10 Zecchini – Retegno
Italy
Obverse
Description:
Bust of Antonio Gaetano, right profile.
Script: Latin
Reverse
Description:
Crested helmet above arms, date in legend.
Script: Latin
Edge
Categories
| Object> Armour |
| Symbols> Coat of Arms |
Mints
| Name | Mark |
|---|---|
| Retegno | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1686 | — | — |
Historical background
In 1686, the Grand Duchy of Retegno stands at a monetary crossroads, its fiscal system strained by decades of military ambition and mercantile expansion. The official currency, the silver Retegnese Lira, has been heavily debased by successive rulers to fund wars against rival city-states, leading to a severe loss of public trust. In practice, a chaotic multiplicity of coins circulates: heavy, reliable foreign silver thalers from the north for major trade, clipped and worn domestic soldi for daily market haggling, and even ancient gold florins hoarded by merchant dynasties for large transactions. This "bad money" has largely driven the "good money" out of circulation, crippling state finances and creating constant friction in commerce.
The heart of the crisis lies in the disconnect between the mint's official exchange rates and the market's reality. By royal decree, 1 Lira = 20 Soldi = 240 Denari, but in the bustling port piazzas, the value of a physical Lira coin is negotiated based on its visible silver content and weight, not its stamped face. This has empowered a class of savvy money-changers, who operate from benches beneath the ducal palace walls, essentially setting a shadow exchange rate. The government’s attempts to enforce the official rates only drive more transactions into this grey market or towards barter, particularly in the agrarian hinterlands.
Recognizing the danger to both sovereignty and economic vitality, the newly ascended Grand Duke Alvise II has convened a secret council of financiers, mint masters, and scholars. They debate a radical proposal: a comprehensive recoinage, replacing the myriad of suspect pieces with new, full-weight silver and gold coins bearing the Duke's stern profile. The plan is fraught with risk, requiring a vast reserve of bullion (possibly secured through a forced loan from the great trading houses) and risking short-term inflation. The year 1686 is thus one of tense deliberation, where the clink of a coin on a counter is a sound loaded with uncertainty, and the entire realm awaits a monetary decree that will either restore its financial foundation or plunge it into deeper disorder.
The heart of the crisis lies in the disconnect between the mint's official exchange rates and the market's reality. By royal decree, 1 Lira = 20 Soldi = 240 Denari, but in the bustling port piazzas, the value of a physical Lira coin is negotiated based on its visible silver content and weight, not its stamped face. This has empowered a class of savvy money-changers, who operate from benches beneath the ducal palace walls, essentially setting a shadow exchange rate. The government’s attempts to enforce the official rates only drive more transactions into this grey market or towards barter, particularly in the agrarian hinterlands.
Recognizing the danger to both sovereignty and economic vitality, the newly ascended Grand Duke Alvise II has convened a secret council of financiers, mint masters, and scholars. They debate a radical proposal: a comprehensive recoinage, replacing the myriad of suspect pieces with new, full-weight silver and gold coins bearing the Duke's stern profile. The plan is fraught with risk, requiring a vast reserve of bullion (possibly secured through a forced loan from the great trading houses) and risking short-term inflation. The year 1686 is thus one of tense deliberation, where the clink of a coin on a counter is a sound loaded with uncertainty, and the entire realm awaits a monetary decree that will either restore its financial foundation or plunge it into deeper disorder.
✨ Legendary