Watch List notes:

ITALY: Vittorio Emanuele III, 1900-1946, 20 centesimi, 1918-R, KM-58, reeded edge, overstruck on 1894 20 centesimi, a superb mint state example! MS65. These could be considered as emergency coins, since they were minted in years when nickel was very precious for military industries. To conserve nickel, they used the previous 20 centesimi coins (KM-28 type) withdrawn from circulation at base metal to overstrike these new coins. For this reason many coins have signs of the design of the previous understruck type. The more of the host coin that is viable, the higher value of this type.

Estimate: 75-100 USD