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Why was the Jubilee of 1300 important during Boniface VIII’s papacy?

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The Jubilee of 1300 was significant because it marked the institution of the first Holy Year in the history of the Roman Catholic Church. Established by Pope Boniface VIII as a centenary observance, this event encouraged pilgrimages to Rome and allowed the faithful to be granted an indulgence, which provided for the remission of temporal punishment for sins.123