That's a very beautiful coin, Michele! Though somewhat modern, there are a couple of really *good dates* in this series, along with one *decent* date - your 1948 coin!
The winged horse on the obverse (front) is the mythological Pegasus, and the reverse features a nicely rendered olive branch. The coins were minted in Rome as denoted by the tiny 'R' under the large 'L' on the reverse of the coin. They are made of aluminum and though somewhat at 29 millimeters in diameter large remain very light at only three grams.
The common dates aren't worth much, unless when absolutely, fully uncirculated. Condition means a lot for the value of these coins. The one in our image, a common date, is a little better than well preserved, and was sold for $6.29 US dollars. Some dates are worth more, as listed in the table below:
COMMON DATES 1949 AND 1950:
worn: less than $1 US dollar approximate catalog value
average circulated: $1
well preserved: $5
fully uncirculated: $30
Coins dated 1948 are somewhat scarce and catalog at $10 when average circulated and $60 when fully uncirculated.
Coins dated 1946 are rare and catalog at $400 average circulated, $1000 fully uncirculated.
Coins dated 1947 are very rare and catalog at $600 average circulated, $5000 fully uncirculated. Wow!
The explanation for this is simple. In the years of the common dates, around fifty million coins were made. In 1947, only twelve thousand were struck! The rarity drives the price up.
A damaged coin, such as one with a hole, severe scratches or corrosion issues, will be worth much less than the values listed above, which are catalog values - refer to our 'Important Terminology' page found on the top left in order to properly interpret what the term 'catalog value' means.