This 5% annuity certificate of 9,000 lire of the Debito Pubblico del Regno d'Italia was issued in Rome on 17 July 1903. The 9,000-lire annuity represented a considerable fortune for the period — the average annual wage of an Italian worker did not exceed 500-600 lire. This certificate thus belonged to a major landowner or a financial institution. The serial number 1,272,512 attests to a colossal issue, reflecting the massive indebtedness of the Italian State to finance public works, the railway network and the colonial ambitions of the Giolitti government. The date of 17 July 1903 falls within the Giolitti era, a period of economic modernization and relative political stability. This document admirably closes the series of five Debito Pubblico certificates and constitutes the centerpiece of Italian scripophily in this collection.