The reverse of the Vatican €1 coin produced in 2006 depicting the current pope, Benedict XVI.
The Vatican City State budget includes the Vatican museums and post office and is supported financially by the sale of stamps, coins, medals, and tourist mementos; by fees for admission to museums; and by publications sales. Moreover, an annual collection taken up in dioceses and direct donations go to a non-budgetary fund known as Peter's Pence, which is used directly by the Pope for charity, disaster relief, and aid to churches in developing nations. The incomes and living standards of lay workers are comparable to those of counterparts who work in the city of Rome. Other industries include printing, the production of mosaics and the manufacture of staff uniforms.
The Vatican also conducts worldwide financial activities, having its own bank, Istituto per le Opere di Religione (also known as the Vatican Bank, and with the acronym IOR). This bank has an ATM with instructions in Latin, possibly the only such ATM in the world.
Vatican City issues its own coins. It has used the euro as its currency since 1 January 1999, owing to a special agreement with the European Union (council decision 1999/98/CE). Euro coins and notes were introduced in 1 January 2002—the Vatican does not issue euro banknotes. Issuance of euro-denominated coins is strictly limited by treaty, though somewhat more than usual is allowed in a year in which there is a change in the papacy. Because of their rarity, Vatican euro coins are highly sought by collectors.Until the adoption of the Euro, Vatican coinage and stamps were denominated in their own Vatican lira currency, which was on par with the Italian lira.
The Vatican City State, which employs nearly 2000 people, ran a deficit in 2008 of over 15 million euros, but in 2007 had a surplus of 6.7 million euros