The first self-minted currency of the Principality of Monaco was the Monégasque franc, introduced in 1837 under the reign of Prince Honoré V. This currency marked Monaco's move to establish its own monetary identity, separate from neighbouring France and Italy.
The Monégasque franc was minted as copper and silver coins. The first coins featured the portrait of Prince Honoré V. Despite having its own currency, Monaco entered into a monetary agreement with France in 1865 that pegged the Monégasque franc to the French franc at par value.
The Monégasque franc remained the official currency of Monaco until 1995 (de facto, 1996 de jure), when it was replaced by the French franc, which was replaced by the euro in 2002. However, Monaco mints its own euro coins, continuing its tradition of distinctive currency.
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