Watch List notes:

Banca d'Italia, 500 lire, 12 March 1919, serial number L36 5093, purple on pink underprint, arms at top centre, head of Roma at low centre, allegorical figures on obverse and reverse, Canovai and Sacchi signatures,(Pick 40e, Gavello 305), PCGS Currency 35 Very Fine (pinholes at bottom), fresh original paper and extremely rare (listed R6 in Gavello).

Estimate: £3,000 - £4,000