44 Scudi

The Monte di Pietà in Rome was one of the oldest pawnbroking institutions in Europe, established in the mid-fifteenth century under papal patronage to provide credit to the poor at controlled rates. By the late eighteenth century it had evolved into a quasi-banking body issuing fedi di credito — faith certificates — that functioned as transferable paper instruments rather than conventional banknotes. The 44 Scudi denomination is an odd figure by any standard and almost certainly reflects the redeemable value of a specific pledged deposit rather than a round-currency issue.

These instruments circulated primarily among merchants and institutions in Rome, not the general public. The French occupation of Rome in 1798 disrupted the Monte's operations severely, and many outstanding certificates were never redeemed.