200 Lire Free State of Fiume

Fiume — today Rijeka — was seized in September 1919 by Gabriele D'Annunzio and a force of Italian nationalist irregulars after the Paris Peace Conference failed to award the city to Italy. The resulting Italian Regency of Carnaro lasted just over a year before the Italian army shelled D'Annunzio's forces out in what became known as the "Bloody Christmas" of December 1920. The short-lived Free State that followed, a compromise entity established by the Treaty of Rapallo, issued its own currency before Mussolini's Italy absorbed it entirely in 1924.

This Croatian commemorative references that contested interwar episode from the perspective of the city's current sovereign.