Watch List notes:

(x) Banca d'Italia, 25 Lire, 22 January 1919, serial number D5 13449, dark brown on lighter brown underprint, eagle and flag atop medallic head of Italia at right, reverse, blue, Minerva at left, bank title and value at centre, (Pick 42b), in PCGS holder, 69 PPQ Superb Gem New, a stunning grade for a century-old note and therefore very scarce.

Estimate: £3,000 - £3,500