San Marino - Republic

San Marino, one of the oldest republics in the world, maintained its independence and its unique political system after 1864, despite the pressure of Italian unification and waves of modernization. In 1862, San Marino signed a treaty of friendship with the newly formed Kingdom of Italy, which recognized the independence of the mini-state. This treaty strengthened San Marino's status and allowed it to maintain its political autonomy amid the process of Italian unification. In the 20th century, San Marino's political life also underwent changes. It remained neutral during World War II, but in 1944, it was briefly occupied by British troops to drive out retreating German forces. After the war, a left-wing coalition was formed in the republic, which governed the country for a long time. Their political system is unique in that the state is headed by two equal regents, who are elected every six months from among the members of the General Grand Council. This system is modeled after the Roman consuls and is one of the oldest examples of the separation of powers. In the 21st century, San Marino has maintained its independence while maintaining close ties with the European Union - although it is not a member, its official currency is the euro. The economy of the small republic is mainly based on tourism, banking services and stamp issuance.

San Marino minted its own coins from 1864, starting with the introduction of the San Marino lira (lira sammarinese). This currency was pegged to the Italian lira at a rate of 1:1 and remained in circulation until 2002, when the country switched to the euro. The first coins were issued in 1864, made of copper and worth 5 centesimi. Later, in 1875, 10 centesimi coins appeared. In the late 1890s, silver coins were also minted, in denominations of 50 centesimi, 1, 2 and 5 lire. Minting resumed in 1931, and various denominations were introduced in the following decades, including bronze, silver and bimetallic coins. Since 1972, San Marino has issued coins with new designs every year, which are also popular with collectors. Although the coins are minted in Rome, San Marino has used its own motifs and themes, often commemorating events of historical or cultural significance. The last lira coins were issued in 2001, and since 2002, San Marino has also issued its own euro coins, which are official currency in the eurozone.