In the late 1700s, the Republic of Ragusa maintained strict geopolitical neutrality, briefly benefiting from a maritime trade boom during European conflicts by carrying goods under a neutral flag.

However, this period of economic revival came to an end in 1806 when Napoleonic troops occupied the city-state, leading to the official abolition of its centuries-old independence shortly after.

This silver piece mimics the famous Maria Theresa Thaler obverse, hinting this coin was intended to be a trade piece similar to the MTT and other city states such as Venice.