Watch List notes:

Treasury Biglietti di Stato, 25 lire, 1895, serial number 39-058834, black text, blue on pink underprint, Italia in ornate panel at left, reverse olive green, guilloche pattern, value in each corner, Dell'Ara and Righetti signatures(Pick 21, Gavello 19), manuscript signature on reverse, small repaired tears in border, about fine and very rare. Listed R5 in Gavello.

Estimate: £2,500.00 - £3,000.00