100 Lire - Victor Emmanuel III Fascism Anniversary

Issued to mark the first anniversary of Mussolini's March on Rome, this coin was struck before the Fascist regime had fully consolidated power — Mussolini still governed in nominal coalition with liberal and nationalist factions. The Royal Italian Mint produced it under an arrangement that required the monarchy's continued participation in state coinage, a constitutional formality that Mussolini tolerated for the moment. Gold 100 Lire pieces of this date saw minimal circulation; the denomination was too large for ordinary commerce and functioned primarily as a prestige issue.