10 Lire

San Marino's gold coinage of the 1920s was struck under a monetary convention with Italy, which obligated the republic to align its issues with the Italian lira system. The 1925 10 Lire sits at the tail end of that arrangement, with mintages so constrained by the tiny republic's treaty obligations that surviving examples in any condition are scarce. Total production across the gold series of this period rarely exceeded a few thousand pieces per denomination.

Struck at Rome. The .900 fineness matches the contemporary Italian standard precisely.