50 Bani (Great Union) – Romania
Circulating commemorative coins
Commemoration: 100 years since the Great Union on 1 December 1918
Romania
Obverse
Description:
A 50 Bani coin from 2018, commemorating the 1918 Great Union in Alba Iulia. It features the inscriptions "ROMANIA" and "MAREA ADUNARE DE LA ALBA IULIA," Romania's coat of arms, and the year.
Inscription:
ROMANIA
MAREA ADUNARE DE LA ALBA IULIA
50 BANI
2018
MAREA ADUNARE DE LA ALBA IULIA
50 BANI
2018
Translation:
ROMANIA
THE GREAT ASSEMBLY OF ALBA IULIA
50 BANI
2018
THE GREAT ASSEMBLY OF ALBA IULIA
50 BANI
2018
Script: Latin
Language: Romanian
Reverse
Description:
Portraits of Ștefan Cicio-Pop, Gheorghe Pop de Băsești, Iuliu Maniu, Vasile Goldiș, and Iuliu Hossu; the arched inscription “100 DE ANI DE LA MAREA UNIRE” and the date “1 DECEMBRIE 1918”.
Inscription:
100 DE ANI DE LA MAREA UNIRE
1 DECEMBRIE 1918
1 DECEMBRIE 1918
Translation:
100 Years Since the Great Union
1 December 1918
1 December 1918
Script: Latin
Language: Romanian
Edge
“ROMANIA” inscribed twice, with an asterisk separating the inscriptions
Legend:
ROMANIA * ROMANIA *
Categories
| Symbols> Coat of Arms |
| Person> Politician |
Mints
| Name | Mark |
|---|---|
| State Mint | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2018 | — | 1,000,000 | ||
| 2018 | N | 5,000 | Proof |
Historical background
In 2018, Romania's currency situation was characterized by a period of relative stability for the Romanian Leu (RON) against the Euro, but within a context of significant macroeconomic pressures. The year saw the RON trading in a managed float regime, with the National Bank of Romania (NBR) actively intervening to curb excessive volatility. The key exchange rate band hovered around 4.6 to 4.7 RON per Euro for much of the year, a stability achieved despite twin deficits—a widening current account deficit and a large budget deficit—that typically put downward pressure on a currency.
The primary domestic challenge was robust domestic demand, fueled by sharp increases in wages and government spending, which spurred inflation and a growing import bill. This contributed to the current account deficit widening to nearly 4.5% of GDP, raising concerns about external sustainability. In response, the NBR pursued a tightening monetary policy, raising its key interest rate five times throughout the year to combat inflation, which peaked above 5%. These hikes helped support the Leu by making RON-denominated assets more attractive to investors seeking higher yields.
Internationally, the year brought headwinds from emerging market volatility and a stronger US dollar, which pressured currencies globally. However, the RON's relative resilience was also underpinned by strong GDP growth (over 4%) and EU fund inflows. Ultimately, 2018 was a year where the central bank successfully balanced competing priorities, using its reserves and interest rate policy to maintain currency stability while addressing inflationary pressures, though the underlying structural deficits pointed to longer-term vulnerabilities.
The primary domestic challenge was robust domestic demand, fueled by sharp increases in wages and government spending, which spurred inflation and a growing import bill. This contributed to the current account deficit widening to nearly 4.5% of GDP, raising concerns about external sustainability. In response, the NBR pursued a tightening monetary policy, raising its key interest rate five times throughout the year to combat inflation, which peaked above 5%. These hikes helped support the Leu by making RON-denominated assets more attractive to investors seeking higher yields.
Internationally, the year brought headwinds from emerging market volatility and a stronger US dollar, which pressured currencies globally. However, the RON's relative resilience was also underpinned by strong GDP growth (over 4%) and EU fund inflows. Ultimately, 2018 was a year where the central bank successfully balanced competing priorities, using its reserves and interest rate policy to maintain currency stability while addressing inflationary pressures, though the underlying structural deficits pointed to longer-term vulnerabilities.
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