1 Scudo

The Banca dello Stato Pontificio was issuing notes into an increasingly untenable political situation. By 1866, the Papal States had already lost the Romagna, the Marches, and Umbria to the new Italian kingdom, leaving a rump territory around Rome propped up by French troops. These small-denomination Scudo notes circulated in what was, functionally, a state in its final years — Rome itself fell in September 1870, and the bank ceased operations shortly after.

The Scudo was already an anachronism as a monetary unit by this date, with the Lira system consolidating across unified Italy. Notes denominated in Scudi were not convertible on equal terms once the transition came.