0 Euro - San Marino

San Marino is one of the few sovereign states entirely surrounded by another country, and it has never been a eurozone member in any formal sense — it uses the euro under a monetary agreement with the EU, with its own coin allocation, but issues no paper currency of its own. That gap is precisely what makes the SEDT souvenir format viable here: there is no competing official note. Oberthur Fiduciaire, a long-established French security printer, produces the physical item, while the signature of SEDT's CEO gives it the veneer of quasi-official issue it legally cannot claim.