5 Euro (Dante's Inferno) – Italy
Non-circulating coins
Commemoration: 700th Anniversary of the death of Dante Alighieri: Inferno
Italy
Context
Material
References
KM: #Click to copy to clipboard461
Numista: #450506
Value
Exchange value: 5 EUR = $5.91
Bullion value: $48.10
Inflation-adjusted value: 5.87 EUR
Obverse
Description:
Dante Alighieri, detail from a Botticelli painting. Encircled by "REPUBBLICA ITALIANA" and a star.
Inscription:
REPUBBLICA ITALIANA
Translation:
Italian Republic
Script: Latin
Language: Italian
Designer: Claudia Momoni
Reverse
Description:
A stylized Dante’s *Inferno* featuring the nine circles, devil’s wings, fire, and ice. Includes a detail from Luca Signorelli’s Orvieto frescoes. The coin bears the verse “E QUINDI USCIMMO A RIVEDER LE STELLE” surrounded by stars, the value “5 EURO”, the dates “1321 2021”, the Rome Mint mark “R”, and designer “MOMONI”. With coloured elements.
Inscription:
E QUINDI USCIMMO A RIVEDER LE STELLE
5 EURO
1321 2021
R
MOMONI
5 EURO
1321 2021
R
MOMONI
Script: Latin
Designer: Claudia Momoni
Edge
Continuous coarse milled
Categories
| Art> Literature |
| Event> Death anniversary |
Mints
| Name | Mark |
|---|---|
| Rome | R |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2021 | R | 6,000 | Special Uncirculated |
Historical background
In 2021, Italy remained a full member of the Eurozone, using the euro (€) as its official currency. The macroeconomic situation was dominated by the ongoing recovery from the COVID-19 pandemic, which had caused Italy's GDP to contract by 8.9% in 2020—one of the sharpest declines in the European Union. The year was characterized by the rollout of the EU's landmark €750 billion Next Generation EU (NGEU) recovery fund, from which Italy was set to be the primary beneficiary, receiving approximately €191.5 billion in grants and loans. This prospect helped stabilize government bond yields and provided a crucial fiscal lifeline, easing immediate pressures on the national debt, which exceeded 150% of GDP.
Domestically, the currency situation was stable in terms of monetary policy, which was firmly under the control of the European Central Bank (ECB). The ECB's continued accommodative stance, including its Pandemic Emergency Purchase Programme (PEPP), ensured favorable financing conditions and kept fragmentation risks within the Eurozone in check. This was vital for Italy, allowing the government to finance its substantial deficit at historically low interest rates despite the high public debt burden. Inflation began to rise in the latter half of the year, primarily driven by surging energy costs, but annual average inflation for 2021 was a moderate 1.9%, not yet triggering major monetary policy tightening.
Underlying these conditions were persistent structural challenges. Italy's high public debt, low productivity growth, and political uncertainties surrounding the implementation of the National Recovery and Resilience Plan (PNRR) posed long-term risks to economic stability and, by extension, to confidence in the euro within the country. While no serious political movement to exit the euro gained mainstream traction in 2021, debates about the constraints and benefits of the single currency continued, often framed around the need for greater EU fiscal integration to support member states during asymmetric shocks like the pandemic.
Domestically, the currency situation was stable in terms of monetary policy, which was firmly under the control of the European Central Bank (ECB). The ECB's continued accommodative stance, including its Pandemic Emergency Purchase Programme (PEPP), ensured favorable financing conditions and kept fragmentation risks within the Eurozone in check. This was vital for Italy, allowing the government to finance its substantial deficit at historically low interest rates despite the high public debt burden. Inflation began to rise in the latter half of the year, primarily driven by surging energy costs, but annual average inflation for 2021 was a moderate 1.9%, not yet triggering major monetary policy tightening.
Underlying these conditions were persistent structural challenges. Italy's high public debt, low productivity growth, and political uncertainties surrounding the implementation of the National Recovery and Resilience Plan (PNRR) posed long-term risks to economic stability and, by extension, to confidence in the euro within the country. While no serious political movement to exit the euro gained mainstream traction in 2021, debates about the constraints and benefits of the single currency continued, often framed around the need for greater EU fiscal integration to support member states during asymmetric shocks like the pandemic.
✨ Legendary