1931 Italy Kingdom of Victor Emmanuel III series of stamps commemorating the fiftieth anniversary of the Royal Naval Academy of Livorno subjects: 20c. tower of Marzocco, 50c. school ship Amerigo Vespucci and Lire 1.25 cruiser Trento. 3 values, perfect, mint and never hinged, with good centering. Sassone catalog no. 300/02, Euro 240.00.