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The Banca D'Italia did not issue a 500 Lira note in 1979. Instead, the Italian government issued their own notes for this denomination, as a replacement for older bank of Italy notes before the introduction of the 500 Lira coin in 1982. These notes bear the legend "Biglietto di Stato Corso Legale" (literally; state notes, legal tender).

A mint condition uncirculated note would be worth $6. A very good used one, about $3.

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