20 Scudi

The Banca dello Stato Pontificio was established by papal decree in 1850, part of a broader attempt to stabilize the Papal States' finances after the upheaval of the 1848–49 Roman Republic. Notes of this denomination were issued into a monetary environment already under strain — the political fragility of the temporal papacy under Pius IX meant confidence in paper instruments was never robust, and hoarding of coin was widespread among the Roman population.

The 20 Scudi sits at an awkward middle denomination, substantial enough for commercial use but rarely encountered in surviving form, likely because higher-value notes were more carefully preserved and smaller ones circulated to destruction.