200 Lire Cassa Rurale di Cogolo-Pejo

Cogolo and Pejo are adjacent villages in the Val di Pejo, a remote Alpine valley in Trentino. The Cassa Rurale — a Catholic cooperative credit institution of the type that proliferated across northern Italy from the late nineteenth century onward — issued this note as emergency fractional currency during the national coin shortage of the 1970s, when Italian small-denomination coinage had effectively disappeared from everyday commerce. Hundreds of local institutions across Italy did the same, producing what collectors now classify as "miniassegni" or fiduciary notes.

Tipolito 3A in Turin supplied printing services to numerous small issuers during this period, meaning the production quality here is more consistent than the note's humble origin might suggest.