In the mid 1970s, Italy was undergoing a phase of high inflation, economic turbulence, and growing public debt following the 1973 oil crisis. The value of the lira was falling rapidly, and the cost of minting coins particularly those of low denomination such as 50, 100, and 200 lire began to exceed their face value. The result was a chronic lack of change for eveyday transactions. Merchants lacking coins sometimes gave change in the form of sweets, stamps, tokens or tram tickets.
To address the problem, banks and businesses issued small denomination cheque-like paper notes, or “mini assegni” (literally “mini cheques”). They were circulated hand-to-hand like cash, accepted by shops for small amounts just like coins. Technically, each mini assegno was a bank draft payable to the bearer on demand, though in practice few were ever cashed. The initiative was legally ambiguous but tolerated by authorities because it offered an immediare solution to the shortage.
Istituto Bancario San Paolo di Torino – the first bank to issue mini-cheques
The first mini assegno was issued on 10 December 1975 by the Istituto Bancario San Paolo of Turin with a value of 100 lire. Susequently other denominations were issued by dozens of banks. Around 835 different models circulated, issued by around 60 banks, with an estimated value of over 200 billion lire. The phenomenon spread rapidly. By 1977 it was estimated that over 500 million mini assegni were circulating across Italy.
By 1978, however, the Mint resumed regular coin production and introduced new smalldenomination coins (200, 500 lire, in coin form soon after). As coins returned to circulation, mini assegni gradually disappeared from circulation. The government gradually discouraged the use of mini assegni. Many mini assegni were destryed, lost, retained by collectors, or ended up forgotten in drawers Most were not redeemed, as their small value made it not worth the effort. Many Italians kept them as curiosities or mementos of a strange economic episode.
Although mini assegni were meant as temporary monetary fixes, many were kept by the public or collected. As time passed, surviving examples, especially more artistic or rare variants, gained value among collectors. Today they are often featured in numismatic fairs and online marketplaces. Complete sets from specific banks can be valuable due to their variety and design differences.
The mini assegni episode is a quirky reminder that currency isn’t just made by governments, gaps can be filled by creative substitutes. Legal loopholes can lead to widespread unofficial “money”. Even modern economies can experience barter-like adaptations when small chance disappears. In short, the mini assegni represent a curious episode in Italian economic history, an example of how the needs of the moment can lead to alternative and unexpected solutions.
