In the trunk, he discovers a bearer bond from 1963 with one thousand lire deposited: today (perhaps) he can cash in 50,000 euros.

While rummaging through documents, Umberto Libassi, a man from Pieve del Grappa (Treviso), discovered a bearer savings book opened by his parents in 1963, initially funded with a deposit of just 1,000 lire.

Sixty years later, thanks to the advice of a consumer protection association, that small gift has been estimated to have a potential value close to 50,000 euros.

A silent piggy bank, surviving through three generations. The projected amount has nothing to do with numismatic value, but rather with the mechanics of long-term saving. The bond benefited from the banking practices of the time: constant interest accrual, periodic capitalization, and total absence of withdrawals for over six decades.

The valuation around 50,000 euros is a technical estimate, based on the rates in effect in 1963, the “bearer” nature of the book, and the regulations currently in force; to arrive at a definitive amount, however, specific checks on historical statements and the final investigation will still be needed.

The recovered document is “bearer”, meaning it lacks a named title. Over time, the legal framework has put a stop to these instruments: since July 4, 2017, it has no longer been possible to open new ones, while existing ones had to be extinguished or converted by December 31, 2018, with the risk of administrative penalties in case of non-compliance. Those who still possess one must adhere to precise legal procedures to avoid losing the right to reimbursement.

A account or book with a balance exceeding 100 euros becomes dormant if it does not record transactions initiated by the holder for 10 consecutive years. After this period, and following an additional 180 days of notice without movements, the intermediary (bank or Poste Italiane) closes the account and transfers the funds to the Fund for dormant accounts established at the Ministry of Economy and Finance.