20 Lire

The Consorzio degli Istituti di Emissione was a short-lived cooperative arrangement among Italy's multiple note-issuing banks — Banca Nazionale nel Regno, Banca Nazionale Toscana, and others — formed to coordinate fiduciary circulation during a period when the lira was inconvertible and the state lacked a single central bank. These consortium notes were a political compromise, not an elegant monetary solution, and the arrangement was dissolved well before the Banca d'Italia's eventual consolidation in 1893.

The San Teodoro workshop in Rome was the Italian state's primary intaglio printing facility for securities during this period. P#6 is among the scarcer low-denomination consortium issues to survive intact.