The story of Siena’s finances in the 15th century is vividly brought to life by a remarkable painting: The City’s Finances in Times of Peace and War. Attributed to the Sienese artist Benvenuto di Giovanni and dated around 1468, this piece, preserved in the State Archives of Siena, is far more than a simple artwork—it’s a window into the pressures and choices that shaped Siena’s political and financial landscape during a tumultuous period.
Siena, like many other Italian city-states of the time, was constantly walking a fine line between war and peace. Italy in the 1400s wasn’t a unified nation but a patchwork of rival cities and territories, all vying for power and influence. Siena, with its strategic position in Tuscany, often found itself entangled in alliances and conflicts, negotiating treaties or paying the costs of war. By the time Benvenuto di Giovanni created his Biccherna panel, Siena was balancing its alliances with cities like Venice and Florence—relationships that could shift from peace to conflict in an instant.
It was this constant flux between peace and war that placed such pressure on Siena’s public finances, and the painting perfectly captures that tension.
The painting offers a striking visual narrative of how war and peace impacted the city’s finances. On the left side, peace reigns. The camerlengo, or financial officer, is depicted handing payments to Siena’s prominent citizens—a symbol of the prosperity that peace brings to the city. Above this scene, the personification of peace hovers, offering a sense of calm and stability.
But the right side tells a different story. Here, Siena’s captains of fortune and mercenaries are being paid, with the shadow of war looming above them. The figure of war, ominous and unsettling, reminds viewers of the heavy financial burden that came with conflict. Maintaining armies, hiring mercenaries, and waging war drained the city’s resources—often at the expense of civic investments and public services.
This painting reflects the tough choices Siena’s leaders had to make. War meant enormous expenses that could cripple the city’s budget. But even in times of peace, the threat of war never fully disappeared. Siena had to constantly juggle military spending with maintaining the city’s prosperity and ensuring the welfare of its citizens.
Benvenuto di Giovanni’s work is more than just a snapshot of 15th-century Siena—it’s a testament to the artistic and administrative sophistication of the time. The Biccherna panels, a unique Sienese tradition, combined visual storytelling with the practical task of recording the city’s finances. For historians today, they offer an invaluable glimpse into the intricate workings of Siena’s public administration.
The City’s Finances in Times of Peace and War isn’t just a work of art; it’s a story of Siena’s struggle to navigate the economic and political realities of the 15th century. The painting offers a timeless lesson about the cost of war and the value of peace—an issue as relevant now as it was then. In a city constantly teetering between conflict and diplomacy, the Biccherna panel captures the challenges of leadership and the delicate act of managing public resources in a time of uncertainty.