Italian Kingdom 10 Lire Biglietto di Stato (State Note), dated 1939 – XVII, issued during the reign of King Vittorio Emanuele III. This is the Pick P-25c / BNB B315c type from Fascist-era Italy. The front features an engraved portrait of Vittorio Emanuele III in military uniform, with the denomination DIECI LIRE, the Savoy shield and the inscription “REGNO D'ITALIA – BIGLIETTO DI STATO A CORSO LEGALE.” The reverse carries the large 10 LIRE denomination and an allegorical representation of Italia, together with the period anti-counterfeiting warning. The printed “XVII” refers to the seventeenth year of the Fascist Era, used alongside the Gregorian calendar. Visible numbering includes 986164 and series/block number 0398. Condition: circulated example with age-related toning and discolouration, handling wear, staining or spotting, and edge and corner wear. The note remains substantially complete, with clear principal designs and legible numbering. Size: approximately 10 x 6.5 cm.