Watch List notes:

Banca d'Italia, 25 lire, 22 January 1919, red serial number I5 12154, pale brown, red Italia seal low centre, turreted head of Italia at left, eagle and flag above, Canovai and Sacchi signature, reverseblue, helmeted head of Minerva at left, value at centre(Pick 42b, Giulianini/Crapanzano 3, Gavello 4), small split at right margin otherwise a presentable very fine.

Estimate: £150 - £250