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Vatican Coins Draw ire of European Union
 | By Richard Giedroyc, World Coin News
September 21, 2009 |
There are currently 19 nations and city-states using the European Union's currency union. These are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Monaco, the Netherlands, Portugal, San Marino, Slovenia, Slovakia, Spain and Vatican City.
Monaco, San Marino, and Vatican City switched to the euro by default. Monaco's former currency was tied to the French franc, while those of San Marino and Vatican City were tied to the Italian lira. When France and Italy joined the currency union the three city-states followed without being invited for that reason.
Vatican euro coins have been struck annually in small numbers and due to these mintage figures command significant premiums among coin collectors. Few if any ever get into circulation.
The euro coins of 2002 to 2005 depict Pope John Paul II on the "national" side, with the standard EU depictions on the EU side. The 2002 Vatican City euro coin set now typically sells for more than 1,000 euro (about $1,400 US).
In April 2005 John Paul II died. By tradition the Vatican has issued coins during the interim period prior to the election of the new pope. This interim coinage carries the legend "Sede Vacante" (vacant seat). This coinage is followed by coins for the new pope once the new pope's election has been finalized. During April 2005, Sede Vacante coins were issued depicting the heraldry of the Cardinal Chamberlain Camerlingo and the Apostolic Camera (two keys in saltire surmounted by a canopy). These are to date the only euro coins on which the date is expressed in Roman numerals. The Sede Vacante issue that preceded the coinage of Pope Benedict XVI commencing in 2006 are also the first euro zone circulation coins issued on which the national side has been changed. If the current grumbling is any indication of things to come it may be the last, or at least the last Sede Vacante euro coinage.
On Dec. 19, 2008, the Commission of the European Communities issued a not so subtle recommended common guideline for the national side of circulation euro coinage. Article 5, titled "Changes to the national side of regular euro coins intended for circulation" reads: "... the designs used for the national sides of the euro coins intended for circulation denominated in euro or in cent should not be modified, except in cases where the head of state referred to on a coin changes ... A temporary vacancy or the provisional occupation of the function of head of state should not give the right to change the national sides of the regular euro coins intended for circulation."
Vatican officials have said the Sede Vacante coinage was issued to "ensure continuity by exercising the state's authority to mint coins."
EU officials don't see it that way. One official recently said, "They [Vatican City] were just making money out of it," noting most Vatican euro coins are sold to collectors and simply don't circulate as money, this form of distribution being in violation of EU coinage rules.
The flap is only now reaching the EU finance ministers. In February the ministers issued a statement saying, "euro coins intended for circulation should be put into circulation at face value," adding, "A temporary vacancy or the provisional occupation of the function of [a] head of state should not give the right to change the national sides of the regular euro coins."
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