Hey, nice find!You're right about it being an Italian Army standard issue knife.Technically called "coltello tattico" (tactical knife), this is the latest version of three, with the original being a clone of the British Royal Navy rigging knife, a little bigger, with black crest-less handles and with sheepsfoot blade, can opener/sail cutter, marlinspike on the backside and straight SD (that metal tab on the pivot end).The crest on the side is the inter-army crest (army, navy, aviation).It has been used by italian soldiers since after WWII, but they switched to this third variation in the '80s.