Congrats, Mike. You have a valuable coin. If it is genuine, it carries quite a bit of numismatic (coin collector) value. Vittorio Emanuele III reigned from 1900 to 1946, and these early coins from his reign are quite rare. To be valuable, the coin must have the imperial eagle on the reverse side.
Our picture comes from Emporium Hamburg where this nice-looking specimen is on sale for 250 euros, about $330 US dollars. CoinQuest thanks Emporium Hamburg for use of their coin photo.
The listings below give approximate catalog values for these coins. These values apply in general to all dates, except as noted.
worn: $10 US dollars approximate catalog value
average circulated: $20
well preserved: $70
fully uncirculated: $300
1 lira coins dated 1905 are rare, worth $300 in average circulated condition
worn: $100 US dollars approximate catalog value
average circulated: $300
well preserved: $800
fully uncirculated: $2000
2 lire coins dated 1901, 1903, and 1904 are rare, worth about $2000 in average circulated condition
2 lire coins dated 1905, 1906, and 1907 are more common, worth about $150 in average circulated condition
worn: $15000 US dollars approximate catalog value
average circulated: $25000
well preserved: $50000
fully uncirculated: $70000
These are all approximate catalog values. To estimate actual buy and sell values, apply the concepts presented on our Terminology page.
NEVER CLEAN A COIN. CLEANING RUINS VALUE.
Now, Mike, go find a 5 lire! But watch out for counterfeits. Counterfeits of valuable coins are all over the place these days, and there are plenty of fake replicas of this coin.