10 Centesimi Comune di Trieste

Trieste's postwar municipal notes occupy an odd administrative vacuum. After May 1945 the city was under Anglo-American Military Government, but local authorities continued issuing small-denomination emergency scrip to address a chronic shortage of metal coinage — a problem that had plagued Italian circulation since before the armistice. These centesimi notes were effectively irredeemable in any conventional banking sense; their authority rested entirely on the Comune's local credibility during a period when the city's ultimate sovereignty was genuinely unresolved between Italy and Yugoslavia.

The Free Territory of Trieste was not formally established until 1947, meaning the earliest issues predate even that provisional political framework.