46 Scudi

The Sacro Monte della Pietà di Roma was one of the oldest functioning pawnbroking institutions in early modern Europe, established in 1539 to provide low-interest loans to the Roman poor as a counter to usurious lending. By the late eighteenth century it had evolved into a quasi-banking authority operating under papal sanction, issuing cedole — interest-bearing certificates — that circulated as de facto currency among merchants and notaries in the city.

The 46 Scudi denomination is conspicuously irregular. These cedole were not issued in round denominations but corresponded to the actual loan amounts advanced against pledged goods, which is why such odd figures appear throughout the series. Each note was, in origin, a pawn ticket.