0 Euro Pope Benedict XVI

EuroSouvenir notes occupy a peculiar niche: legal tender-style printing applied to a denomination that cannot actually be spent. The program, sanctioned by the European Central Bank, allows licensed printers to produce collectible zero-denomination notes that conform to euro security specifications — including Oberthur's intaglio printing and embedded security features — without entering monetary circulation. The authorization is tightly controlled; Oberthur Fiduciaire is one of only a handful of approved producers.

Benedict XVI abdicated in 2013, the first pope to do so since Gregory XII in 1415. Issuing a souvenir note years after his resignation rather than during his pontificate is a quietly telling detail about what drives this market.