Papal States(PERUGIA) Emergency 5 Baiocchi 1797-XXIII XF Madonna Rare!

Description

Papal States(PERUGIA) Emergency 5 Baiocchi 1797 Madonna
crude XF , KM8, B-3130. Superb portrait of the Madonna, weakly struck on the obverse.
RARE coin in this grade
catalog XF 50
This type is listed for 1797 and was struck in Perugia. The French invasion of 1796 disrupted the delicate economic balance of the Papal States and destroyed the value of the paper currency which funded it. Hard money went into hiding and the pope was forced to issue a series of copper emergency money, including this type, which substituted for the silver
grosso.
Temporary branch mints were opened to produce more.
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