Watch List notes:

Treasury Biglietti di Stato, 25 lire, 1902, serial number 21-032461, black text, blue on orange underprint, King Vittorio Emanuel III at left, arms at top centre, field for watermark at left, reverse blue and orange, value at centre, crowned Heraldic eagle at right, Della'Ara and Righetti signatures(Pick 22, Gavello 43), some staining on reverse, strong printing, about fine and extremely rare, listed R5 in Gavello. An exceptional note..

Estimate: £2,500.00 - £3,000.00