1 Doppia – Maccagno

In 1625, Maccagno, a small town on the eastern shore of Lake Maggiore, operated within a complex and fragmented monetary landscape typical of the Italian peninsula during the early modern period. The town, part of the feudal County of Maccagno, was an imperial fief directly under the Holy Roman Emperor, granting it a degree of autonomy. However, its economic life was dominated by the nearby Duchy of Milan, a Spanish Habsburg possession, whose heavy silver scudo and smaller lira imperiale were the primary currencies for larger transactions and official accounting. This created a dual monetary reality where imperial authority and Milanese economic gravity overlapped.

Daily commerce was conducted through a bewildering variety of physical coins. Alongside Milanese issues, coins from other Italian states like the Republic of Venice (ducats and lire), the Duchy of Savoy, and the Swiss Confederacy circulated freely, their value determined by their precious metal content and local agreement. Furthermore, a chronic shortage of official small change was often filled by low-value token coins, sometimes issued locally by feudal lords or towns, leading to frequent disputes over acceptability and valuation. The simultaneous circulation of gold, full-weight silver, debased silver, and copper coins made every transaction a minor calculation in metallurgy and finance.

This period was also one of significant monetary stress. The early 17th century saw widespread currency debasement across Europe, as states engaged in near-constant warfare. The Spanish Crown, ruling Milan, frequently manipulated currency to raise funds, which led to inflation and instability. For the merchants, artisans, and peasants of Maccagno, this meant persistent uncertainty. The value of a coin could shift, and wealth stored in coinage could erode, making economic planning difficult and highlighting the stark contrast between the town's tranquil lakeside setting and the turbulent monetary currents of the era.