Before becoming a Papal State permanently from 1550, Fermo existed as a free city and a lordship, striking coins in the 14th and 15th centuries under the authority of local governments, or lords from powerful Italian families.
A suitable list of ruling authorities (taken from CNI Vol. 13, p. 319-332) and confirmed by attributions of coins sold in recent auctions) would be:
Autonomous (1220 - 1352) https://www.acsearch.info/search.html?id=9581098
Ludovico Migliorati (1425 - 1428) https://www.acsearch.info/search.html?id=7183908
Francesco Sforza (1434 - 1446) https://www.acsearch.info/search.html?id=10837224
Autonomous (1455 - 1513) https://www.acsearch.info/search.html?id=8237804
(there were also early papal issues between these, which will be submitted under Papal States).
Thank you.