Monaco's euro coinage required a special agreement with the European Union, as the principality is not an EU member. The arrangement, negotiated in 2001, capped Monaco's annual mintage at figures far below those of member states — a ceiling that has kept nearly every Monaco euro issue in collector hands rather than circulation. The 2005 date falls within Albert II's first full year as reigning prince, following Rainier III's death in April of that year after a 56-year reign.
Monaco's euro coinage required a special agreement with the European Union, as the principality is not an EU member. The arrangement, negotiated in 2001, capped Monaco's annual mintage at figures far below those of member states — a ceiling that has kept nearly every Monaco euro issue in collector hands rather than circulation. The 2005 date falls within Albert II's first full year as reigning prince, following Rainier III's death in April of that year after a 56-year reign.