| The eight pieces of paper money from this Republic in my collection date from the seventh year of the Republican calendar. They are similar in appearance, of different denominations and with different trim around the outside of the printed portion of the bills. The 2nd 10 paoli piece now appears to be a pawn ticket that circulated in a manner similar to the official currency. |
| An Italian correspondent sent the following information about the monetary system in use at this time: |
| The Baiocco (or Bajocco) had a value of 1/10 of a Paolo (after Pope Paolo III) which was also called Giulio (after Pope Giulio II). The Paolo (or Giulio) had a value of 1/10 of a Scudo Romano which was the Papal State's monetary unit. That is: 1 Scudo Romano = 10 Paoli (Giuli) = 100 Baiocchi. So, the real value of the 3 Baiocchi bill was 3 cents of a Scudo. The exchange rate against the Franch Franc was: 1 Scudo Romano = 5 F.F. |
| The money value was granted by the alienated real estates, property of religious companies or agencies as convents, buildings, factories, license of commerce, and so on that were bought by professionals like lawyers, judges, physicians, craftsman, and dealers, in other words, the affluent people which formed what we call today the middle class. There were also bills issued by the same agency (Banco di Santo Spirito) which used to issue the currency in papal times. |
| Thanks, Giampaolo! |