Flag of San Marino
History
Saint Marinus founded the republic in 301 AD, fleeing from the prosecution of Christians by the Romans. He settled on Monte Titano which is still an important symbol of the country. During the Middle Ages San Marino was closely associated with the Papal States but autonomous. Its independence was recognised in 1631.
San Marino's independence was challenged multiple times in history, but skillful diplomacy contributed greatly to its survival during the Napoleonic Wars. During the wars of the unification of Italy (1848-1861) San Marino provided shelter for Italian dissidents. In recognition of these efforts, the country was not incorporated into a unified Italy but retained its independence. During Mussolini's rule in Italy San Marino was ruled by a local fascist party but remained neutral during World War 2. During the Allied campaigns in Italy in 1943 it was briefly occupied by Germany before being liberated.
After World War 2 San Marino developed into a high income country, partly by serving as a tax haven. It is not a member of the EU.
Currency
San Marino adopted the Italian Lira in 1861, as it never had its own independent currency. Considering its location, it is likely that before that time the currencies of the Papal States were used. Between 1864 and 1906, several Sammarinese coins were minted according to the specifications of the Italian Lira and the Latin Monetary Union.
After a 25-year pause a new round of coins of 5 and 10 Centesimi and silver 5, 10 and 20 Lire were minted between 1931 and 1938, with the same specifications as Italian interwar coins.
It took until 1972 until new Sammarinese coins were produced. In order to maintain collector demand, designs were updated on a yearly basis. San Marino followed the same denominations as Italy, including the smaller ones that were only produced for coin sets and did not circulate.
From 2002 San Marino issued its own Euro coins, despite not being part of the Eurozone. The first coin set (2002) was hoarded by Euro coin collectors, but in the following years San Marino started to produce several denominations in larger quantities, which made it much more affordable for type collectors.
All Sammarinese coins were minted in Rome, except for the 1864 and 1869 5 Centesimi which were minted in Milan, because before 1870 the mint of Rome was still operated by the Papal States.
https://en.numista.com/catalogue/saint-marin-1.html
