Vatican Circulates 50-Cent Coin

(July 23, 2010) Responding to a European Union directive to circulate more than half of its euro money at face value, the Vatican began to issue 50-cent coins this month. Last December, the Vatican and the European Union signed a monetary convention that updated the 2000 accord that introduced the euro as the official currency of Vatican City State. Among the agreements, it was stipulated that at least 51% of Vatican coins should be in circulation. Previously, a large part of them were sold at a higher rate as collectibles. The French news agency I. Media reported Thursday that the first of the city-state's euro coins, which feature an image of Pope Benedict XVI, have entered into circulation. The agency revealed that for the last two weeks, the coins were being given out two at a time as change at the Vatican grocery store, post office and gas station. The same convention also allowed the Vatican to mint €2,300,000 annually, plus a variable supplementary quota. Previously, the value was €1,074,000. It also stipulated Vatican agreement to European Union law on money laundering, fraud and falsification of bills.