0 Euro Pope Pius XI

The 0 Euro souvenir series, produced under license by Oberthur Fiduciaire and distributed through the EuroSouvenir program, occupies a peculiar niche — legal in format, worthless by design, and collected almost entirely on the strength of the subject depicted. Pope Pius XI, who reigned from 1922 until his death in February 1939, is a reasonable choice for the program given that he negotiated the 1929 Lateran Treaty, which established Vatican City as a sovereign state — a fact that gives a papal souvenir note at least nominal geopolitical justification.

Oberthur's security printing credentials are genuine; the firm has produced actual circulating currency for dozens of countries.