The 5 Centesimi 1904 – 1st Type

Royal Decree 92 of March 7, 1901, established the characteristics of the first series of coins of the reign of Vittorio Emanuele III. The characteristics set for the reverse of the various cents denominations were the same as those already adopted for the issues of the two previous monarchs, Umberto I and Vittorio Emanuele II.

The models for the 5 centesimi 1904 were by Filippo Speranza, but they were retouched by Alfredo Polledri, who, after Speranza’s death (December 1903), temporarily directed the mint’s engraving workshop until Luigi Giorgi was appointed as the new chief engraver.

Two types of the coin were produced. The 1st type coins feature a larger head of the king on the obverse and smaller lettering in the legend compared to the 2nd type coins.

In January 1904, the mint sent five specimens of the 1st type and five of the 2nd type to the Ministry of the Treasury, awaiting instructions on which to adopt for circulation. A response never arrived, as the bronze coinage of the previous sovereigns fully met the demand, and thus, the production of the 5 centesimi 1904 intended for circulation was never pursued.

Design, trial, or coin?

These 5 centesimi coins were minted when their issuance had already been decreed, so they are coins in every respect and can be defined, as Gigante does, as specimen coins.

Numismatic Auction 8, Lot 1444
Vittorio Emanuele III (1900-1946) 5 Centesimi 1904 AE, 5 g, 25 mm. Nomisma 1338, Gigante 256.
Obverse: Vittorio Emanuele III King of Italy. Head of the king facing left.
Reverse: Between two branches (laurel on the left and oak on the right) tied at the bottom with a ribbon: radiant star / 5 / CENTESIMI / 1904

The five specimens of the 1st type enriched:

• the collection of Vittorio Emanuele III himself
• the Museum of the Mint of Rome
• the Celati Collection of Rome
• the Pozzi Collection of Turin (now in the Medal Collection of Palazzo Madama in Turin)
• the D’Incerti Collection of Milan, which also boasted the only known specimen of the 2nd type to date.

An extremely rare coin

With such a limited mintage, the 5 Centesimi 1904 is extremely rare, rated as R5. In fact, the 1913 Dotti catalog valued it at 800 lire, double the value attributed to the 5 Lire 1901 (L. 400).

A specimen of the 1st type was auctioned by Varesi in Auction 59 (2011), where it sold for €23,000.

The only known specimen of the 2nd type to date was auctioned by Nomisma in Auction 47 (2013), achieving a result of €40,000.

In our Numismatic Auction 8, which will be held on November 16 and 17, there is a magnificent specimen of the 5 Centesimi 1904, lotto 1444.