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According to this article, they could have a real value i will try to find some information on Agitalia.

Well, it was not very difficult, here you are   good luck!

Thank you so much for your help.  I went to that web site but the addresses are not clear where I am to send my request. Alitalia is contacted for info on recovery of bank passports or expired postal coupons.  Mine are government bonds so they indicate offices  with partial addresses (Milan, Libya, Rome) so I will visit the Altalia site and see if they can send me a more complete address.  Or it could be I am not understanding what they are writing.  Could be the translation from �������� to English.  My dad was born in Italy and I wished he had taught me the �������� language!

WOLF2010, "AGITALIA" seems to be able to help you, as they deal with old savings passbooks, bank accounts and government titles and bonds which apparently have no current value, but that can be recovered with the help of the lawyers and bank experts that the Association has. AGITALIA has offices in Rome and Milan which are stated in their web page  all those addresses appearing on the original bonds will nowadays be obsolete.My advice would be to find an interpreter/ translator or someone with total fluency in both English and �������� who could assist you with this.mas you rightly said, it was a pity that your father did not teach you ��������, because some of these electronic translations are pretty hopeless in the case of specific topics.it will be difficult to ascertain the current value of those bonds, but if you do not try to find out, you will never know.Good  luck! 

Try to contact them through this link