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| 正面描述 | Brown on light pink guilloche underprint. The issuer's title in white lettering on a dark brown banner occupies the full width of the upper margin, beneath which a line of small text gives the institution's legal seat, general directorate, and paid-up capital. The central field carries the promise-to-pay legend 'PAGHERA A VISTA PER QUESTO ASSEGNO CIRCOLARE' above the large denomination statement 'LIRE CENTO', flanked at each corner by oval guilloche cartouches enclosing the numeral '100'. A central vignette in light blue-grey underprint provides an ornamental background. The issuing branch, beneficiary, date, and two manuscript signatures appear in the lower portion, with a machine-printed number strip along the bottom edge. |
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| 背面描述 | Pale pink on white with an overall fine guilloche underprint. The left margin carries a vertical bold letterpress inscription 'GIRATE', with an endorsement block printed in small type identifying the beneficiary as Generali – Assicurazioni Generali S.p.A., Agenzia di La Spezia, countersigned by the agent. The numeral '100' appears in large pink print at centre. To the right, a circular dark intaglio vignette bears a classical female portrait in profile within a beaded border inscribed 'ISTITUTO CENTRALE DELLE BANCHE POPOLARI ITALIANE'. A vertical legend along the far left margin reads 'IL PRESENTE ASSEGNO PUO CIRCOLARE SOLTANTO IN ITALIA'. |
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The Istituto Centrale delle Banche Popolari Italiane was not a central bank in any state sense — it was the clearing and coordinating body for Italy's cooperative popular banks, a mutual banking sector with roots going back to Luigi Luzzatti's credit reforms of the 1860s. These 100 Lire notes were issued as internal fiduciary instruments, functioning essentially as cashier's checks or transferable receipts within the network rather than as general-circulation currency. The distinction mattered legally.
Officina Carte Valori Turati Lombardi, the Milan security printer, handled a significant share of Italian commercial and fiduciary paper in this period — a largely forgotten corner of Italian printing history.