Illinois Treasurer Michael Frerichs handed Pope Leo XIV a previously unclaimed PayPal credit of $8.65 on Wednesday [1].
The gesture highlights the meticulous nature of state unclaimed property programs, which track small balances that often go unnoticed by their owners. While the sum is nominal, the delivery of the funds to the head of the Catholic Church creates a unique diplomatic moment between a U.S. state official and the Vatican.
The transaction occurred in St. Peter's Square at the conclusion of the Pope's general audience [1], [2]. According to reports, the funds originated from an old PayPal account left by Robert Prevost [2]. Frerichs said the money was delivered as a goodwill gesture to ensure the assets were returned to the rightful successor or entity [2].
State treasurers in the U.S. are tasked with managing dormant accounts and returning assets to citizens or organizations. In this instance, the balance of $8.65 [1] had remained unclaimed until the state identified the connection to the papacy. The delivery of the funds was coordinated to coincide with the treasurer's presence in Vatican City [1], [2].
Some reports regarding the incident vary. While official video accounts describe the formal delivery of the credit, other reports suggest the situation involved a surreal banking interaction where the Pope attempted to contact a Chicago bank [3]. However, the primary record confirms the physical handover of the specific PayPal balance by the Illinois official [1].
“The Illinois treasurer handed the Pope a previously unclaimed PayPal credit of $8.65”
This event serves as a public demonstration of the 'unclaimed property' legal framework in the U.S., where states act as custodians for forgotten assets. By returning a negligible amount to a global figure, the Illinois Treasurer's office emphasizes the principle that no account is too small to be returned, regardless of the owner's status.
