Those inserts at the stem hole are ferrules (just as at the spoke holes). Yours have gotten brittle, broken off on the tire side and been pushed through. I have some identical Fiamme red label rims from the '50s with this very feature (except unbroken). The spokes, I think, are Stella brand (Stella = star).
Dave Ross Portola Valley, CA, following Otis' Legnano project with keen interest!
Jon "Otis" Williams wrote:
"On the '59 or '60 Legnano Roma I just bought, the Fiamme red label rims have an odd insert around the valve stem hole. I'm curious if this was sometype of user "fix" or if these rims came like this at some point? I've never seen anything like that on red label Fiamme's from the 70's.
The "inserts" are shot so I would like to know if they are original for this vintage rim before I try to duplicate them. If it was just a "fix" I have other red's I can use. "