$5 Moore (Scott 1295) Solo Use On 1967 Cover To Italy

Recently I found this $5 Moore airmail cover in Italy. Who can figure out the rate?
The cover is sent by airmail from New York, N.Y. to Milano, Italy in May 1967 and it's registered. All the necessary cancels are there.
Alas, Tony's "US International Postal Rates" book is not helpful for this one; it only gives 20c (per 0.5 ounce) for international airmail postage and 75c for international registry.
Scott gives a high price for a solo use.
Who can help?

Good morning,

The registration fee paid on this item can vary depending upon the declared value of its contents. The minimum fee for up to $100.00 declared value would be $.75. Given the air mail fee is $.20 looking down the table of registration fees our options would be for $2.00 fee indeminty up to $1,000.00; $3.00 fee up to $5,000.00 indemnity; and, $4.00 fee up to $(,000.00 indemnity. There are other fee levels covering other indeminty levels but the problem is these all have their last significant number a nickle (.05). They would not work with a round last diget.

The $4.00 fee for up to $9,000.00 indemnity with five ounces of postage at $.20 would equal the $5.00 franking on this item. This seems more logical that less indeminty and more postage; however, as with many registerd items, we do nothave all the information needed to explain this franking.

Had the envelope actually been opened, as a potentially genuine, non-philatelic usage would be?

Hoosierboy,
You appear to be using the domestic registry fee table in Beecher/Wawrukiewicz, when this is going to Italy. Explain?

Just did a quick Google search (.co.uk) and Silvio Merlo shows up several times, ie in "Vaccari News", so I'd assume he was either a dealer or a collector.

Steve

On 3-4 November 1965, the Italian Postal History Society was founded in Milan. One of the founders was a Silvio Merlo.

https://www.aisp1966.it/it/la-nostra-storia

Morning Dutchie, John, and all

Good point. John, why don't you show how this cover rates out using an international registration rate?

This is most probably an overpaid ½oz registered air mail cover. The air letter rate was 20c and the registration fee 75c making a total of 95c. There is no heavier letter rate making a total of exactly 500c. Closest rate is 10½ oz at 20c/½ oz = 420c and registration 75c making a total of 495c. There was only one indemnity level for registrated letters to Italy so a higher indemnity cannot explain the rate. Insurance was only available for parcel mail and the insurance level was in that case shown on the item. Correct $5 uses ar very rare. I enclose the only one I have, an insured parcel wrapper to Denmark.

Hoosierboy,
I agree with both the original post and aolsson's recent reply of 75 cents registration fee and then some multiple of the airmail rate, but the envelope appears much too small to come even close to holding enough weight to bring a true charge close to $5 - not even for convenience sake.
This looks like a substantial overpayment on a philatelically-inspired cover, which is not what Scott has in mind with their value listing.

Thanks a lot for all your comments and research!
It's clear now.
The addressee was a philatelist so the chance this cover was philatelicly inspired is obvious. It's a nice cover but not the "hot shot" it seems at first glance.

Thanks again.
Dutchie