1946 Italian Republic, Lire 1,000 large letter M of 12-07-1946, first banknote of the Republic. On top Savoy coat of arms crowned and supported by two winged figures, on the left large M with cherubs and winged figure. On the reverse top bearded man representing “Credit” holding a cornucopia, on the left allegory of industry and on the right figure representing ” Trade”, in the right oval head of Italy turreted. Watermark in the oval head of turreted Italy with star and vertically in the borders BANCA D’ITALIA and LIRE 1,000. Medusa mark and monogram BI. Banknote quality BB. Reference BI 637 of the Alfa Catalogue, Euro 300.00.