Monnaie de Paris - France's national money-making agency - had to re-mingle 27 million euros after the design was not approved by the European Commission. The authorities have refused the new amount after making the money, the French daily La Lettre reported.
The 10, 20, and 50-cent coins were produced with a new design in November 2023. However, the bloc's legislative body said that the depiction of the EU flag stars on the coins did not comply with the European Commission's strict and accurate requirements.
According to the money-making agency, the 27 million coins that were rejected accounted for less than 2% of the 1.4 billion coins produced in 2023. The design was reportedly rejected just six days before the scheduled presentation on December 7, 2023, when French Minister of Economy Bruno Le Maire visited the mint headquarters in Paris. The cancellation is believed to have cost the facility up to $1.6 million to melt and make coal.
According to EU regulations, member countries can change the national face design of the euro currency every 15 years. However, the design must be approved by the European Commission, as well as other eurozone governments, they must be notified and have seven days to protest.
After proposing a new design for the new currency in September 2023, Monnaie de Paris requested approval under existing procedures.
"With an undeniable production deadline, we have started producing new standard coins to ensure the distribution of new standard coins in early 2024, as previously announced," said Monnaie de Paris.
Meanwhile, the head of the foundry, Marc Schwartz, said the France must take responsibility for the incident.
The French Ministry of Economy said that the design of the new currency proposed by the French government and confirmed by the European Commission is still a secret and will be announced before spring.
