5 Centesimi

San Marino's coinage rights were formally recognized under an 1862 convention with the Kingdom of Italy, which had just unified the previous year. The tiny republic opted to issue coins conforming to the Latin Monetary Union standards, though it never formally joined the union — an arrangement that suited both parties and kept San Marino's fiscal independence intact while ensuring the coins circulated freely across the border.

KM#1 covers a production run of three decades, but surviving mintage records are fragmentary. Most examples encountered today show honest wear consistent with genuine local circulation.