1 Scudo d'Oro - Clemente XI St. Paul

Clement XI's pontificate opened under immediate military pressure — the War of the Spanish Succession had begun the previous year, and the Papal States were caught between Bourbon and Habsburg demands for territorial access and political alignment. The pope attempted a policy of strict neutrality that satisfied neither side, and Habsburg forces would eventually occupy Comacchio in 1708. These early scudi were struck before that humiliation, during a brief window when papal fiscal and minting operations still functioned without external interference.

The Berman reference grouping across Munt. 20–24 reflects minor die variations across the two-year production run rather than distinct issues.