1/2 Scudo d'Oro - Clement XI

Clement XI's pontificate was consumed almost entirely by the War of the Spanish Succession, and 1706 was among its most punishing years for the Papal States — Imperial forces under Eugene of Savoy were reshaping northern Italy by force, and Rome found itself diplomatically cornered between Bourbon and Habsburg claims. Clement had recognized Philip V of Spain in 1700, a decision he spent the following decade trying to walk back without fully committing to either side.

KM#686 is among the scarcer denominations of his lengthy reign, the half-scudo seeing limited production compared to the full scudo issues.