Magnificent Italian certificate in Art Nouveau style issued by the Industria Sarda Cioccolato ed Affini Coco & C., based in Cagliari, Sardinia. Established by deed of 27 October 1923 before Notaio Eraclio Sermagliotti, the company operated in the manufacture of chocolate, colonial goods and derived products on the island. This piece documents the interwar industrial growth of Sardinia, a sugar-chocolate sector largely underrepresented in scripophily. The document displays a superb Art Nouveau floral design framing two architectural vignettes: a municipal palace at the top left, and a view of the factory at the bottom. Mention "Certificato da Lire Cinquecento" for 2 bearer shares of 250 lire each (numbers distinctly listed from 1935 to 1938). Number 273. Dated 31 March 1925 [to be verified on the stamp]. Signatures of the two directors in office. Attached coupons visible on the right. Apparent condition: very good, clean inks, firm paper, slight folds. A graphically very attractive piece, sought after for "food industry", "chocolate", "Sardinia" or "Art Nouveau scripophily" collections.