I've been looking at some shotgun forums and asking at my club, and the consensus seems to be that the Italian ones are indeed Franchis. Good guns but, from what I've read, not worth much. Around $200 depending on condition is what I've seen.
I'm no expert, though, just researched it a bit and asked a few blokes who're into shotguns.
If it shoots anything like the modern Franchis I've handled, I would keep it!
Now hatred is by far the longest pleasure;
Men love in haste, but they detest at leisure.
- Lord Byron (George Gordon Noel Byron), Don Juan
(canto XII, st. 6)