1 Lira - Victor Emmanuel III

This short series was struck at Rome during the opening years of Victor Emmanuel III's reign, a period when Italy's monetary policy was still anchored to the Latin Monetary Union — the multinational agreement that had fixed silver fineness at .835 across France, Belgium, Switzerland, and Italy since 1865. Production halted after 1907, and the denomination was not meaningfully revived in silver, as the LMU's constraints on subsidiary coinage made small silver increasingly impractical to issue profitably against rising bullion prices.