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25 Lire

Issuer Ministero del Tesoro (Italian Treasury)
Year 1902
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Currency Lira (1861-2001)
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Obverse lettering REGNO D'ITALIA
Biglietto di Stato a corso legale
Da VENTICINQUE Lire
IL CASSIERE SPECIALE IL DELEGATO DELLA CORTE DEI CONTI
G. CERAGIOLI DIS. A. REPETTATI INC.
LA LEGGE PUNISCE I FABBRICATORI DI BIGLIETTI FALSI, CHI LI INTRODUCE E LI USA NEL REGNO E CHI, AVENDOLI RICEVUTI PER VERI, LI RIMETTE IN CIRCOLAZIONE DOPO CONOSCIUTANE LA FALSITA.
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Protection description In the reserved oval window, large numeral '25' surmounted by a radiant star; below the signature lines, the word 'LIRE' appears as part of the watermark.
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Comments

The Ministero del Tesoro's small-denomination notes of this period were a direct response to a chronic coin shortage that had plagued Italy since unification — silver hoarding, heavy export of fractional coinage, and sluggish mint output combined to leave everyday commerce perpetually short of change. Treasury notes like this one were meant to plug that gap, functioning essentially as state-issued substitutes for circulating coin rather than as conventional banknotes.

Ceragioli and Repettati were the principal artistic team at the Officina Governativa in Turin during this period, responsible for much of the refined intaglio work across the post-Risorgimento note series. Repettati's engraving is among the more technically accomplished domestic work of the era — the Italian state had previously relied heavily on foreign printers, and the Turin workshop's output was partly a prestige exercise in self-sufficiency.

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