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On July 3, 2025 , the Republic of San Marino will issue a new commemorative 2 euro coin dedicated to the 550th anniversary of the birth of Michelangelo Buonarroti , one of the greatest geniuses of the Italian Renaissance. The coin will feature an exclusive design on its obverse, the work of Silvia Petrassi , depicting a portrait of Cleopatra , inspired by an original drawing by Michelangelo kept at the Fondazione Casa Buonarroti in Florence.
Above image of the coin and its presentation in BU quality
However, the news of this issue has been accompanied by a controversy that has caused discomfort among collectors and regular subscribers of the Ufficio Filatelico e Numismatico di San Marino . The reason: a special "Proof Inversa" version of this coin, limited to just 4,000 pieces , has been sold exclusively to numismatic dealers , deliberately excluding loyal subscribers who have supported the microstate's official issues for years.A fragmented and elitist broadcast
The commemorative coin will be issued in three different qualities:
BU (Brilliant Uncirculated) quality: 52,000 units, presented in the traditional thematic portfolio, with an issue price of 18 euros.
Proof Quality : 3,000 units, included in the 2025 Euroset, with the usual high-quality finish. (Issue date to be determined)
Reverse Proof Quality: 4,000 units, with an issue price of 27 euros, reserved exclusively for numismatic dealers.
Reverse Proof quality coin
The Reverse Proof technique is characterized by reversing traditional finishes: areas that are normally shiny become matte, and vice versa. While this technique offers aesthetic innovation, it does not represent real additional numismatic value ; rather, it represents a new format designed to generate exclusive products and increase speculation.
Pre-issue speculation
What's most striking is that even before its official release , this Reverse Proof version is already being offered on the secondary market at prices ranging from 150 to 200 euros , more than seven times its issue price. This rapid speculation is a direct consequence of the selective distribution system adopted by San Marino, which has left traditional subscribers—true aficionados and collectors— unable to acquire it at the official price .
This fact has been interpreted as a clear gesture of contempt towards subscribers , who have been relegated to acquiring only the "normal" (BU) version, while merchants have access to the most limited and coveted piece, inevitably destined to inflate its value on the parallel market.
A policy that erodes trust
The strategy adopted by the San Marino Philatelic and Numismatic Office appears to prioritize short-term profit over maintaining a relationship of trust with its collector base. The decision not to offer its subscribers the opportunity to purchase at least one Proof Inversa edition calls into question the organization's commitment to transparency and fairness.
At a time when philately and numismatics are struggling to maintain the interest of new generations, actions like this only contribute to discouraging the loyalty of collectors, and fueling the perception that these special issues are intended more as business instruments than as cultural tributes.
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