Watch List notes:

Treasury Biglietti di Stato, 10 lire (4), 1918-1923, black text, blue on pink underprint, King Umberto I at left, value at right, reverse value at right, Gui. Della'Ara/ Porena and Maltese/ Rossolini signature varieties(Pick 20g (3), i, Gavello 40 (3), 41), one with a hole, two with minor staining, otherwise about extremely fine to about uncirculated (4).

Estimate: £200.00 - £300.00