Bearer Share of 100 Roman Scudi – Rome, 1849

In the fascinating world of scripophily, few historical documents evoke the spirit of an era as powerfully as this rare bearer share of 100 Roman scudi, issued in 1849 by the Società Romana delle Miniere di Ferro e Sue Lavorazioni(Roman Society for Iron Mines and Their Workings). The certificate, personally signed by President Giacomo Benucci, stands as a fusion of graphic art and economic history.

Printed on watermarked paper in a 20.5 × 19 cm format, the bond features a finely etched engraving depicting the company’s foundries and iron smelting furnaces—also echoed in the embossed seal located in the upper right quadrant. This is a remarkable example of industrial art and a tangible testimony to the economic aspirations of the Papal States during a time of political upheaval.

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Iron, Industry and Patriotic Enterprise

The Roman Society for Iron Mines was established to extract iron from the mines of Tolfa and other areas within the Papal States. Its primary industrial sites were located in Tivoli and Terni, with the latter soon becoming a strategic hub for Italy’s emerging heavy industry.

At the heart of the operations stood the Pontifical Ironworks, originally founded in the late 18th century under Pope Pius VI, connected with the iron deposits of Monteleone di Spoleto. Yet, the major industrial leap came with the appointment of Giacomo Benucci, an enlightened engineer and entrepreneur who, in 1846, merged his Ferriera Benucci with the Roman Society and became its president in 1847.

According to historian Danilo Stentella (“From the Pontifical Ironworks to the Mint of Terni to SIRI”, 1995), Benucci entrusted the plant’s reorganization to French engineer Felice Gauthier of Besançon, who rapidly modernized the structures:

“In 1846, eight forges, four large hammers, and two air compression machines were installed. The factory produced drawn merchant iron, rails, sheet metal, and agricultural equipment—including machines for processing olives and grapes. A bronze foundry was established as well. Two powerful waterwheels were powered by the River Nera.”

A new power canal was also built in 1847, restructuring the ancient Pantano canal and supplying the factory with unprecedented hydraulic force. The waterwheels reached a diameter of 7.5 meters and a width of 3.5 meters, reflecting the monumental scale of the operation.

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Terni: The Birth of Industrial Italy

The Roman Society for Iron Mines became one of the first examples of integrated industry in the Papal States, combining mining, smelting, machinery manufacturing, and logistics. Terni developed a growing network of metal workshops, including a copper smelting plant and a refining unit for iron.

According to Ludovico Silvestri, these factories were located along Via di Galleto, a district rich in water mills—some ruins of which still remain near Papigno.

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Beyond its industrial and artistic value, this share certificate is a historical gem: it bears the autograph of Carlo Armellini, serving as company secretary at the time. Armellini would soon become one of the Triumvirs of the Roman Republic in 1849, alongside Giuseppe Mazzini and Aurelio Saffi.

The Roman Republic of 1849, born in the wake of the 1848 uprisings, was a daring experiment in republicanism within the heart of the Papal States. Founded on February 9, it lasted only until July 4, when it fell to the French troops sent by Louis Napoleon Bonaparte, future Napoleon III.

Despite its short lifespan, the Republic introduced radical reforms:

• Universal male suffrage
• Freedom of worship
• Abolition of the death penalty
• Progressive democratic governance, inspired by Mazzinian ideals

This document thus symbolizes two intertwined legacies: the rise of modern industry and the revolutionary ideals of a democratic republic—an intersection of economic progress and national unification.

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Market Value and Rarity

Today, this share is catalogued at approximately €400, but its true value may be significantly higher depending on:

• Condition
• Authenticity and clarity of the signature
• Visibility of the embossed seal and artistic elements

Its rarity stems not only from its age, but also from the short lifespan of the company, which ceased operations shortly after the fall of the Republic. Moreover, its association with Carlo Armellini enhances its appeal among collectors of Risorgimento memorabilia.

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Conclusion

This 1849 bearer share is far more than a financial instrument—it is a bridge between industry and revolution, between graphic finesse and patriotic fervor. A fragment of history that deserves to be preserved, studied, and appreciated by collectors, historians, and lovers of Italy’s unification story.

For buy this document contact info@scripo.it.

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