Muraiola of 4 Baiocchi - Clement XI

Clement XI's pontificate was dominated by the War of the Spanish Succession and its financial consequences for the Papal States, which found themselves repeatedly squeezed between Bourbon and Habsburg demands. The Muraiola — a low-denomination billon type intended for everyday transaction — was minted at Ferrara during a particularly strained moment, as the papal treasury was still absorbing the costs of earlier military incursions through its northern territories.

The Ferrara mint had been under direct papal administration since 1598, when the Este duchy lapsed to the Church upon the death of Alfonso II without legitimate heirs. Output from Ferrara in this period was limited and issue-specific, which keeps survivors from this two-year window genuinely scarce.