This 4.5% certificate of the Debito Pubblico del Regno d'Italia, issued in Rome in 1896 and bearing the mention ANNULLATO, is a witness to the management of Italian public debt at the end of the 19th century. Cancellation (annullato) generally resulted from a bond being redeemed at maturity or exchanged for new securities during a debt conversion. The date of 1896 corresponds to a difficult period for Italy: the defeat at Adwa against Ethiopia (March 1896) had caused a major political crisis, and the State struggled to maintain the confidence of financial markets. The conversion of the rate from 5% to 4.5% (between the two certificates of 1878 and 1896) reflects the State's attempt to reduce the cost of its debt. This ANNULLATO document, through its rarity and its place within a precise historical context, is a top-tier piece for Italian public-debt scripophily.