27 Scudi

The Sacro Monte della Pietà di Roma was one of the oldest pawnbroking and credit institutions in Europe, founded in 1539 under papal authority to provide low-interest loans to Rome's poor — a direct counter to usurious private lenders. By 1797, however, the institution was operating under enormous strain. Napoleon's Italian campaigns had destabilized the Papal States' finances, and the French occupation of Rome was imminent; the city would fall in February 1798 and the Roman Republic proclaimed shortly after.

Notes of this institution circulated as genuine credit instruments, backed by deposited valuables held in the Monte's vaults. The 27-scudo denomination is irregular enough to suggest it reflects a specific loan valuation rather than a round-figure monetary unit.