5 Centimes – Monaco

In 1976, Monaco's currency situation was intrinsically linked to that of France, operating under a long-standing monetary agreement that granted the Principality the right to issue its own coinage while using French banknotes as legal tender. This arrangement, formalized in the 1963 Franco-Monégasque Treaty, established the French franc as the official currency for all major transactions and paper money. Monaco's own coins, the Monégasque franc, were minted with identical specifications, value, and metallic composition to their French counterparts and circulated interchangeably within the country's borders.

The year 1976 fell within a period of relative monetary stability for the franc zone, following the turbulent early 1970s which saw the end of the Bretton Woods system. However, the French franc itself was part of the European "snake in the tunnel" exchange rate mechanism, an early attempt at European monetary cooperation that aimed to limit fluctuations between member currencies. Consequently, Monaco's monetary policy was effectively set by the Banque de France, with the Principality having no independent central bank or authority over interest rates or money supply.

Therefore, the background for Monaco in 1976 is one of complete monetary dependency and harmony with France. There was no separate "currency situation" or crisis specific to Monaco; its financial stability was directly contingent on the performance and policies of the French franc. The Monégasque coinage served primarily as a symbol of national sovereignty and a collector's item, while the practical economy operated seamlessly with French currency, a relationship that would continue until the adoption of the euro by both nations in 2002.