0 Euro Caramulo Motorfestival

Zero-euro souvenir notes were commercially introduced in France around 2015 and quickly became a formal collectible category under ECB tolerance — the bank permits their production provided they bear no monetary value and cannot be mistaken for legal tender. Oberthur Fiduciaire has handled the bulk of the French souvenir note print runs, applying the same security printing standards used for genuine currency, including genuine intaglio elements on some issues.

The Caramulo Motorfestival, held in the Serra do Caramulo in central Portugal, is one of the older established hillclimb and classic car events on the Iberian calendar. A Portuguese-themed subject issued through the French souvenir note system is entirely normal — the distribution network operates internationally regardless of the subject's country of origin.