Watch List notes:

Federal Biglietti Gia Consorziale, 5 lire, Law of 1881, serial number 5 34599, black print on blue-grey underprint, framed value at left and right, reverse blue-grey, value at centre flanked by Italia(Pick 12, Gavello 12), fine and scarce, also a counterfeit example (2).

Estimate: £350.00 - £450.00