For centuries until 1870, the Vatican issued its own coins, which are now rare and highly sought after. The strike was halted between 1870 and 1929 due to a conflict between the Vatican and the new Italian state, which has commandeered many areas of the Vatican. This conflict was settled in 1929 with the Lateran Agreements.

The Vatican is, since the Lateran Treaty, the smallest country in the world. So it is a sovereign state, despite an area of 0.44 km ² and a population of approximately 800-900 people, and has the right to strike its own currency, as well as issue its own stamps.

Since the Treaty, the Vatican therefore issue each year a new set of coins that had - except for gold coins - legal tender in Italy from 1929 to 1979, with a nominal value in lire, and in the European Union when the Vatican struck Euros coins in 2001. There was an interruption in the minting of coins from 1979 to 2000.

Despite their legal tender which mean that they can be used in the Euro zone, these coins are usually sold in a box for well above their face value. These boxes are made for collectors and contain coins of the highest quality, ranging from "Beautiful Uncirculated" to "Proof", and are produced in limited quantities. Proof Boxes are usually accompanied by a commemorative silver coin. Their current price at the shop of the Vatican is about € 30 for the package " Beautiful Uncirculated " and about € 140 for the package " Proof ", for a nominal value of € 3.88.

Special commemorative are ranging from a rate of € 14 (2 euro coin to commemorate) to 980 € (gold coin with a nominal value of € 100, without legal tender produced in less than 1 000 copies).

The high price of the Vatican's coins and their extreme quality make they are purchased most only by collectors, who safely guard them in their case. They would almost never let someone take them in hand, as the risk of damage them and make them lose their value is high. So it is unlikely that you will find one in your wallet! Moreover, the value of Vatican's coins generally increase with time, particularly when the pope whose effigy is on the current coins dies.

Indeed, the currencies of the Vatican always represent the pope at the time of their issuance. At the death, collectors know that no other piece representing this pope in particular will be issued. Demand increases, and so prices rise, sometimes very significantly. Collecting Vatican's coin can be considered a good investment.

When a vacancy takes place between two popes, the Vatican makes coins representing no Pope, a very rare event whose collectors are taking advantage. These parts usually have the arms of the cardinal who is temporarily in charge. In 2005, it was the arms of the Cardinal Chamberlain which were hit.

Where to find them?

The shop of the Vatican sell the new coins annually, but stocks are being depleted faster in general because of the limited amount of coins. It remains to numismatist eager to complete his collection the usual sources: conventions, Ebay, numismatic associations, companies, advertisements, etc..

As these coins achieve quickly high prices, it is recommended that novice collectors start by reserving the set of parts of the next year at the shop of the Vatican.