1 Zecchino – Maccagno

In 1622, the small northern Italian town of Maccagno, situated on the shores of Lake Maggiore, operated within a complex and fragmented monetary landscape typical of the early modern period. The region was not part of a unified Italian state but was divided between various powers; Maccagno itself was an imperial fief, directly subject to the Holy Roman Emperor. This political reality meant that while the town had certain autonomous privileges, its economy was inundated with a multitude of coins from neighboring states, including the Milanese scudo, the Venetian ducat, and various Spanish silver reales from the nearby Duchy of Milan, which was under Spanish Habsburg control.

The primary challenge was one of monetary chaos. These foreign and domestic coins circulated simultaneously, each with fluctuating values based on their metal content (gold, silver, or billon), wear, and official decrees. Counterfeiting and clipping of coins were rampant problems. For local transactions, authorities published periodic "tariffe" (valuation lists) to establish exchange rates, but this was a constant battle. The situation was further strained by the ongoing Thirty Years' War (1618-1648), which disrupted trade routes, caused bullion shortages, and led to currency debasements as warring states sought to finance their armies, sending waves of unstable coinage into circulation even in relatively quiet areas like Maccagno.

Despite these pressures, Maccagno’s unique status as an imperial fief granted it the coveted right of coinage, a privilege exercised by the local feudal lords, the Mandelli family. The small mint in Maccagno primarily produced low-denomination copper and billon coins, such as sesini and denari, essential for everyday market transactions. These local coins served to facilitate small-scale commerce and assert seigniorial authority, but they were a minor player in a much broader monetary system. Thus, the currency situation in Maccagno in 1622 was defined by this duality: the daily struggle with a chaotic influx of external currencies set against the symbolic and practical exercise of minting its own petty coinage within its feudal rights.