Watch List notes:

Treasury Biglietti di Stato, uniface proof 10 lire on card, ND (1914-1925), no serial number, black text, blue on pink underprint, King Umberto I at left in ornate frame at left, value at right, no signatures, with counterfoil(Pick 20 for type), uncirculated and extremely rare.

Estimate: £300.00 - £400.00