Source: Banca D’Italia, 100 Lire Cento, 1943
This is an example of a light and shade watermark. There are actually two different watermarks in this single banknote. Both marks depict heads in profile. The right watermark depicts a head that resembles a Roman senator with a laurel leaf wreath on his head. The left watermark depicts the head of what appears to be a woman, but since there is ink writing over it, an accurate identification is not possible.
Additional Book Information
Banca D’Italia, 100 Lire Cento, #U997 4978, issued 13 February 1943. The original banknote measures 4-1/4" x 7-3/8" (110mm x 188mm).