Italy squanders €188 million on making coins

Italy squanders €188 million on making coins
Italy has reportedly spent €362 million to produce just €174 million worth of coins. Photo: 24oranges.nl/Flickr
Italian politicians are up in arms over the revelation that the country spends €362 million to produce just €173 million worth of euro coins.

MPs have this week raised the issue in parliament, criticizing the "incredible" cost of producing the three smallest euro coins.

“The cost to produce each one-cent coin amounts to 4.5 cents; each two-cent coin costs 5.2 cents and a five-cent coin costs 5.7 cents to make,” they said in a motion.

It was put forward by Sergio Boccadutri, the treasurer of the Left Ecology Freedom (SEL) party, Rai News 24 said.

MPs from the Democratic Party (PD), the Five Star Movement (M5S) and Civic Choice (SC) backed the motion, which says that Italy had spent €362 million to produce just €174 million worth of coins.

Each of the 17 EU countries using the euro are responsible for producing coins, the smallest of which are made from copper-covered steel.

The coins carry a European side and a national one. Italy has adorned the one-cent coin with the Castel del Monte in the Puglia region, while Turin’s Mole Antonelliana building shines from the two-cent coin. Italy’s five-cent coin features Rome’s world-famous Colosseum. 

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