This 3.50% Cartella al Portatore of 20,000 lire belongs to the same Series 21 as the previous cartella, but represents a denomination four times larger. The coexistence of two denominations of the same series (5,000 and 20,000 lire) illustrates the practice of governments issuing sovereign securities in different face values to accommodate the financial capacities of different types of investors: modest individuals for the small denomination, institutional investors and private fortunes for the large one. The number 5351101 is considerably higher than the 2338151 of the 5,000-lire cartella, suggesting a much larger issue in volume, or a different sequential numbering by denomination. This document perfectly illustrates the mechanisms of Italian government borrowing.