5 Euro – Italy
Non-circulating coins
Commemoration: Bergamo and Brescia Italian Cultural Capitals 2023
Series: Italian capitals of culture
Italy
Context
Material
References
KM: #Click to copy to clipboard499
Numista: #355545
Value
Exchange value: 5 EUR = $5.91
Inflation-adjusted value: 5.33 EUR
Obverse
Description:
Upper section: Bergamo's Galgario Tower, Baptistery, Porta San Giacomo, and Palazzo della Ragione.
Center: Brescia's Castle ("Falcone d’Italia"), Palazzo della Loggia, and Capitolium.
Lower left: Mosaic motif from the Domus dell’Ortaglia in ancient Brixia.
Lower right: Capital detail from Palazzo della Ragione.
Designer name: "U. PERNAZZA".
Arched above and below: "REPUBBLICA ITALIANA".
Center: Brescia's Castle ("Falcone d’Italia"), Palazzo della Loggia, and Capitolium.
Lower left: Mosaic motif from the Domus dell’Ortaglia in ancient Brixia.
Lower right: Capital detail from Palazzo della Ragione.
Designer name: "U. PERNAZZA".
Arched above and below: "REPUBBLICA ITALIANA".
Inscription:
REPUBBLICA
U.PERNAZZA
ITALIANA
U.PERNAZZA
ITALIANA
Script: Latin
Designer: Uliana Pernazza
Reverse
Description:
Left: details from Brescia’s “Vittoria Alata” statue. Top: mosaic from the Domus dell’Ortaglia. Right: geese and floral motif from the Palazzo della Loggia. Centre: details from Bergamo’s Santa Maria Maggiore. Arching inscriptions: “BERGAMO•BRESCIA” and “CAPITALI ITALIANE DELLA CULTURA 2023”. Left: mint mark “R”. Right: value “5 EURO”.
Inscription:
BERGAMO . BRESCIA
R
EURO
5
CAPITALI ITALIANE DELLA CULTURA 2023
R
EURO
5
CAPITALI ITALIANE DELLA CULTURA 2023
Script: Latin
Designer: Uliana Pernazza
Edge
Milled
Categories
| Building> Castle or fortification |
| Building> Religious building |
| Building> Tower |
| Geography> Town |
| Animal> Bird |
| Art> Sculpture |
Mints
| Name | Mark |
|---|---|
| Rome | R |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2023 | R | 4,000 |
Historical background
In 2023, Italy's currency situation was firmly within the framework of the Eurozone, with the euro (EUR) serving as the sole legal tender. As the third-largest economy in the Eurozone, Italy's monetary policy was set by the European Central Bank (ECB), which embarked on an aggressive tightening cycle to combat high inflation. Throughout the year, the ECB raised key interest rates multiple times, a move that strengthened the euro against other major currencies like the US dollar but also increased borrowing costs for the Italian government, businesses, and households.
Domestically, the currency dynamic was heavily influenced by Italy's significant public debt, which exceeded 140% of GDP. The rising interest rates elevated concerns about debt sustainability and widened the spread between Italian and German 10-year government bonds (the BTP-Bund spread), a key indicator of perceived risk in Italian sovereign debt. This financial pressure was managed under Prime Minister Giorgia Meloni's right-wing coalition government, which navigated between EU fiscal rules and promises of tax cuts and increased spending, all while the strong euro had a mixed impact on the export-oriented manufacturing sector.
Looking forward, the currency and economic outlook remained tightly linked to ECB policy decisions and Italy's ability to maintain fiscal discipline to access EU pandemic recovery funds. While the euro's stability provided macroeconomic benefits, the high debt burden under a regime of elevated interest rates posed a persistent challenge, making economic growth essential for stabilizing the country's financial position within the single currency area.
Domestically, the currency dynamic was heavily influenced by Italy's significant public debt, which exceeded 140% of GDP. The rising interest rates elevated concerns about debt sustainability and widened the spread between Italian and German 10-year government bonds (the BTP-Bund spread), a key indicator of perceived risk in Italian sovereign debt. This financial pressure was managed under Prime Minister Giorgia Meloni's right-wing coalition government, which navigated between EU fiscal rules and promises of tax cuts and increased spending, all while the strong euro had a mixed impact on the export-oriented manufacturing sector.
Looking forward, the currency and economic outlook remained tightly linked to ECB policy decisions and Italy's ability to maintain fiscal discipline to access EU pandemic recovery funds. While the euro's stability provided macroeconomic benefits, the high debt burden under a regime of elevated interest rates posed a persistent challenge, making economic growth essential for stabilizing the country's financial position within the single currency area.
💎 Extremely Rare