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20 Euros Relations San Marino - Italy

Issuer San Marino Mint
Year 2023
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Diameter 22 mm
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Obverse lettering REPUBBLICA DI SAN MARINO LIBERTAS A. NAPOLIONE
(Translation: Republic of San Marino Freedom)
Reverse description The reverse presents two female allegorical figures in high relief, rendered in a Renaissance-inspired sculptural style, facing each other in a near-profile composition and jointly holding an olive branch as a symbol of peace and cooperation — representing San Marino and Italy. The denomination 20 EURO is inscribed to the right field, with the date 2023 below it. The legend RELAZIONI SAN MARINO ITALIA, split across two columns, occupies the lower portion of the field. The Rome Mint mark R appears at the lower center, and the engraver's initials SD are visible near the left figure.
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Additional information

San Marino has issued gold commemoratives under a longstanding bilateral agreement with Italy that grants the microstate the right to mint euro-denominated coinage despite not being an EU member — an arrangement dating to a 2000 convention that replaced earlier agreements tied to the Italian lira. Annual mintages are strictly capped under the terms of that deal, which is why San Marino gold issues consistently disappear quickly at face value and circulate almost exclusively among collectors rather than in trade.

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