100 Lire ITL #653

Front

This is a miniassegno (mini-check) for 100 Lire issued by Banca Popolare di Milano, a cooperative bank founded in 1865 with headquarters in Milan. The front bears the text 'DECRETO MINISTERIALE 6 GENNAIO 1976' referring to the ministerial decree that authorized these emergency scrip issues, with serial number RB 160371 F repeated on both sides. The note bears the warning 'LA LEGGE PUNISCE I FABBRICATORI E GLI SPACCIATORI DI BIGLIETTI FALSI' (The law punishes the makers and passers of false notes) and identifies itself as 'OFFICINA DELLA BANCA D'ITALIA'.

Back

The reverse displays 'LA BANCA POPOLARE DI MILANO' prominently at top, with cooperative society registration details showing capital and reserves as of December 31, 1975. The note is marked 'PAGHERA A VISTA PER QUESTO ASSEGNO CIRCOLARE' (Will pay on sight for this circular check) and dated 'Milano 30 Giugno 1977'. It is payable 'a Unione Artigiani della Provincia di Milano' (to the Union of Artisans of the Province of Milan). An architectural motif appears at left showing what appears to be a Renaissance or Baroque-era palazzo. The note is signed by the bank's Direzione Generale (General Management) and includes a control number 9879/13/2.

History

This is a miniassegno, a form of emergency scrip issued by Italian banks and businesses during the Italian coin shortage crisis of the 1970s (particularly 1975–1978). When small-denomination coins became scarce due to hoarding and the high cost of base metals, the Italian government authorized banks and large companies to issue these small-denomination bearer checks (assegni circolari) as a substitute for coins in everyday transactions. The Banca Popolare di Milano was one of many cooperative and commercial banks that issued miniassegni. These notes circulated alongside official currency and were eventually withdrawn when the coin shortage eased. The printed date of June 30, 1977 establishes the issue year. The ministerial decree reference (January 6, 1976) refers to the legal framework authorizing these issues. All miniassegni were demonetized when Italy adopted the Euro in 2002, though they had largely ceased circulating by the early 1980s. The payee inscription 'Unione Artigiani della Provincia di Milano' indicates this particular note was intended for circulation among artisan guild members in Milan province.