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During the struggle for Italian unification, from 1860 to 1870, most of this area became part of Italy. By an Italian law of May 13, 1871, the temporal power of the pope was abrogated, and the territory of the papacy was confined to the Vatican and Lateran palaces and the villa of Castel Gandolfo. The popes consistently refused to recognize this arrangement. The Lateran Treaty of Feb. 11, 1929, between the Vatican and the kingdom of Italy, established the autonomy of the Holy See.

The first session of Ecumenical Council Vatican II was opened by John XXIII on Oct. 11, 1962, to plan and set policies for the modernization of the Roman Catholic Church. Pope Paul VI continued the council, presiding over the last three sessions. Vatican II, as it is called, revolutionized some of the church's practices. Power was decentralized, giving bishops a larger role, the liturgy was vernacularized, and laymen were given a larger part in church affairs.

On Aug. 26, 1978, Cardinal Albino Luciani was chosen by the College of Cardinals to succeed Paul VI, who had died of a heart attack on Aug. 6. The new pope took the name John Paul I. Only 34 days after his election, John Paul I died of a heart attack, ending the shortest reign in 373 years. On Oct. 16, Cardinal Karol Wojtyla, 58, was chosen pope and took the name John Paul II. Pope John Paul II became the first Polish pope and the first non-Italian pope since the 16th century.

On May 13, 1981, a Turkish terrorist shot the pope in St. Peter's Square, the first assassination attempt against the pontiff in modern times. The pope later met and forgave him. On June 3, 1985, the Vatican and Italy ratified a new church-state treaty, known as a concordat, replacing the Lateran Treaty of 1929. The new accord affirmed the independence of Vatican City but ended a number of privileges that the Catholic Church had in Italy, including its status as the state religion.

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The lira (plural lire) was the currency of the Vatican City between 1929 and 2002.

The Papal States, by then reduced to a smaller area close to Rome, used its own lira between 1866 and 1870, after which it ceased to exist. In 1929, the Lateran Treaty established the State of the Vatican City and, according to with the terms of the Treaty, a distinct coinage was introduced, denominated in centesimi and lire, on par with the Italian lira. Italian coins and banknotes were legal tenders in Vatican City. The Vatican coins were minted in Rome and were also legal tender in Italy and San Marino.

In 2002, the Vatican City switched to the euro at an exchange rate of 1 euro = 1936.27 lira. It has its own set of euro coins.

The development of Vatican coins largely mirrored the development of the Italian lire coins. In 1929, copper 5 and 10 centesimi, nickel 20 and 50 centesimi, 1 and 2 lire, and silver 5 and 10 lire coins were introduced.

In 1939, aluminium bronze replaced copper and, in 1940, stainless steel replaced nickel. Between 1941 and 1943, production of the various denominations was reduced to only a few thousand per year.

In 1947, a new coinage was introduced consisting of aluminium 1, 2, 5 and 10 lire. The sizes of these coins were reduced in 1951. In 1955, stainless steel 50 and 100 lire were introduced, followed by aluminium bronze 20 lire in 1957 and silver 500 lire in 1958. The 1 and 2 lire ceased production in 1977, followed by the 5 lire in 1978. Aluminium-bronze 200 lire were introduced in 1978, followed by bi-metallic 500 and 1000 lire in 1985 and 1997, respectively. The 50 and 100 lire were reduced in size in 1992.

Vatican the city has frequently issued its coins in yearly changing commemorative series, featuring a wide variety of themes. While most of these were sold in the form of uncirculated mint sets, a portion of Vatican coins was released into general circulation.