The Principality of Monaco, located on the Mediterranean coast nine miles off Nice, has an area of 0.6 sq. mi. (1.49 sq. km.) and a population of 32,000. Capital: Monaco-Ville. The economy is based on tourism and the manufacture of perfumes and liqueurs. Monaco derives most of its revenue from a tobacco monopoly, the sale of postage stamps for philatelic purpose, and the gambling tables of Monte Carlo Casino. ,Monaco derived its name from ?Monoikos,? the Greek surname for Hercules, the mythological strong man in whose honor the Greeks erected a temple on the Monacan headland. Probably founded by the Phoenicians, Monaco has been ruled by the Genoa Grimaldi family since 1297 ? Prince Rainer III, the present and 30th monarch of Monaco, is still of that line ? except for a period during the French Revolution and the First Republic when it was annexed to France. Since 1865, Monaco has maintained a customs union with France with guarantees its privileged position as long as the royal male line remains intact. Under the new constitution proclaimed on December 17, 1962, the Prince shares his power with an 18-member unicameral National Council. ,, Rulers:,,, ,Albert I, 1889-1922,, ,Louis II, 1922-1949,, ,Rainer III, 1949-,, Monetary System:,,, ,1 Franc = 100 Centimes,,