50 Centesimi

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正面铭文	C50 Banca Popolare di Milano Serie 864 BONO DI 50 CENTESIMI Il Censore Il Cassiere La Banca Popolare paga in valuta legale i Boni presentati alla Cassa pel valore di L. 50, 100, 250, 500, 1000
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防伪类型	Serial number
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备注	Italian private banks of issue operated under increasingly tight constraints after unification, and the Banca Popolare di Milano — founded in 1865 on cooperative principles rather than as a commercial or state institution — occupied an unusual legal position among them. Its authority to issue small-denomination fiduciary notes like this 50 centesimi piece was short-lived; the progressive consolidation of note-issuing rights through the 1870s and ultimately the 1893 creation of the Banca d'Italia effectively ended such privileges for cooperative institutions. Small fractional notes of this period are disproportionately rare — low face value meant heavy handling, and few were preserved intentionally.

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