5 Ecu Spain

1992, Spain. Proof Silver 5 Ecu “Madrid Culture Capital” Coin

Mint Years: 1992

Mint Place: Madrid

References: KM-X#M36.

Denomination: 5 Ecu - Madrid (Europe´s Capital of Culture)

Material: Silver (925)

Weight: 33.62gm

Diameter: 42mm

The European Currency Unit (₠ or ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro on 1 January 1999, at parity. The ECU itself replaced the European Unit of Account, also at parity, on 13 March 1979. The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU. The ECU was also used in some international financial transactions, where its advantage was that securities denominated in ECUs provided investors with the opportunity for foreign diversification without reliance on the currency of a single country.

The ECU was conceived on 13 March 1979 as an internal accounting unit. It had the ISO 4217 currency code XEU.

On 1 January 1999, the euro (with the code EUR and symbol €) replaced the ECU, at the value €1 = 1 ECU. Unlike the ECU, the euro is a real currency, although not all member states participate (for details on euro membership see Eurozone). Two of the countries in the ECU basket of currencies, UK and Denmark, did not join the eurozone, and a third, Greece, joined late. On the other hand, Finland and Austria joined the Eurozone from the beginning although their currencies were not part of the ECU basket (since they had joined the EU in 1995, two years after the ECU composition was “frozen”).

Due to the ECU being used in some international financial transactions, there was a concern that foreign courts might not recognize the euro as the legal successor to the ECU. This was unlikely to be a problem, since it is a generally accepted principle of private international law that states determine their currencies, and that therefore states would accept the European Union legislation to that effect. However, for abundant caution, several foreign jurisdictions adopted legislation to ensure a smooth transition. Of particular importance, the USA states of Illinois and New York adopted legislation to ensure a large proportion of international financial contracts recognized the euro as the successor of the ECU.

Madrid  is the capital and most populous city of Spain. The city has almost 3.4 million inhabitants and a metropolitan area population of approximately 6.7 million. It is the second-largest city in the European Union (EU), and its monocentric metropolitan area is the second-largest in the EU. The municipality covers 604.3 km2 (233.3 sq mi) geographical area. Madrid lies on the River Manzanares in the central part of the Iberian Peninsula at about 650 meters above mean sea level. The capital city of both Spain and the surrounding autonomous community of Madrid (since 1983), it is also the political, economic, and cultural centre of the country.  The climate of Madrid features hot summers and cool winters.

While Madrid possesses modern infrastructure, it has preserved the look and feel of many of its historic neighbourhoods and streets. Its landmarks include the Plaza Mayor, the Royal Palace of Madrid; the Royal Theatre with its restored 1850 Opera House; the Buen Retiro Park, founded in 1631; the 19th-century National Library building (founded in 1712) containing some of Spain’s historical archives; many national museums, and the Golden Triangle of Art, located along the Paseo del Prado and comprising three art museums: Prado Museum, the Reina Sofía Museum, a museum of modern art, and the Thyssen-Bornemisza Museum, which complements the holdings of the other two museums.