2 Scudi Coat of Arms

San Marino began issuing gold scudi in 1974 under a coinage agreement with Italy, producing small annual sets primarily aimed at the collector market rather than circulation. The 1975 issue was part of this early run, minted at Rome's Istituto Poligrafico e Zecca dello Stato in extremely limited quantities — the entire annual gold program for the republic rarely exceeded a few thousand pieces across all denominations.

Fr#5 in the Friedberg gold reference confirms its standing as a legitimate bullion-format issue from a recognized sovereign state, however small.