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On the sign:
LITALIA NELLA OPERA DEL RE LIBERATORE PRESENTI IL SETTEMBRE MDCCCLXX
The statue commemorates King Victor Emmanuel II (1878-1820), who was the king of Sardinia and Piedmont, and worked a lot for the unification of Italy, and was the first king of a united Italy.
The statue was made by Julius Tadolini and was placed in 1890