20 Centesimi - Victor Emmanuel III non-magnetic, reeded edge

Italy's shift to Acmonital — a nickel-chromium-manganese steel alloy developed domestically — was driven by autarky policy under Mussolini, who sought to eliminate dependence on imported nickel following League of Nations sanctions after the invasion of Ethiopia in 1935. The austenitic variant of this coin is non-magnetic, distinguishing it from the ferritic Acmonital issues struck concurrently, which respond to a magnet. The two types circulated together with no practical distinction for users.

The 1939–1940 window for this specific composition is narrow, partly because wartime material priorities soon disrupted alloy consistency across the Italian mints.