Much like the Russian-American Company  was to Russia, and
the Hudson's Bay Company to Britain, the Vincenzo Filondari
Company was entrusted by the Italian government with the
responsibility to expand Italian influence in the East African
colony of Somalia. 

Vincenzo Filondari was the first ambassador to Zanzibar and
because of his experience and  high regard in East Africa he was chosen by
Prime Minister Giovanni Giolitti to establish his company in the region on behalf
of the Italian government. This approach avoided  political problems at home and
competition from other colonial governments in the region.

Filondari established a fishing port which he named Itala, where he issued the above
banknotes. At that time the Thaler was the coin of the realm and it became imperative
to issue paper currency because its metal  content exceeded its face value. So on
15.6.1873 Filondari issued his 5 Rupee banknotes. It is believed that not more than
5,000 notes were issued. Renowned numismatist, Guido Crapanzano, reports that
these notes are very rare and until the 1980's the number of known pieces was less
than 5. In the late 1980's a descendant of Captain Vincenzo Filonardi released about
15 pieces to an Italian dealer, although these pieces are rarely seen.

* Like so many of his colleagues, Giovanni Giolitti's political career was notably tumultuous. Giolitti, who twice served as Italy's prime minister, was once asked whether it was difficult to govern his native land. "Not at all," Giolitti replied, "but it's useless!" (from Celebrity Anecdotes)