Why didn't San Marino make any coins before the 1860s?

Pretty simple question that i cant seem to find an answer for. 
Their small size doesnt seem to be an explenation if you think about how other small states during the HRE and on the italian peninsula still made coins. Especially considering how old San Marino is. youd think they made at least some coins during the middle ages or so… 

Im sure there is a reason but i do wonder. Did they just always use the coins of their surrounding nations?

Quite a shame if you think that they could have had one of the most interesting numismatic histories in Europe. 

I think they used the currency of the papal state.

I think that is correct.

To me the interesting question is why they were never absorbed by the Papal States.  The Wikipedia article suggests they were a sort of protectorate of the Papal states from 1625 when Urbino was absorbed and the entire region came completely under Papal control.

I doubt they would have had much numismatic output.  It doesn't seem to me it was ever a place with much wealth or power in the late medieval to early modern era (rugged terrain, no access to the sea).  

The places in this region with nice numismatics in the 15th -17th centuries were the Duchy of Urbino, Lordship of Pesaro and Ancona's papal coins.  Lots of eye candy there 🙂. 

I went there once, it lies on the edge of the mountain range which runs down the centre of Italy at the closest point to the sea and is the highest point in that area with easy access up to a point where an almost impenetrable castle stands. Who ever controls that point could control any land traffic moving north or south along the coast, a strategic point hard to conquer and with good defensive advantages.

I assume that many tried to take this land but failed, and so San Marino is still there, they also probably married off some nobility to ensure favourable relations with their neighbours. Alternatively they could have lived peacefully atop their little hill, never interfering with those around them and were simply left be until some of their neighbours offered to protect them… but there aren’t many cases of such peaceful interactions within our history or even now for that matter.

https://www.sanmarinosite.com/storia-san-marino/medioevo/#:~:text=L'origine%20dell'indipendenza%20di,)%2C%20d%C3%A0%20ragione%20ai%20Sammarinesi.

For those wishing ti deepen.

Still unclear to me is whether the area of San Marino was part of the Donation of Pepin.  As I understand, this was the foundation of the Papal authority in Romagna and Marche, which allowed them to claim these areas as the local ruling houses died out..  

Maybe it was just outside? 

King

They also probably married off some nobility to ensure favourable relations with their neighbours

San Marino is republic since 1600 September 1st. Everyone who tried to conquer it eventually failed. Marrying local virgins to a pope for protection and alliances has some problems.

From economic perspective if they run positive trade balance, they can get away without printing own money and accepting currency of their neighbor as legal tender.