Thanks to the modern Euro currency, in most parts of Europe, including Rome, now the same coins and banknotes may be used, but no more than 150 years ago, when the city still belonged to the Papal State, things were completely different.

In those days, not only each country had its own system, but often cities belonging to the same state used different coins, and according to their weight, the values of some units could vary. In fact, the purchasing power of a coin, especially if made of gold, basically depended on its value as raw metal. Therefore, only coins were used, made of gold, silver, billon (an alloy containing various percentages of silver, copper and other metals) and copper; banknotes had not been invented yet, although forerunners of the modern cheques called "letters of credit" already existed: they were documents signed by the debtor, which the creditor then produced at a given bank to obtain cash.

All trades were subject to the risk of an unfavourable exchange rate, and to the slyness of the many money-changers, whose complicated lists enabled to calculate how much any foreign coin was worth in one's own city. Furthermore, most systems were based on a combination of decimal and non-decimal coinage, and to figure out even the simplest calculation, i.e. how much change was due after a purchase, would appear today rather complicated. The one in Rome was probably the weirdest among the systems found in Europe. This was due to the very old age of some monetary units, whose value in time had somewhat changed; newer ones, issued by the following popes, usually did not replace old units, but were simply added to the preexisting ones. On top of this, Rome's people gave nicknames to some popular coins, some of which were alternatively referred to with two, three or sometimes four different names. This page takes into consideration the period between the 16th and the 19th century.

The following list briefly describes each of the main units of this system, with a few sample pictures that show coins in their actual size.

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GIULIO  ·  PAOLO  ·  DOPPIO GROSSO

One of the oldest units in Rome was the giulio, named after Julius II, who had introduced it in 1504. Soon after, Paul III (1534-49) wanted a unit of his own, and called it paolo, slightly modifying the value of the old giulio so to make the two coins perfectly match. The two names were used as synonyms, although giulio was preferred for official purposes, while the common people called it more often paolo.

	Both of them were worth 10 baiocchi (see below). But since 5 baiocchi also made a grosso (see below), a third name for the paolo a.k.a. giulio was doppio grosso ("double grosso"). Some popes also struck a doppio giulio (double piece, worth 20 baiocchi).

1 giulio (paolo) = 2 grossi = 10 baiocchi = 50 quattrini
3 giuli (paoli) = 1 testone

GROSSO

Its name comes from the Latin grossus, "thick", although the papal grosso had completely lost this feature. It was a name also found in other countries, e.g. the English groat. The roman people popularly referred to it as grossetto ("small grosso"), or lustrino ("little shiny"), as it was the smallest silver coin of the system, worth 5 baiocchi, or ½ giulio.

1 grosso = 5 baiocchi = 25 quattrini
6 grossi = 3 giuli = 1 testone

BAIOCCO

	This is another unit of ancient origin, whose name was probably borrowed in the Middle Ages from a Merovingian coin, that bore the text BAIOCAS CIVITAS ("city of Baiocas"). Originally struck in silver, its value was gradually reduced, until in 1725 Benedict XIII changed its metal to copper. The same name baiocco also became a generic term for "small coin".

Nevertheless, smaller coins did exist (see below). Several multiples and submultiples of this unit were struck in the 18th-19th centuries; Pius VI issued eleven different baiocchi pieces: 60, 25, 12, 8, 4, 2, 5, 2 ½, 2, 1, and ½ baiocco. The 2 and 4 baiocchi pieces were sometimes called muraiola (from muro = "wall", of uncertain meaning), while Pius VI's 5 baiocchi was also known as madonnina ("small Madonna"), and the same pope's 2 ½ baiocchi was nicknamed sampietrino ("small St.Peter"). The smaller coins (up to 5 baiocchi) were in copper, all the others were in billon.

Curiously, by the time of Pius VI, a silver grosso coin, worth 5 baiocchi, coexisted with coins of lesser metallic value (billon), but of higher nominal value (8, 12, 25 e 60 baiocchi).

1 baiocco = 5 quattrini
30 baiocchi = 6 grossi = 3 giuli = 1 testone

QUATTRINO

	Despite the name clearly derived from quattro ("four"), suggesting the quarter of a unit, in the roman system this was the fifth part of a baiocco, thus it represented the smallest coin, made of copper. Also the term quattrino became a synonym for "penny, small coin", (i.e. in expressions such as "pennyless", and so on), and a generic word for "money".

150 quattrini = 30 baiocchi = 3 giuli = 1 testone

TESTONE

The name testone, literally meaning "big head", alludes to the pope's bust featured on some of the early issues. This name, though, was maintained for later issues in which the head was replaced by the pope's coat of arms. The coin was in silver. As of the reign of Pius VI (1775-1791), 10 testoni made a doppia d'oro (see below).

1 testone = 3 giuli= 6 grossi = 30 baiocchi = 150 quattrini
10 testoni = 1 doppia d'oro

SCUDO

	Another old unit found in many lands, whose name derived from the crest or shield (scudo) with the arms of the pope, or king. Some issues, though, have the pope's head. Another name for this coin was piastra.

At first the popes struck it in two different metals, gold and silver. The former (scudo d'oro) weighed about 3.30-3.35 gr. The one in silver was obviously much larger, to counterbalance the gold coin's intrinsic value. As a unit, its value considerably varied in time, until it was finally fixed at 10 paoli, or 100 baiocchi. The last golden scudo was issued in 1738, and gradually replaced by the zecchino (see below). All the following scudi were only in silver.

1 scudo = 10 giuli = 100 baiocchi
3 scudi = 1 doppia d'oro

CARLINO

The name of this old unit derived from Charles I of Anjou, who first issued it in 1278. After Julius II's monetary reform, in the early 16th century, it had been completely abandoned. But over two centuries later, in 1747, Benedict XIV retrieved it; among his own issues are ½ carlino, 1 carlino and 2 carlini, all in billon. The rate of the unit was fixed at 7 ½ baiocchi. Instead, the cross rate with 1 giulio was unpractical (1.333), unless calculating it in a ratio of 3 paoli = 4 carlini.

The 2 carlini piece became rather popular in the early 19th century; Rome's poet G.G.Belli referred to it as "the real roman Lira", i.e. the most handy among the many existing units. Since it originally featured Benedict XIV's head, the popular nicknames for the 2 carlini piece were papetto ("small pope"), Prospero Lambertini (actual name of the pope), or in short Prospero, or Lambertini. Puns based on these nicknames were rather frequent; even among Belli's verses, a commoner comments about Gregory XVI in the following way:

Er Zantopadre, pe diograzzia, è l'asso, È un testone, è un papetto de giudizzio: E ssi ariviè ssan Pietro a ffà st'uffizio, Lui se ne frega, e se lo porta a spasso.

Thanks god, the Holy Father is a great man, He's got brains (=testone), he is a wise pope (=papetto): And should St.Peter come back again for doing this duty, He wouldn't care, he would make him do what he wants.

1 carlino (½ papetto) = 1 ½ grossi = 7 ½ baiocchi
4 carlini (2 papetti) = 3 giuli = 1 testone

QUARTINO

	The name means "small quarter", referring to the fourth part of the golden zecchino. Introduced by Clement XII (1730-40), the piece weighed 0.69 gr, and it was worth 5 paoli; but turning a quartino into testoni was unpractical: the latter would have to be broken into decimals.

1 quartino = 5 giuli = 50 baiocchi
4 quartini = 1 zecchino

ZECCHINO

This used to be a popular gold coin in many parts of Italy (especially around Venice); Rome's own zecchino was introduced by Benedict XIII rather late, in 1728. Its size and weight was almost identical to the gold scudo (3.40 gr versus 3.30-3.35 gr, respectively), but its conventional exchange rate was fixed at 20 giuli, i.e. twice as a gold scudo. Therefore, in a short while the latter coin was replaced by the zecchino, and only the silver scudo was maintained.

One year after the roman zecchino had been introduced, the quality of this coin was so much appreciated by the market, that it had been completely "absorbed", so the pope issued it again, slightly reducing its weight.

1 zecchino = 4 quartini = 20 giuli = 200 baiocchi
3 zecchini = 2 doppie d'oro = 1 quadrupla d'oro

DOPPIA D'ORO

The "golden double" was introduced by Pius VI (1775-99). Despite its name, it was not the exact double of any of the units. It weighed 5.39-5.49 gr, and was worth 3 scudi.

1 doppia d'oro = 3 scudi = 10 testoni = 30 giuli = 300 baiocchi
2 doppie d'oro = 1 quadrupla d'oro

QUADRUPLA D'ORO

The "quadruple", also called 2 doppie, was the coin of highest value ever issued in Rome. Only Pius VI struck it, and only once, in 1777. It weighed 10.90 gr, and it was worth 6 scudi (60 giuli or paoli), although we may think that such a precious piece did not circulate very much, being mainly used for the storage of large sums of money, or for major transactions, as nowadays it happens with banknotes such as 500 Euro, or 1.000 US$, etc.

1 quadrupla d'oro = 2 doppie d'oro = 6 scudi = 20 testoni = 60 giuli = 600 baiocchi

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The following diagram summarizes the main units of this system, showing their rate.


This other diagram, instead, lists the various pieces that were issued and actually circulated, although many of them did so only for limited periods. For each of them the equivalent in quattrini (the smallest subunit) is shown, as an easier reference of their value.

Except the baiocchi pieces, that came from the mint in Gubbio (central Italy, once belonging to the Papal State), all the others were stricken at Rome's own mint, located in Ponte district, not far from Sant'Angelo Castle in which, at the end of the 16th century, Sixtus V had moved the Papal State's treasury. This neighborhood was full of banks, as the names of the nearby streets, still in use today, clearly suggest: via dei Banchi Vecchi ("old banks street"), via dei Banchi Nuovi ("new banks street"), via del Banco di Santo Spirito ("Santo Spirito bank street"). Banco ("desk") was the actual table where the money-changer weighed the coins and calculated the exchange rates, which later became the name of the same commercial activity.

Rome's old mint

The reason for such a concentration of banks near the mint was Julius II's attempt of turning this area into Rome's new commercial district, a goal partially failed when expensive projects for the making of many important buildings caused the pope to run out of funds (see also The 22 Rioni, Ponte).

via del Banco di Santo Spirito and Sant'Angelo Castle

But what was the power of purchase of the old roman coins? A comparison with today's currencies would be extremely difficult, and likely imprecise. However, also in this case G.G.Belli is a valuable source of information, as many of his sonnets mention both money and the purchased goods. So, for instance, we learn that, sold by the pound, the price of bread was about 2 baiocchi, and beef was ½ grosso. A pound of anchovies was 9 baiocchi but cod was 10 ½, turbot 2 carlini, and bass, sea bream and other fine fish 1 papetto. Twenty artichokes costed 1 giulio (paolo), while at the inn wine was 2 quattrini for half litre. However, in some taverns it was possible to pay by the time, i.e. 6 or 7 quattrini each hour, for drinking as much as one liked. Household goods were unexpensive, but good quality had its cost: for a drinking vessel of fine glass, one could have spent about 20 baiocchi (a papetto), and the price of a "cane" of good cloth (roman measure, 2 m 23 cm) would have been no less than 2 testoni. For 1 giulio one could go to the theatre, while those who went bathing in the river could hire a closed hut for 1 carlino (but Belli remarked that most people would choose the open ones, for no more than 1 lustrino, i.e. 1 grosso).

And for the same price of 1 grosso one could buy a monthly magazine: print was still expensive in those days! Instead, who preferred other forms of ...leisure, would have found Rome's prostitutes rather cheap: 1 giulio or 1 papetto ("you'll always get back some change from a testone", wrote Belli).
Having to do with bureaucracy was expensive: only the stamp placed on a paper to make it official would have costed 1 giulio. The fee for the licence to carry a hunting rifle was 3 giuli. But if you wanted to marry your cousin (or another second-third grade relative) you would have needed a special permit from the religious authorities, which costed almost 700 scudi!! This was indeed a large sum of money, considering that a cardinal, second in rank only to the pope-king, received a yearly appanage called piatto, ("dish") of 4,000 scudi. In 1831 Gregory XVI raised it to 4,500 scudi: a promise he had made in order to be elected pope, somebody said.

engraving by B.Pinelli (detail) featuring a tavern: food, wine and gambling were among the most frequent expenses

In Belli's verses we also find how the poor families rented their children to "professional" beggars for 1 grosso a day per kid, while the expenses for a burial included 9 scudi for the marble slab, 6 scudi for the letters in relief and the cross, etc. This clever sonnet by Belli, dated August 30, 1835, about a father settling an account with his son, almost contains a full summary of the coinage of those days; it is said to have been inspired by a real discussion once occurred between Bartolomeo Pinelli, famous roman engraver and painter, and his son Achille, a painter as well.