Watch List notes:

Treasury Biglietti di Stato, 5 lire (13), 1904, black text, blue on pink underprint, King Vittorio Emanuel III at right, all Maltese and Rossolini signature variety(Pick 23f, Gavello 35), three about uncirculated to uncirculated, the remainder fine to very fine (13).

Estimate: £100.00 - £200.00