1 Corona

Fiume's municipal notes of 1920 occupy one of the strangest political moments in interwar Europe. After Italian regular forces expelled D'Annunzio's legionaries in the "Bloody Christmas" of December 1920, the short-lived Italian Regency of Carnaro collapsed — and the city briefly reverted to a provisional municipal administration scrambling to maintain basic commercial function. These notes were issued by the Città di Fiume precisely during that administrative vacuum, not by any recognized national treasury.

The Treaty of Rapallo, signed November 1920, had already declared Fiume a free state, meaning this issue technically circulated under a sovereign status that no functioning government was actually administering. A bureaucratic note born in a political nowhere.