16 PRIMO FEBRARO MILLE SETTECENTO NOVANTADUE S. M. DI PIETA DI ROMA La presente Cedola vaglia Scudi Romani Sedici da giulj dieci per Scudo da pagarsi all` Esibitore.
The Sacro Monte della Pietà di Roma was one of the oldest functioning pawnbroking institutions in Europe, established in 1539 under papal protection to provide credit to the poor at controlled rates — a deliberate counter to usurious private lenders. By the late eighteenth century it had evolved into something closer to a deposit bank, issuing fede di credito that circulated as a recognized paper currency within the Papal States. These were not banknotes in the modern sense but transferable credit certificates, endorsed on the reverse each time they changed hands.
The 16 scudi denomination is an awkward one, suggesting this certificate was likely issued to a specific depositor for a specific sum rather than as a round-denomination instrument intended for general trade.
The Sacro Monte della Pietà di Roma was one of the oldest functioning pawnbroking institutions in Europe, established in 1539 under papal protection to provide credit to the poor at controlled rates — a deliberate counter to usurious private lenders. By the late eighteenth century it had evolved into something closer to a deposit bank, issuing fede di credito that circulated as a recognized paper currency within the Papal States. These were not banknotes in the modern sense but transferable credit certificates, endorsed on the reverse each time they changed hands.
The 16 scudi denomination is an awkward one, suggesting this certificate was likely issued to a specific depositor for a specific sum rather than as a round-denomination instrument intended for general trade.