Introduction Monte dei Paschi di Siena, the world’s oldest active bank, founded in 1472, has undergone numerous transformations and crises over the centuries. This article explores its long history, from its origins as a charitable pawn institution to recent financial crises.

Foundation and Early Years

• 1472: Founded as Monte Pio, a charitable pawn institution, to assist the disadvantaged classes of Siena.
• 1580: Transformed into a public bank with tax collection functions.

Expansion and Scandals

• 1624: Foundation of Monte non vacabile dei Paschi, specialized in agricultural credit, guaranteed by state pastures in Maremma.
• 1629: Scandal involving the treasurer Armenio Melari, accused of embezzling 40,000 scudi.

Unification and Modernization

• 1783: Unification of the two entities.
• 1872: Adoption of the current name.
• 1929: Merger with Credito Toscano and Banca di Firenze, creating Banca Toscana.
• 1936: Declared a public law credit institution with the new banking law.

Post-Unification Expansion

• 1990-1995: Diversification into bancassurance and acquisition of stakes in foreign banks.
• 1995: Creation of Banca Monte dei Paschi di Siena S.p.A and the non-profit Monte dei Paschi di Siena Foundation.

Stock Market Listing and Growth

• 1999: Listed on the Milan Stock Exchange, followed by territorial and operational expansion.
• 2007: Acquisition of Banca Antonveneta for 9 billion euros.

Financial Crisis and Restructuring

• 2011: Severe crisis with a net loss of 4.69 billion euros.
• 2012: Restructuring plan with the elimination of over 4,600 jobs and closure of 400 branches by 2015.
• 2014: Failed ECB stress test and a new capital increase of 3 billion euros.

The attached document (for information www.scripofilia.it) is an ancient certificate issued by the “Monte non vacabile de’ Paschi della Città e Stato di Siena” in the Grand Duchy of Tuscany, dated November 5, 1624. The text is in old Italian and details a transaction or economic concession.

The heading reads “WE OFFICIALS OF THE MONTE NON VACABILE DE’ PASCHI of the City and State of Siena, for S.A.S.” followed by a description of the transaction, mentioning sums of money and associated privileges. The document is signed by various officials of the Monte and features decorative crests at the top.

The document includes three crests: two on the sides and one in the center, indicating the authority of the issuer. It is authenticated with signatures and seals, making it a valuable historical artifact.

Today’s certificate is one of the most significant documents in terms of both historical value and investment in Italian scripophily. Due to its rarity, there are varying evaluations: the current price is around 5,000 euros, which is significantly undervalued compared to an estimated value of about 20,000 to 30,000 euros when compared to similar-level documents from other countries.

Photographic Reproduction of the Manuscript: State Archives of Siena, General Council, 234, c. 93r

BEGINNING OF THE RESOLUTION OF THE GENERAL COUNCIL OF THE MUNICIPALITY OF SIENA ESTABLISHING THE RULES FOR THE INSTITUTION AND REGULATION OF THE “MONTE DE LA PIETÀ” (also known as Monte Pio), March 4, 1471 (according to the “Sienese style,” but actually 1472)

“Year of Our Lord 1471, fifth indiction, on the fourth day of March. In the General Council of the Bell of the magnificent City of Siena, solemnly convened in sufficient number and customary place, duly assembled, etc., I, the notary of reforms, on the mandate of the Magnificent Prior, and from the solemn deliberation of the said Magnificent Lords Captains of the People and the Major Banner Bearers, thus proposed and said: Since in the Council of the People and the Populace of the magnificent City of Siena, certain provisions for the newly created Monte Pietatis have been linked and obtained, which you have heard read in the present Council, which, to achieve due perfection, need to be newly approved in the present Council; therefore, if it seems and pleases the present Council and its councilors to approve these provisions and solemnly deliberate that they be carried out as contained therein, in the name of God, let it be consulted. The tenor of which is as follows, namely: In the name of God. Amen. Certain citizens elected and appointed by the Magnificent Lords to make provisions. Considering how much honor and praise it brings to any republic to ensure that the poor, miserable, or needy people are aided and helped in their needs and necessities, and how acceptable this is to God, desiring to make some useful provision, they provided and ordered that in the future in the city of Siena there should continuously be the Monte de la Pietà, ordered as contained hereafter, and first: […] [CONTINUED on c. 93v].” https://www.mpsart.it/informati/news-eventi/Pagine/4marzo_anniversario_Monte.aspx



Scripo Srl is active on the following websites:

Scripofilia: online store

Scripomarket: online blog

Scripomuseum: online gallery

Scripopass: certification service