5000 Lire

Luigi Einaudi signed this note in his capacity as Governor of the Banca d'Italia before becoming President of the Republic in May 1948 — the signature dates span that transition, making the later Menichella-signed issues a direct consequence of his departure from the governorship. Donato Menichella, who replaced him, had previously been dismissed by the Allies in 1944 over his wartime conduct, then quietly rehabilitated.

At 5,000 Lire, this was the highest denomination in general circulation during Italy's postwar reconstruction and the period of acute inflation that preceded the 1947–48 stabilization. The Officina Carte-Valori had resumed full operations in Rome only after significant wartime disruption to the printing infrastructure.