2 lire 1935

Common. Despite the catalog value of $12.50 in UNC condition (2016), eBay market data demonstrates consistent sales of this note in the $1-$35 range across all condition grades, with most examples selling for under $15. The note was issued in substantial quantities during its 1935-1944 period of circulation, and surviving uncirculated examples remain readily available in the collector market. The lack of dramatic rarity is further supported by the frequency of comparable sales and the absence of any documented print run limitations or recalls specific to Pick 30b.

Issued under Royal Decree of May 20, 1935, during Italy's Fascist period under Mussolini, this note represents the state's monetary authority during the interwar years. The allegorical 'Italia' portrait reflects the era's classical revivalist aesthetics and nationalist imagery common in 1930s Italian state symbolism. The note's revalidation by Ministerial Decree in November 1944 documents its continued use through World War II and the immediate post-war period, reflecting the continuity of state financial institutions despite the regime change.

The obverse features a classical allegorical portrait of 'Italia' depicted as a young woman in profile facing left, adorned with a laurel wreath symbolizing peace and victory. The portrait is contained within an ornate oval medallion frame with elaborate scrollwork and floral decorative borders in Art Deco style. The design employs a restrained color palette of cream, tan, brown, and olive green that evokes the conservative aesthetic of 1930s Italian state currency. The reverse presents a symmetrical composition centered on a large octagonal ornamental frame containing text, flanked by large circular medallions displaying the numeral '2' in highly decorative frames. The reverse dominates in warm orange and peach tones. Both sides employ fine line work and intricate ornamental patterns characteristic of high-quality intaglio printing, with decorative corner elements and a complete border frame enclosing the design.

FRONT SIDE: 'ITALIA' (Italy) — the allegorical representation; 'DUE LIRE' (Two Lire) — denomination; 'BIGLIETTO DI STATO A CORSO LEGALE' (State Banknote at Legal Tender); 'MINISTERIO DEL TESORO' (Ministry of the Treasury) — issuing authority; 'IL DIRETT. GEN. DEL TESORO' (The Director General of the Treasury) and 'IL CASSIERE SPECIALE' (The Special Cashier) — authorized signatories; 'V: PER LA CORTE DI CONTI' (V: For the Court of Auditors) — audit notation. Serial number 003419 and series number 202 appear twice each on the obverse. REVERSE SIDE: 'R.D.L. 20 MAGGIO 1935. N.874' (Royal Decree Law 20 May 1935, No. 874) — the authorizing legislation; 'LA LEGGE PUNISCE L'FABBRICATORE E LO SPACCIATORE DI BIGLIETTI FALSI' (The law punishes the manufacturer and distributor of counterfeit notes) — statutory counterfeiting warning; 'D.MIN. 23 NOVEMBRE 1944' (Ministerial Decree 23 November 1944) — reauthorization date.

This note was produced using intaglio (engraved) printing, the standard method for Italian state currency of this period. The printer was the Istituto Poligrafico dello Stato in Rome, with production also credited to the Officina Carte-Valori. The fine line work, precise detail in the ornamental borders, intricate scrollwork, and the sharp, crisp appearance of text and portraiture visible in both obverse and reverse are characteristic signatures of high-quality intaglio production. The multi-color printing (cream/tan/brown/olive on the obverse, orange/peach on the reverse) was achieved through sequential passes of the intaglio plates with different colored inks, a technique that allowed for the subtle tonal variations and security features visible on the note.

This specific example bears series number 202 and serial number 003419. The note conforms to Pick catalog 30b variant, issued under the original 1935 Royal Decree and revalidated by the November 23, 1944 Ministerial Decree. No overprints or special printing variations are apparent from the visual analysis. The note represents the standard circulation issue of this denomination and does not appear to be a rare variety or special issue. Signature varieties exist for this pick number depending on the Treasury officials in office during the note's printing period; the signatures on this specific example should be documented if detailed variety cataloging is required.