Watch List notes:

Treasury Biglietti di Stato, 10 lire (9), 1914-1925, black text, blue on pink underprint, King Umberto I at left, value at right, reverse value at right(Pick 20d, e, f(4), h(3), Gavello 37, 38, 39 (4), 41(3) and a counterfeit example), balance very good to fine (10).

Estimate: £100.00 - £200.00