Paris mint CEO Marc Schwartz gave the order in November to redesign and mint the country’s 10-, 20- and 50-cent pieces. The new coins would be showcased to French Economy Minister Bruno Le Maire during a trip to the Paris mint headquarters Dec. 7.
The plans were in place, the invitations sent out, but instead of waiting for the obligatory approval of the European Commission, Schwartz pushed ahead with the minting. E.U. law permits euro zone members to redesign the “national” side of their euro coins every 15 years, but designs require approval from the European Commission, as well as other euro zone governments, which have one week to voice any objections.
Just six days before the planned presentation of the new coins, the design was rejected, saddling the Paris mint with costs of $768,000 to $1.6 million to melt and remint the coins. According to La Lettre, Schwartz said there had been a postponement beyond his control, placing the responsibility for the pricey mishap on the “French State.”
The French Economy Ministry has announced an assessment to understand what happened.
The Washington Post attempted to contact Schwartz and the Monnaie de Paris for comment.
