Little euros flying high

A huge inflation of the value of the euro has followed the deaths of the leaders of the two smallest countries in the world.

The exchange rate of the vast bulk of euros in circulation is untouched. But the value of the small quantities of euro coins minted by the Vatican and the principality of Monaco threatens to go through the roof.

Both types of coins, and those minted by San Marino, have been favourites among collectors since the euro was introduced in 2001. Since the deaths of Pope John Paul II and Prince Rainier, their price has exploded. A 2 Vatican coin is fetching 160 on the European coin-collecting market. A 2004 Vatican set of all eight euro coins is going for over 500. A Monaco 1 piece can now command up to $60.

Remi Smith, head of Monnaie magazine in France, advised collectors to wait before buying Vatican and Monaco euros, saying the speculative bubble could burst.

The Vatican, Monaco and San Marino are permitted to mint a token quantity of euros carrying their "national" symbols.

- INDEPENDENT