Which "y" in Italic minuscules is considered the correct way to write it?

The correct way to write "y" in Italic minuscules can indeed be represented in multiple forms, and both examples provided may demonstrate acceptable variations of the character. In modern calligraphy, especially in styles such as Italic, there can be slight deviations in how letters are formed based on the calligrapher's personal style or the specific tradition they are following.

Italic script allows for a certain level of stylistic interpretation—elements like the tail of the "y" may be drawn differently depending on the individual artist's choice or influence from various sources. Recognizing that both these forms are valid acknowledges the diversity and flexibility present in calligraphic practices.

This acceptance of multiple correct forms is a hallmark of calligraphy, where individual expression plays a significant role alongside adherence to foundational techniques. Therefore, identifying that both instances presented are correct reflects an understanding of the artistic nature of calligraphy, where variations can coexist without compromising the overall integrity of the script.