Obverse
Reverse
Edge
Mints
| Name | Mark |
|---|---|
| Maccagno | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1626 | — | — |
Historical background
In 1626, Maccagno, a small town on the eastern shore of Lake Maggiore, existed within a complex and fragmented monetary landscape typical of the early modern Italian states. The region was part of the Duchy of Milan, then under Spanish Habsburg rule, meaning its official currency was the Spanish silver real and its local Milanese derivatives, such as the lira, soldo, and denaro. However, due to its strategic location on trade routes linking Milan to the Swiss Cantons and the German lands, a multitude of foreign coins circulated daily. These included Swedish and Tyrolean thalers, French écus, and various Italian state coinages from Genoa, Venice, and Savoy, each with fluctuating values based on their metal content and market trust.
This proliferation of currencies created chronic instability. The primary issue was the widespread practice of clipping and debasement, where coins were shaved of precious metal or states issued coins with lower silver content than their face value. This led to Gresham's Law in practice, where "bad" debased money drove "good" full-weight coins out of circulation, as people hoarded the latter. Consequently, merchants and officials in Maccagno faced constant challenges in assessing real values, requiring frequent publication of official "battiture" (exchange rate bulletins) to set conversion rates between dozens of coin types for market transactions and tax payments.
The situation in 1626 was further strained by the broader Thirty Years' War (1618-1648), which disrupted Central European mining and trade flows, affecting the supply of silver. For a community like Maccagno, whose economy was tied to lake trade, artisanal production, and agriculture, this monetary confusion created friction in everyday commerce, inflated prices, and fostered distrust. While not unique, Maccagno's currency environment was a microcosm of the pre-national financial systems, where daily economic life required navigating a turbulent sea of metal whose worth was as much a matter of negotiation as it was of royal decree.
This proliferation of currencies created chronic instability. The primary issue was the widespread practice of clipping and debasement, where coins were shaved of precious metal or states issued coins with lower silver content than their face value. This led to Gresham's Law in practice, where "bad" debased money drove "good" full-weight coins out of circulation, as people hoarded the latter. Consequently, merchants and officials in Maccagno faced constant challenges in assessing real values, requiring frequent publication of official "battiture" (exchange rate bulletins) to set conversion rates between dozens of coin types for market transactions and tax payments.
The situation in 1626 was further strained by the broader Thirty Years' War (1618-1648), which disrupted Central European mining and trade flows, affecting the supply of silver. For a community like Maccagno, whose economy was tied to lake trade, artisanal production, and agriculture, this monetary confusion created friction in everyday commerce, inflated prices, and fostered distrust. While not unique, Maccagno's currency environment was a microcosm of the pre-national financial systems, where daily economic life required navigating a turbulent sea of metal whose worth was as much a matter of negotiation as it was of royal decree.
✨ Legendary