to CoinTalk beavis. Like the US, Italy does not issue "pennies". I'm going to guess that you are asking about KM#40, a 1 centesimo copper coin with a bust of King Vittorio Emanuele III facing left on the obverse, and an allegorical standing woman with a bunch of flowers and a flowing robe on the reverse. That coin, which has an "R" mintmark, is one of 11,550,000 minted at Rome that year. The 2006 Standard Catalog of World Coins says it's worth $1 in F, $2 in VF, $4 in XF and $12 in Unc condition. In common, well-worn circulated condition it's likely to be found in a dealer's junk box for 5-25¢. If you can post a picture of both sides, someone may be able to help you determine the grade of your centesimo.
Like satootoko said, condition is the underlying factor. If you want a decent pic, use your scanner. It works for me! (Man I say that a lot...it may be better to put it in my sig! )
