50 Lire Italian occupation WWII

The Cassa Mediterranea di Credito per l'Egitto was established by Mussolini's regime specifically to serve as a monetary authority in the event of a successful Italian conquest of Egypt. These notes were printed in Rome and held in readiness — they were never formally issued into circulation because the military campaign that would have required them collapsed at El Alamein in late 1942.

That unrealized ambition is precisely what makes P#M7 scarce in genuinely used condition. Essentially none circulated. Surviving examples come almost entirely from unissued stocks.