Italy 1923-R 20 lire

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Ponterio sale 168, lot 40240
photo courtesy Stack's-Bowers LLC
Sincona sale 38, lot 1513
The first specimen was lot 40240 in Ponterio sale 168 (Philadelphia, August 2012), where it sold for $978. The catalog description[1] noted, "ITALY. 20 Lire, 1923-R. NGC MS-62. First Anniversary of the Fascist Government Commemorative. Demarete Collection." The second specimen was lot 1513 in Sincona sale 38 (Zurich, May 2017), where it sold for 800 CHF (about US$960 including buyer's fees). The catalog description[1] noted,
"Vittorio Emanuele III. 1900-1946 20 Lire 1923 R. Roma 1. Jahrestag des Marsches der Faschisten auf Rom. Vorzüglich. (kingdom of Italy, Victor Emanuel III, 1900-46, twenty lire of 1923, Rome mint, anniversary of the Fascist march on Rome. Extremely fine.)"
Altho this coin is listed in the SCWC in circulated condition, it is doubtful the depressed value of the Italian lira after World War One could have permitted this coin to circulate at its prewar value. It was likely purely a propaganda piece issued at Mussolini's insistence along with a gold hundred lire. Subsequent twenty lire of 1927-34 were silver and even they didn't circulate much.

Recorded mintage: 20,000.

Specification: 6.45 g, .900 fine gold, .186 troy oz AGW, 21 mm diameter, the second specimen 6.45 g.

Catalog reference: Nomisma 1082. Schl. 105, Fr-31; KM-64; Gig-34; Mont-55.


  • Friedberg, Arthur L. and Ira S. Friedberg, Gold Coins of the World, From Ancient Times to the Present, 7th ed., Clifton, NJ: Coin and Currency Institute, 2003.
  • Cuhaj, George S., and Thomas Michael, Standard Catalog of World Coins, 1901-2000, 42nd ed., Iola, WI: Krause Publications, 2014.
  • Gigante, Fabio, Gigante 2016: Catalogo Nazionale delle Monete Italiano Dal '700 All'Euro, 24a ed. Varese, Italy, 2015.
  • Montenegro, Eupremio, Montenegro 2015: Manuale del Collezionista di Monete Italiane, 30 ed., Torino, Italy: Montenegro s.a.s., 2014.
  • [1]Ponterio, Richard, Ponterio sale 168: The Official ANA Auction, Irvine, CA: Stack's Bowers LLC, 2012.
  • [2]Jürg Richter, Auction 38, Gold Coins and Medals, Zurich: Sincona AG, 2017.

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