Italian 1929 Lateran Treaty Coin

The 1929 Lateran Treaty coin was the first issue from the newly sovereign Vatican City, struck just months after the treaty resolved a six-decade standoff with Italy.

This 5 lire piece, made of silver and weighing about 5 grams, features Pope Pius XI on one side and the crossed keys of the papacy on the other. The design was straightforward, reflecting the Vatican's urgent need to establish its own currency after years of relying on Italian lira. Mintage figures are murky; records from that era were poorly kept, and much was lost in later Vatican archives purges.

What surprises me, after handling dozens over the years, is how often people mistake it for mere religious memorabilia. It's a diplomatic artifact, plain and simple.

Collectors might note the edge inscription, a Latin phrase affirming the treaty's permanence, though history showed otherwise.

Edge reeding was standard, no fancy variations.