A single date for a single denomination, with extremely limited mintage!

The initial coin issues of the Kingdom of Italy have an intricate and complex history, making them particularly interesting. Exactly five months after the proclamation of the Unification, Royal Decree 123 of July 17, 1861, gave legal tender status to the Italian lira in the territories of the new state, circulating alongside the coins “minted by the former Governments of the various Provinces of Italy”.

This situation continued until August 24, 1862, when the Law on the unification of the monetary system (no. 788) established that the lira would become the only official currency of the country, defining its intrinsic characteristics (fineness, weight, diameter), types, and legends, and simultaneously initiating the “withdrawal and exchange of all coins […] of Italian minting with a system different from that established by this law”. Regarding gold, the new law provided for the denominations of 100, 50, 20, 10, and 5 lire.

During the reign of Vittorio Emanuele II, the 20 lire marengo was practically issued for each year of his reign, from 1861 to 1878. The other denominations, however, only appeared sporadically in certain years, leading to the emblematic case of the 50 lire denomination, issued only in 1864. Although the coin bears this date, only a very few pieces were actually minted that year.

Kingdom of Italy
Vittorio Emanuele II, 50 Lire 1864.
Gold 900/°°°. Diameter 27.5 mm. Weight 16.12 g.
Reeded edge. Mint: Turin.
Mintage: 103 pieces.

Obverse: VITTORIO EMANUELE II, bare head facing left. Below the neck, FERRARIS and 1864.

Reverse: REGNO D’ITALIA, crowned Savoy coat of arms adorned with the Collar of the Annunziata between two laurel branches. Below, L. 50 with T (Turin) and BN (Banca Nazionale) in monogram on either side.

References and Bibliography:
CNI 54. Gigante 4. Montenegro 129. Nomisma 846. Pagani 454.

In 1865, the Kingdom of Italy, along with France, Belgium, and Switzerland, initiated the Latin Monetary Union (1865-1927), which later included Spain and Greece (1868), Romania, Austria-Hungary, Bulgaria, Venezuela, Serbia, Montenegro, and San Marino (1889). Other states, including the Papal State, used the same monetary standard as the Union without officially joining it.

The coins issued by the Union’s member countries had the same intrinsic characteristics, aimed at allowing free and indistinct circulation across member states to facilitate and benefit their economies.

It is speculated that this membership led to the production of 103 total pieces of the 50 Lire 1864 in 1867, officially representing the Italian denomination within the Union’s coinage system.

Considering dispersions and melted pieces, some by the Turin mint itself, it is estimated that currently, only about a dozen specimens of the 50 Lire 1864 remain. This scarcity is why the appearance of this highly coveted coin, whose dies were crafted by Giuseppe Ferraris, sparks great enthusiasm among collectors. 

We recall here:
– the $350,000 plus fees achieved for an FDC specimen auctioned at The New York Sale in January 2008
– the 400,000 Swiss francs plus fees for another FDC specimen sold at the Genevensis 5/2008 auction
– the €230,000 plus fees for an MS62 specimen in the MDC auction 1/2016.

A specimen of this extremely rare coin is included in the catalog of our Auction 8 and will be auctioned on Sunday, November 17, 2024.