Handmade in Bolzano (Northern Italy). The framebuilder was shoot in 1938 (WW2).
Before derailleurs came into use racers had double-sided rear hubs with up to two cogs on each side of the hub. Changing gears meant stopping and removing the rear wheel and flipping it around to use a different sized cog. Deciding when to perform this operation was an important part of early racing tactics.