Miniassegni (pl. of miniassegno[ˌmini.asˈseɲɲo]) were a type of notgeld that was circulated in Italy in the late 1970s. Miniassegni were used as replacement for change which had become very scarce. Before miniassegni appeared, widely used replacement for coins had been telephone tokens, candy or other small merchandise items, and - in some cities - public transport tickets.
The first miniassegni were issued on December 10, 1975, by Istituto Bancario San Paolo, with a face value of Lit.100, (about US$0.14 at 1983 exchange rates). Many banks soon followed by issuing miniassegni with face values of Lit.50, Lit.100, Lit.150, Lit.200, Lit.250, Lit.300 and Lit.350. Their name (mini-checks) indicated that they were money orders (assegni circolari in Italian), but smaller than normal.
To overcome the prohibition to issue currency (exclusive prerogative of the Bank of Italy), banks were printing actual bank drafts, made payable to various small entities and companies with their pre-printed endorsement. The checks were then treated as bearer securities, and exchanged by the public as if they were real currency.
At their peak, there existed 835 different types of miniassegni, issued by 42 banks, for a total estimated value of more than Lit.200 billion. Some banks issued "illustrated" series with distinctive designs. These issues, printed in limited quantities, were sold to collectors at a substantial markup. At some point, even department stores chimed in, printing goods-redeemable gift certificates in small denominations.
Printing miniassegni was widely believed to be a boon for the issuers, which sold them to retailers, pressured by the dearth of small denomination coins. However, many cheques were never returned, either because they were destroyed by wear (which was substantial, due to the poor quality of the paper) or because they disappeared from circulation hoarded by collectors, or forgotten by their holders, which did not much care, due to their diminutive value.
The miniassegni disappeared at the end of 1978 when the Government Printing Office and Mint was finally able to overcome the lack of small change. The reason for the scarcity of coins was never clear, though various, mostly false, explanations were being given (e.g. that the value of the coins was substantially lower than that of the metal they contained; that Italian coins were being used as watch cases by Swiss watchmakers). Hans Magnus Enzensberger, in an essay written a few years after the fact, lists several explanations given at the time and traces one of the probable causes to a temporary technical inadequacy of the Italian Mint, caused by bureaucratic complications.[1]
Auswahl von Miniassegni auf Banknote Museum, retrieved 10 October 2013
Hans Magnus Enzensberger: Italienische Ausschweifungen, Kapitel III. Die Münze, in: Die Zeit, 16 March 1984
January 01, 1970
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Miniassegni pl of miniassegno ˌmini asˈseɲɲo were a type of notgeld that was circulated in Italy in the late 1970s Miniassegni were used as replacement for change which had become very scarce Before miniassegni appeared widely used replacement for coins had been telephone tokens candy or other small merchandise items and in some cities public transport tickets Contents 1 History 2 Issuers 3 Literature 4 See also 5 Notes 6 External linksHistory edit nbsp Miniassegno issued by Banca del Salento 1977 The first miniassegni were issued on December 10 1975 by Istituto Bancario San Paolo with a face value of Lit 100 about US 0 14 at 1983 exchange rates Many banks soon followed by issuing miniassegni with face values of Lit 50 Lit 100 Lit 150 Lit 200 Lit 250 Lit 300 and Lit 350 Their name mini checks indicated that they were money orders assegni circolari in Italian but smaller than normal To overcome the prohibition to issue currency exclusive prerogative of the Bank of Italy banks were printing actual bank drafts made payable to various small entities and companies with their pre printed endorsement The checks were then treated as bearer securities and exchanged by the public as if they were real currency At their peak there existed 835 different types of miniassegni issued by 42 banks for a total estimated value of more than Lit 200 billion Some banks issued illustrated series with distinctive designs These issues printed in limited quantities were sold to collectors at a substantial markup At some point even department stores chimed in printing goods redeemable gift certificates in small denominations Printing miniassegni was widely believed to be a boon for the issuers which sold them to retailers pressured by the dearth of small denomination coins However many cheques were never returned either because they were destroyed by wear which was substantial due to the poor quality of the paper or because they disappeared from circulation hoarded by collectors or forgotten by their holders which did not much care due to their diminutive value The miniassegni disappeared at the end of 1978 when the Government Printing Office and Mint was finally able to overcome the lack of small change The reason for the scarcity of coins was never clear though various mostly false explanations were being given e g that the value of the coins was substantially lower than that of the metal they contained that Italian coins were being used as watch cases by Swiss watchmakers Hans Magnus Enzensberger in an essay written a few years after the fact lists several explanations given at the time and traces one of the probable causes to a temporary technical inadequacy of the Italian Mint caused by bureaucratic complications 1 Issuers editBanks who issued miniassegni 1975 and 1978 Banca Agricola Commerciale di Reggio Emilia Banca Antoniana Banca Belinzaghi Banca Calderari e Maggioli Banca Cattolica del Veneto Banca del Friuli Banca del Salento Banca di Credito Agrario Bresciano Banca di Credito Agrario di Ferrara Banca di Trento e Bolzano Banca Industriale Gallaratese Banca Popolare del Montefeltro e del Metauro Banca Popolare di Bergamo Banca Popolare di Crema Banca Popolare di Lecco Banca Popolare di Matino e Lecce Banca Popolare di Milano Banca Popolare di Novara Banca Provinciale Lombarda Banca San Paolo di Brescia Banca Sella Banco Ambrosiano Banco di Chiavari e della Riviera Ligure Banco di Napoli Banco di Santo Spirito Banco di Sicilia Banco Lariano Cassa di Risparmio di Biella Cassa di Risparmio di Cuneo Cassa di Risparmio di Jesi Cassa di Risparmio di Padova e Rovigo Cassa di Risparmio di Trento e Rovereto Cassa di Risparmio di Venezia Cassa Rurale ed Artigiana di Cantu Credito Artigiano Credito Italiano Credito Varesino Istituto Bancario Italiano Istituto Bancario San Paolo di Torino Istituto Centrale delle Banche Popolari Italiane Istituto Centrale delle Casse Rurali ed Artigiane Istituto Centrale di Banche e Banchieri Literature editAlberto Gullino Sergio Boasso Catalogo euro unificato dei Mini Assegni 368 S Verlag Alfa Edizioni Turin 2002 ISBN 978 88 88032 08 5 Hans Magnus Enzensberger Italienische Ausschweifungen Die Munze in Ach Europa Wahrnehmungen aus sieben Landern Mit einem Epilog aus dem Jahre 2006 Suhrkamp Frankfurt am Main 1987 S 86 102 Adelmo Manna I delitti contro la fede pubblica e l economia pubblica Wolters Kluwer Mailand 2010 S 99 100 ISBN 978 88 5980420 8See also edit nbsp Italy portal nbsp Numismatics portal Economy of Italy nbsp Wikimedia Commons has media related to Miniassegni Notes edit Hans Magnus Enzensberger Italienische Ausschweifungen Die Munze in Ach Europa Wahrnehmungen aus sieben Landern Mit einem Epilog aus dem Jahre 2006 Suhrkamp Frankfurt am Main 1987 S 86 102External links editAuswahl von Miniassegni auf Banknote Museum retrieved 10 October 2013 Hans Magnus Enzensberger Italienische Ausschweifungen Kapitel III Die Munze in Die Zeit 16 March 1984 Retrieved from https en 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