Your typical portrait of Vittorio Emanuele III, under fascist rule. A reoccurring theme on the reverse is a figure of Italia on the prow of a boat. The fascist year IX appears under the 1931 date, this '31 date can also with the fascist year of X, both versions say 34 k minted with no value distinction in KM. These were struck between 1931 and 1933 with '32 & '33 with much lower mintages. Another Romagnoli design.
Italy
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