Obverse

Christopher Columbus's ships, the Nina, Pinta and Santa Maria sailing to right. Below the value, with mint mark and name of the author (within sea waves).

Script: Latin

Lettering:
REPVBBLICA ITALIANA
VEROI
L. 500
R

Engraver: Guido Veroi

Reverse

Bust of woman in Renaissance dress, representing Italy, surrounded by 19 shields. From lower left the shields are: Genova, Torino, Aosta, Milano, Trento, Venezia, Trieste, Udine, Bologna, Firenze, Ancona, Perugia, Roma, L'Aquila, Napoli, Bari, Potenza, Catanzaro, Palermo, Cagliari. The last two are hidden behind the bust.
Below the name of the engraver.

This is an emulation of the Pisanello Medaglia di Cecilia medal of the Renaissance era, sporting the same hair net, and similar dress.

Script: Latin

Lettering: GIAMPAOLI

Engraver: Pietro Giampaoli

Edge

Raised lettering with the date within six stars (three for each sides)

Script: Latin

Lettering: REPVBBLICA ITALIANA ***1958***

Mint