5 Centesimi – Vatican City
Vatican City
Context
Years: 1942–1946
Issuer: Vatican City 
Ruler: Pius XII
Currency:
(1929—2001)
Demonetized: Yes
Total mintage: 9,000
Material
References
KM: #Click to copy to clipboard31
Numista: #118405
Value
Exchange value: 0.05 VAL
Obverse
Description:
Left turn
Inscription:
PIVS.XII.PONT.MAX.A.VI
Script: Latin
Engraver: Aurelio Mistruzzi
Reverse
Edge
Plain
Categories
| Animal> Bird |
| Person> Religious figure |
| Religion> Religious objects |
Mints
| Name | Mark |
|---|---|
| Rome | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1942 | — | 5,000 | ||
| 1943 | — | 1,000 | ||
| 1944 | — | 1,000 | ||
| 1945 | — | 1,000 | ||
| 1946 | — | 1,000 |
Historical background
In 1942, Vatican City’s currency situation was uniquely complex, shaped by its sovereignty, wartime pressures, and diplomatic necessities. As an independent city-state, it possessed the right to issue its own currency, the Vatican lira, which was pegged at par and interchangeable with the Italian lira. However, in practice, its monetary system was entirely dependent on and integrated with Italy's, relying on the Bank of Italy for coin minting and using Italian banknotes. This arrangement was formalized under the Lateran Treaties of 1929, which established the Vatican’s financial framework but left it operationally tied to Mussolini’s regime.
The Second World War created severe practical and ethical challenges. While the Vatican officially maintained neutrality, it was physically surrounded by Fascist Italy, a key Axis power. Economic restrictions, material shortages for minting, and the instability of the Italian lira due to wartime inflation directly impacted the Vatican's financial operations. The crisis necessitated discreet financial strategies to support its global humanitarian and diplomatic activities, including aid to refugees and covert support for prisoners of war. This often involved transactions in more stable foreign currencies or gold, navigating the complexities of international banking under strict wartime controls.
Furthermore, 1942 was a pivotal year for the Vatican’s institutional finances. Pope Pius XII, seeking greater fiscal independence and stability amidst the global conflict, formally established the Institute for the Works of Religion (IOR), commonly known as the Vatican Bank, in that year. While its full operations developed later, its creation was a direct response to the currency and banking uncertainties of the period. This move aimed to manage assets in multiple currencies, safeguard resources from the volatility of the lira, and facilitate the Holy See’s transnational operations independently of the Italian state, setting a foundation for its future financial autonomy.
The Second World War created severe practical and ethical challenges. While the Vatican officially maintained neutrality, it was physically surrounded by Fascist Italy, a key Axis power. Economic restrictions, material shortages for minting, and the instability of the Italian lira due to wartime inflation directly impacted the Vatican's financial operations. The crisis necessitated discreet financial strategies to support its global humanitarian and diplomatic activities, including aid to refugees and covert support for prisoners of war. This often involved transactions in more stable foreign currencies or gold, navigating the complexities of international banking under strict wartime controls.
Furthermore, 1942 was a pivotal year for the Vatican’s institutional finances. Pope Pius XII, seeking greater fiscal independence and stability amidst the global conflict, formally established the Institute for the Works of Religion (IOR), commonly known as the Vatican Bank, in that year. While its full operations developed later, its creation was a direct response to the currency and banking uncertainties of the period. This move aimed to manage assets in multiple currencies, safeguard resources from the volatility of the lira, and facilitate the Holy See’s transnational operations independently of the Italian state, setting a foundation for its future financial autonomy.
💎 Very Rare