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Coin migration within the euro area


  • Seitz, Franz
  • Stoyan, Dietrich
  • Tödter, Karl-Heinz


This paper analyses how many euro coins outflow from Germany and which composition of coins is to be expected in the long run. To this end, a simple mathematical model is formulated and calibrated for €1 coins. The introduction of the euro coins in 2002 presented a unique opportunity to analyse the cross-border migration and the mixing process of coins in different euro-area countries. Based on research by Stoyan and depending on growth assumptions, the annual outflow of German €1 coins is calculated to lie somewhere between 4% and 5%. In the long run, the ratio of German €1 coins in Germany is likely to converge to around 50%.

Suggested Citation

  • Seitz, Franz & Stoyan, Dietrich & Tödter, Karl-Heinz, 2009. "Coin migration within the euro area," Discussion Paper Series 1: Economic Studies 2009,27, Deutsche Bundesbank.
  • Handle: RePEc:zbw:bubdp1:200927

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    References listed on IDEAS

    1. Ernst Baltensperger & Thomas J. Jordan, 1997. "Principles of Seigniorage," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(II), pages 133-152, June.
    2. Dietrich Stoyan & Helga Stoyan & Gunter Döge, 2004. "Statistical Analyses and Modelling of the Mixing Process of Euro Coins in Germany and Europe," Australian & New Zealand Journal of Statistics, Australian Statistical Publishing Association Inc., vol. 46(1), pages 67-77, March.
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    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. The international movement of euro coins
      by Economic Logician in Economic Logic on 2009-11-16 21:37:00


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    Cited by:

    1. Nikolaus Bartzsch & Gerhard Rösl & Franz Seitz, 2012. "A simple way to capture currency abroad," Applied Economics Letters, Taylor & Francis Journals, vol. 19(15), pages 1511-1514, October.
    2. Seitz Franz & Stoyan Dietrich & Tödter Karl-Heinz, 2012. "Diskussionsbeitrag / Discussion. Paper Coin: Migration and Seigniorage within the Euro Area," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 232(1), pages 84-92, February.

    More about this item


    Euro coins; coin volumes; mixing process;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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    1. Economic Logic blog


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