Watch List notes:

Treasury Biglietti di Stato, 5 lire, 1892, serial numbers 1125 063172 and black text, blue on pink underprint, King Umberto I at left, reverse blue and pink, King Umberto I at left, eagle top centre, value at right, Dell'Ara and Righetti signature variety(Pick 18c, Gavello 15 and a counterfeit example), first very fine, second very good (2).

Estimate: £80.00 - £120.00