1 Grosso – Papal States

In 1747, the Papal States, a central Italian polity under the temporal rule of Pope Benedict XIV, operated within a complex and fragmented monetary system typical of pre-unification Italy. The state lacked a unified, modern currency; instead, its economy relied on a bewildering array of circulating coins. These included both locally minted papal scudi (crowns), giuli, and baiocchi, as well as a multitude of foreign currencies from other Italian states and major European powers like Spain and France. This proliferation created chronic issues of exchange rate instability, counterfeiting, and public confusion, hampering trade and state finance.

The papal administration was acutely aware of these monetary disorders. Pope Benedict XIV (1740-1758) was a reformer interested in economic and administrative matters, and his reign saw several attempts to stabilize the currency. A key focus was on the silver scudo, the primary unit of account, which was constantly threatened by debasement and fluctuation. In 1747, the monetary authorities were likely grappling with the practical enforcement of earlier edicts, trying to control the values of the myriad coins in circulation and to ensure the purity and weight of those minted in the papal mints of Rome and Bologna.

Ultimately, the situation reflected the broader challenges of the Papal States as an ancient theocratic regime navigating the Enlightenment era. While fiscal needs, especially those related to monumental building projects and patronage, pressured the treasury, a comprehensive monetary reform proved elusive. The fragmented political geography of Italy and the Pope's limited coercive power over economic actors meant that the chaotic multi-currency system persisted. Thus, in 1747, the monetary landscape remained a patchwork, a source of administrative headache and an obstacle to economic modernization, awaiting more forceful unification that would only come over a century later with the rise of the Kingdom of Italy.