Watch List notes:

Treasury Biglietti di Stato, 25 lire (2), 1923, serial number 065-54381 and 057-17257, brown and pale brown, head of Italia and eagle at right, red Italia seal low centre, Maltese and Rossolini signatures, reverse blue, head of Minerva in oval frame at left, value at centre, red seal low centre(Pick 24, Gavello 44), first pressed very fine, second good, rare (2).

Estimate: £600.00 - £700.00