20 Lire Italy Victor Emmanuel II Gold Coin | 1861 - 1878

20 Lire, Victor Emmanuel II

The gold coin of the newly unified Kingdom of Italy: 6.4516 g gross, 900 fine, holding 5.806 g of pure gold, 21 mm across, with a reeded edge.

Italy adopted the French franc standard for the lira in its monetary law of 1862 and became a founding member of the Latin Monetary Union in 1865. That is why this coin holds exactly the same gold as a French 20 franc piece — and why the trade calls it the marengo italiano.

Specifications

Obverse and reverse

The obverse shows the bare head of Victor Emmanuel II facing left, with VITTORIO EMANUELE II and the engraver’s name FERRARIS below the neck.

The reverse carries the crowned arms of the House of Savoy encircled by the collar of the Order of the Annunziata, within a wreath, with REGNO D ITALIA and the value L. 20.

Mints and dates

Turin marked the coins T from 1861 to 1870, Rome R from 1870 to 1878 and Milan M from 1872 to 1875. The high-mintage dates are 1863 T, 1865 T, 1862 T and 1873 M, and those are what normally circulates as bullion. The 1861 T and 1873 R are genuine rarities and are not bullion coins — if you are offered one at a bullion price, check it carefully.

The Latin Monetary Union standard

The 20 franc standard was fixed by the French franc germinal of 1803 and internationalised by the Latin Monetary Union convention of 1865: 6.45161 g gross, 900 fine, 5.806 g of pure gold, 21 mm. France, Belgium, Italy, Switzerland and Greece struck to it as members; Spain, Romania, Austria-Hungary, Serbia, Bulgaria, Finland and Tunisia struck to it without joining.

That is why a French Napoleon, an Italian marengo, a Swiss Vreneli of 20 francs and a Tunisian 20 francs all hold the same gold. For bullion purposes they are interchangeable.

VAT and UK capital gains tax

HMRC treats a coin minted after 1800 as investment gold if it is at least 900 thousandths fine, is or has been legal tender in its country of origin, and normally sells at no more than 180 per cent of the open market value of its gold (VAT Notice 701/21A). The 20 Lire is 900 fine, was Italian legal tender and is sold on the gold price, so it meets all three tests.

Capital gains tax is a separate matter. The UK exemption follows sterling legal tender, so it covers Sovereigns and Britannias but not an Italian coin. This is a statement of the published rule, not tax advice — your own position depends on your circumstances.

Questions buyers ask

How much gold does it contain? 5.806 g of pure gold in a 6.4516 g coin at 900 fineness.

Is it the same as a French 20 francs? In gold content, yes, exactly. The design and the country differ, the metal does not.

Which date will I receive? Mixed dates from the 1861 to 1878 range, as available.

Is it exempt from UK capital gains tax? No. That exemption follows sterling legal tender.

Authenticity checked at GoldInvest24 before dispatch. Other sizes are on the historic gold coins page. Live quotes on the precious metals prices page.