? about Italian bi-metal coin

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I have a 1983 Italian L.500 bi-metal coin and was wondering

 

1. was this coin struck for circulation and did it circulate?

2. what are the two metals used?

3. mine is kind of tarnished, is it dippable?

 

thanks!

[ETsMiddleFinger-migration]

1. Yes, in 1983 230 millions were struck.

2. Center is aluminum-bronze alloy called Bronzital. Outer ring is stainless steel called Acmontial.

3. Yes, it is your coin. But I would not.

Krause value= $0.40US in XF to$2US UNC.

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Thanks for the info!