream for many collectors. However, the fluctuating values of Monaco’s €2 coins highlight that modern numismatics is subject to significant volatility and is therefore only partially suitable as an investment.