Following a European Union directive that coins on sale for collectors must also be in general circulation, the Vatican quota for euro coins is likely to be raised to two million. Coin collectors eager to get some Vatican euros without the tourist markup may soon be able to thank Brussels for nudging the Holy See to issue some of its money as real money, Reuters reports.
Nearly all of the euro coins minted every year with the image of Pope Benedict are sold to collectors.
They are sold at the Vatican souvenir shop for 30 euros a set, marked up from their 3.88 euro face value.
The European Commission took up this issue last July.
The Vatican has the right to issue 1,074, 000 euros in coins per year. But, as the Commission noted, it "issues virtually all its circulation coins in collectors' sets."
"Ëuro circulation coins are primarily a payment instrument: they should circulate freely in the market and be used for payments," it noted.
The ECB recently released its recommendation saying the Vatican should circulate at least 51% of the coins it issues.
But the Commission report suggests the Vatican's quota for issuing coins annually could be almost double to 2,100,000 euros, allowing the Vatican to continue selling over one million collector sets.
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