the twelve stars of the European Union positioned around the outer circle of the coin and the issuing year '2004', positioned bottom centre, surround the bust of Bartolomeo Borghesi. To the left of the bust is the inscription 'Bartolomeo Borghesi', and one above the other are the letter 'R' and the engraver's initials 'E.L.F.'. To the right of the bust is the word 'San Marino'.

The European Union before its enlargement on 1 May 2004

Edge lettering, fine milled