100 Kronen

Fiume's status in 1920 was genuinely anomalous — Gabriele D'Annunzio had seized the city the previous September with a column of nationalist irregulars and held it against the wishes of both Italy and the Allied powers. The Free State issued its own currency partly as an assertion of sovereignty, partly out of practical necessity, as Austrian krone notes circulated alongside overstamped Italian issues in a monetary environment that was chaotic even by postwar Adriatic standards.

The Regency of Carnaro, as D'Annunzio styled his administration, collapsed in late December 1920 when the Italian army shelled his headquarters — the so-called "Bloody Christmas." Notes issued during those fifteen months carry an expiration date measured in artillery rounds.