The flag of the National Fascist Party from 1921 to the late 1920s with a fasces defacing the Italian tricolour flag. Previously the flag of the Italian Fasci of Combat from 1919 to 1921. Based on a Fascist propaganda poster depiction of such a flag and on this image Mussd.jpg found on Wikipedia and this image on google. The evolution of the symbol can by watched on the membership cards here. In 1926 it was officially replaced by a black flag.
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