1 lira 1893
Market Prices
About This Note
This 1893 Italian 1 Lira Buono di Cassa (Treasury Bond) presents an excellent example of late 19th-century Italian financial instruments under King Umberto I. The note displays the characteristic red-brown portrait frame on the obverse with ornate scrollwork and green security printing on the reverse, now showing honest age-related patina with light foxing and yellowing consistent with 130+ years of existence. The VF condition grade reflects wear appropriate to circulation while maintaining strong legibility of all text and the distinctive royal portrait.
Common. While the eBay price tracking data shows considerable variation ($7.99 to $850 USD), the majority of recorded sales cluster in the $150–$250 range for VF examples, consistent with a denomination and date that saw regular circulation. The catalog values (VF: $250) further support a common classification. Print runs for Italian Buoni di Cassa from this period were substantial, and surviving examples remain relatively available to collectors. No evidence suggests this particular decree or series had limited production or was recalled early.
Issued under Royal Decree of 4 August 1893 and Ministerial Decree of 15 September 1893, this note represents Italy's monetary system during the reign of King Umberto I (1878-1900), a period of economic modernization and financial consolidation. The note's guarantee clause—printed prominently on the reverse—indicates it was backed by Italian divisional silver coins held in state treasuries, reflecting late 19th-century adherence to asset-backed currency principles. The Italian coat of arms with crown featured on the reverse underscores the state's authority and the note's official status as legal tender.
The obverse features a right-facing profile portrait of King Umberto I within an ornate circular red frame adorned with elaborate scrollwork and floral patterns characteristic of late 19th-century bank note design. The portrait is rendered in red-brown tones against a cream background with green security tinting on the right side. Signature blocks for the Special Cashier and Court of Accounts Delegate appear below the portrait. The reverse displays the Italian state coat of arms—a shield bearing a cross, topped with a crown—centered between two decorative circular medallions with chain-link borders. The left medallion contains a stylized 'L' (for Lira), while the right contains regulatory text. The entire design is executed in blue engraving with an ornamental border frame, and the decree dates and guarantee clause are prominently displayed to emphasize the note's official backing and legal authority.
FRONT: 'BUONO DI CASSA a corso legale da UNA lira' (Treasury Bond at legal course of one lira); 'IL CASSIERE SPECIALE' (The Special Cashier); 'IL DELEGATO DELLA CORTE DEI CONTI' (The Delegate of the Court of Accounts); Signatures: 'Dell'Azza' and 'Arrighetti'; '4 AGOSTO 1893 N.482' (4 August 1893, No. 482); Serial numbers '302523' and '004'. BACK: 'DECRETO MINISTERIALE 15 SETT. 1893' (Ministerial Decree 15 September 1893); 'I BUONI DI CASSA POSTI IN CIRCOLAZIONE SONO GARANTITI COPERTI PER INTERO DA MONETE DIVISIONALE ITALIANE D'ARGENTO IMMOBILIZZATE NELLE TESOSERIE DELLO STATO, E DESTINATI ESPRESSAMENTE A QUESTO SCOPO' (The treasury bonds put into circulation are guaranteed and fully covered by Italian divisional silver coins immobilized in the state treasuries, and designated expressly for this purpose); 'REG.lla ALLA CORTE DEI CONTI IL 16 SETT. 1893' (Registered at the Court of Accounts on 16 September 1893).
Intaglio engraving (copperplate printing), executed by Officina Governativa Carte-Valori in Turin. The fine linework visible in both the portrait details and the elaborate decorative borders, combined with the complex multi-color printing (red-brown, green, blue, and cream tones), is characteristic of high-security government banknote production of the 1890s. The quality of the engraving and the precision of the color registration indicate professional security printing techniques employed by the Italian government printer.
This note is identified as Pick P-33, issued under Royal Decree dated 4 August 1893 (vertical on front). The catalog reference notes a similar variety (P-34) with Royal Decree of 22 July 1894 and series 033-115. The observed serial number (302523, series 004) and the signatures of Dell'Azza and Arrighetti represent one combination within the production run. The specific denomination, decree date, and printer make this a standard P-33 variety; no overprints or exceptional marks indicating a sub-variety are evident from the visual analysis.
