|Lira italiana (Italian)|
|1⁄100|| Centesimo |
(dismissed after World War II)
|Symbol||L. or ₤|
|Freq. used||₤1,000, ₤2,000, ₤5,000, ₤10,000, ₤50,000, ₤100,000|
|Freq. used||₤50, ₤100, ₤200, ₤500|
|Rarely used||₤1, ₤2, ₤5, ₤10, ₤20, ₤1000|
|Central bank||Banca d'Italia|
|Printer||Istituto Poligrafico e Zecca dello Stato|
|Mint||Istituto Poligrafico e Zecca dello Stato|
|Since||13 March 1979, 25 November 1996|
|Withdrawn||17 September 1992|
|Fixed rate since||31 December 1998|
|Replaced by €, non cash||1 January 1999|
|Replaced by €, cash||1 January 2002|
This infobox shows the latest status before this currency was rendered obsolete.
The lira (Italian: [ˈliːra] ; plural lire [ˈliːre] ) was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814.
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, especially for people in a nation. Under this definition, US dollars (US$), pounds sterling (£), Australian dollars (A$), European euros (€), Russian rubles (₽) and Indian Rupees (₹) are examples of currencies. These various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.
Italy, officially the Italian Republic, is a European country consisting of a peninsula delimited by the Italian Alps and surrounded by several islands. Located in the middle of the Mediterranean sea and traversed along its length by the Apennines, Italy has a largely temperate seasonal and Mediterranean climate. The country covers an area of 301,340 km2 (116,350 sq mi) and shares open land borders with France, Slovenia, Austria, Switzerland and the enclaved microstates of Vatican City and San Marino. Italy has a territorial exclave in Switzerland (Campione) and a maritime exclave in the Tunisian Sea (Lampedusa). With around 60 million inhabitants, Italy is the fourth-most populous member state of the European Union.
The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, and counts about 343 million citizens as of 2019. The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is divided into 100 cents.
The term originates from the value of a pound weight (Latin : libra) of high purity silver and is thus directly related to the British pound sterling from the Germanic silabar; in some countries, such as Cyprus and Malta, the words lira and pound were used as equivalents, before the euro was adopted in 2008 in the two countries. "L", sometimes in a double-crossed script form ("₤"), was the symbol most often used. Until the Second World War, it was subdivided into 100 centesimi (singular: centesimo), which translates to "hundredths" or "cents".
The pound or pound-mass is a unit of mass used in the imperial, United States customary and other systems of measurement. Various definitions have been used; the most common today is the international avoirdupois pound, which is legally defined as exactly 0.45359237 kilograms, and which is divided into 16 avoirdupois ounces. The international standard symbol for the avoirdupois pound is lb; an alternative symbol is lbm, #, and ℔ or ″̶.
Silver is a chemical element with the symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earth's crust in the pure, free elemental form, as an alloy with gold and other metals, and in minerals such as argentite and chlorargyrite. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining.
Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean and the third largest and third most populous island in the Mediterranean, located south of Turkey, west of Syria and Lebanon, northwest of Israel and Palestine, north of Egypt, and southeast of Greece.
The lira was established at 4.5 grams of silver or 290.322 milligrams of gold. This was a direct continuation of the Sardinian lira. Other currencies replaced by the Italian lira included the Lombardy-Venetia pound, the Two Sicilies piastra, the Tuscan fiorino, the Papal States scudo and the Parman lira. In 1865, Italy formed part of the Latin Monetary Union in which the lira was set as equal to, among others, the French, Belgian and Swiss francs: in fact, in various Gallo-Italic languages in north-western Italy, the lira was outright called "franc". This practice has obviously ended with the introduction of the euro in 2002.
The lira was the currency of the Kingdom of Sardinia between August 6, 1816 and March 17, 1861. It was subdivided into 100 centesimi and was equal in value to the French franc, which had replaced the Piedmontese shield by 1801. Being no more than the Savoyard version of the franc, it could circulate also in France, as the French coins could circulate in Piedmont. It was replaced at par by the Italian lira. As the great part of the 19th century currencies, it was not affected by significant episodes of inflation during all its existence.
The lira was the distinct currency of Parma before 1802 and again from 1815 to 1859.
The Latin Monetary Union (LMU) was a 19th-century system that unified several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver. It was established in 1865 and disbanded in 1927. Many countries minted coins according to the LMU standard even though they did not formally accede to the LMU treaty.
World War I broke the Latin Monetary Union and resulted in prices rising severalfold in Italy. Inflation was curbed somewhat by Mussolini, who, on August 18, 1926, declared that the exchange rate between lira and pound would be £1 = 90 lire—the so-called Quota 90, although the free exchange rate had been closer to 140–150 lire per pound, causing a temporary deflation and widespread problems in the real economy. In 1927, the lira was pegged to the U.S. dollar at a rate of 1 dollar = 19 lire. This rate lasted until 1934, with a separate "tourist" rate of US$1 = 24.89 lire being established in 1936. In 1939, the "official" rate was 19.8 lire.
World War I, also known as the First World War or the Great War, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. Contemporaneously described as, "the war to end all wars," it led to the mobilisation of more than 70 million military personnel, including 60 million Europeans, making it one of the largest wars in history. It is also one of the deadliest conflicts in history, with an estimated nine million combatants and seven million civilian deaths as a direct result of the war, while resulting genocides and the resulting 1918 influenza pandemic caused another 50 to 100 million deaths worldwide.
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. The measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index, over time. The opposite of inflation is deflation.
Benito Amilcare Andrea Mussolini was Prime Minister of the Kingdom of Italy from his golpe in 1922 to 1943, and Duce of Fascism from 1919 to his execution in 1945 during the Italian civil war. As dictator of Italy and founder of fascism, Mussolini inspired several totalitarian rulers such as Adolf Hitler.
After the Allied invasion of Italy, an exchange rate was set at US$1 = 120 lire (1 British pound = 480 lire) in June 1943, reduced to 100 lire the following month. In German occupied areas, the exchange rate was set at 1 Reichsmark = 10 lire. After the war, the value of the lira fluctuated, before Italy set a peg of US$1 = 575 lire within the Bretton Woods System in November 1947. Following the devaluation of the pound, Italy devalued to US$1 = 625 lire on 21 September 1949. This rate was maintained until the end of the Bretton Woods System in the early 1970s. Several episodes of high inflation followed until the lira was replaced by the euro.
The pound sterling, commonly known as the pound and less commonly referred to as sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling also have currencies called the pound.
The Reichsmark was the currency in Germany from 1924 until 20 June 1948 in West Germany, where it was replaced with the Deutsche Mark, and until 23 June in East Germany when it was replaced by the East German mark. The Reichsmark was subdivided into 100 Reichspfennig. The Mark is an ancient Germanic weight measure, traditionally a half pound, later used for several coins; whereas Reich, that is realm in English, comes from the official name for the German nation state from 1871 to 1945, Deutsches Reich.
The lira was the official unit of currency in Italy until 1 January 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on 28 February 2002. The conversion rate is 1,936.27 lire to the euro.
All lira banknotes in use immediately before the introduction of the euro, and all post-World War II coins, were exchanged by the Bank of Italy up to 6 December 2011. Originally, Italy's central bank pledged to redeem Italian coins and banknotes until 29 February 2012, but this was brought forward to 6 December 2011.
|1 Italian lira 1863|
|Vittorio Emanuele II||Coat of arms of the House of Savoy|
Although Italian price displays and calculations became unwieldy because of the large number of zeros, efforts were unsuccessful for political reasons until the introduction of the euro which had the effect of lopping off excessive zeros.
The Napoleonic Kingdom of Italy issued coins between 1807 and 1813 in denominations of 1 and 3 centesimi and 1 soldo (plural soldi) in copper, 10 centesimi in 20% silver alloy, 5, 10 and 15 soldi, 1, 2 and 5 lire in 90% silver and 20 and 40 lire in 90% gold. All except the 10 centesimi bore a portrait of Napoleon, with the denominations below 1 lira also showing a radiate crown and the higher denominations, a shield representing the various constituent territories of the Kingdom.
In 1861, coins were minted in Florence, Milan, Naples and Turin in denominations of 1, 2, 5, 10 and 50 centesimi, 1 lira, 2, 5, 10 and 20 lire, with the lowest four in copper, the highest two in gold and the remainder in silver. In 1863, silver coins below 5 lire were debased from 90% to 83.5% and silver 20-centesimi coins were introduced. Minting switched to Rome in the 1870s.
Apart from the introduction in 1894 of cupro-nickel (later nickel) 20-centesimi coins and of nickel 25-centesimi pieces in 1902, the coinage remained essentially unaltered until the First World War.
In 1919, with a purchase power of the lira reduced to one fifth of that of 1914, the production of all earlier coin types except for the nickel 20 centesimi halted, and smaller, copper 5- and 10-centesimi and nickel 50-centesimi coins were introduced, followed by nickel 1- and 2-lira pieces in 1922 and 1923, respectively. In 1926, silver 5- and 10-lira coins were introduced, equal in size and composition to the earlier 1- and 2-lira coins. Silver 20-lira coins were added in 1927.
In 1936, the last substantial issue of silver coins was made, whilst, in 1939, moves to reduce the cost of the coinage led to copper being replaced by aluminium bronze and nickel by stainless steel. All issuance of coinage came to a halt in 1943.
In 1943 the AM-lira was issued, in circulation in Italy after the landing in Sicily on the night between 9 and 10 July 1943. After 1946, the AM-lira ceased to be the currency of employment and was used along with normal notes, until June 3, 1950.
Between 1947 and 1954, zone B of the Free Territory of Trieste used the Triestine lira.
|100 lire (FAO's celebration.)|
|Obverse: Young woman with braid facing left and Repubblica Italiana (Republic of Italy) written in Italian.||Reverse: Cow nursing calf, face value & date. FAO at bottom and Nutrire il Mondo (E: Feed the world) at top.|
|200 Italian lire (Montessori)|
|FAO's celebration.||Maria Montessori|
In 1946 coin production was resumed, although only in 1948, with the purchasing power of the lira reduced to 2% of that of 1939, did numbers minted exceed 1 million. To begin with, four denominations were issued in aluminium, 1, 2, 5 and 10 lire: these coins were in circulation together with the AM-lire and some of the old, devalued coins of the Italian Kingdom. In 1951, the government decided to replace all the circulating coins and bills with new smaller-sized aluminium 1, 2, 5 and 10 lire (although the 2-lira coin was not minted in 1951 or 1952) and in 1954–1955, Acmonital (stainless-steel) 50- and 100-lira coins were introduced, followed by aluminium-bronze 20-lira in 1957 and silver 500-lira in 1958. Increases in the silver bullion price led to the 500-lira coins being produced only in small numbers for collectors after 1967. The 500-lira (and later the 1,000-lira) also appeared in a number of commemorative coin issues, such as the centennial of Italian unification in 1961. Between 1967 and 1982, two types of "paper money" were issued with a value of 500 lire. These were not issued by "Banca d'Italia", but directly by the government bearing the title "Repubblica Italiana".
In 1977, aluminium-bronze 200-lira coins were introduced, followed in 1982 by the bimetallic 500 lire. This was the first bi-metallic coin to be produced for circulation, minted using a system patented by IPZS. It was also the first to feature the value in braille.
Production of 1- and 2-lira coins for circulation ceased in 1959; their mintage was restarted from 1982 to 2001 for collectors' coin sets. Production of the 5-lira coin was greatly reduced in the late 1970s and ceased for circulation in 1998. Similarly, in 1991 the production of 10- and 20-lira coins was limited. The sizes of the 50- and 100-lira coins were reduced in 1990, but then they were completely redesigned 1993. A bimetallic 1,000-lira coin was introduced in 1997 and stopped in 1998 with the introduction of the euro.
Coins still being minted for circulation at the time of the changeover to euro (in 2000 and 2001 only lire for collectors coins sets were minted) were:
In 1882, the government began issuing low-denomination paper money bearing the title "Biglietto di Stato"(meaning " Ticket of the state"). To begin with, there were 5- and 10-lira notes, to which 25-lira notes were occasionally added from 1895. The government also issued notes titled "Buono di Cassa" between 1893 and 1922 in denominations of 1 and 2 lire. Production of Biglietti di Stato ceased in 1925 but resumed in 1935 with notes for 1, 2, 5 and 10 lire being introduced by 1939.
The Bank of Italy began producing paper money in 1896. To begin with, 50-, 100-, 500- and 1,000-lira notes were issued. In 1918–1919, 25-lira notes were also issued but no other denominations were introduced until after the Second World War.
In 1943, the invading Allies introduced notes in denominations of 1, 2, 5, 10, 50, 100, 500 and 1,000 lire. These were followed in 1944 by a series of Biglietti di Stato for 1, 2, 5 and 10 lire, which circulated until replaced by coins in the late 1940s. In 1945, the Bank of Italy introduced 5,000- and 10,000-lira notes.
In 1951, the government again issued notes, this time simply bearing the title "Repubblica Italiana". Denominations were of 50 and 100 lire (replacing the Bank of Italy notes) and they circulated until coins of these denominations were introduced in the mid-1950s. In 1966, 500-lira notes were introduced (again replacing Bank of Italy notes) which were produced until replaced in 1982 by a coin.
Fifty-thousand- and 100,000-lira notes were introduced by the Bank of Italy in 1967, followed by 2,000-lira notes in 1973, 20,000-lira notes in 1975 and 500,000-lira notes in 1997.
In the mid-1970s, when coinage was in short supply, Italian banks printed "miniassegni" in 50- and 100-lira amounts. Technically bearer checks, they were printed in the form of banknotes and were generally accepted as substitute legal currency.
Notes in circulation when the euro was introduced were:
|Banknotes of the Italian lira (1990–1997 issues)|
|Image||Value||Dimension||Equivalent in euros (€)||Main color||Obverse||Reverse||Watermark|
|1000 lire||112 x 62 mm||€0.516||Red-violet||Maria Montessori||Montessori education||Maria Montessori|
|2000 lire||135 x 65 mm||€1.03||Dark brown||Guglielmo Marconi||Marconi's yacht "Elettra"; Radio towers at Marconi's station Glace Bay in Nova Scotia; telegraph||Guglielmo Marconi|
|5000 lire||126 x 70 mm||€2.58||Olive-green and blue||Vincenzo Bellini; interior of Teatro Massimo Bellini (Catania)||Scene from Bellini's opera "Norma"; Allegory of "Lyrics"||Vincenzo Bellini|
|10,000 lire||133 x 70 mm||€5.16||Dark blue||Alessandro Volta; Electrophor ("Volta Column", galvanic battery)||Museum "Tempio Voltiano" in Como||Alessandro Volta|
|50,000 lire||150 x 70 mm||€25.82||Red-violet or Violet and dull green||Gian Lorenzo Bernini; Triton Fountain in Rome||Equestrian statue (by Bernini), interior of St. Peter's Basilica (Vatican City)||Gian Lorenzo Bernini|
|100,000 lire||156 x 80 mm||€51.65||Dark brown, reddish brown and pale green||Caravaggio (Michelangelo Merisi), couple from Caravaggio's painting "The Fortune Teller"||Fruit basket in the background||Caravaggio (Michelangelo Merisi)|
|500,000 lire||163 x 78 mm||€258.23||Deep purple, dark blue and bright green||Raffaello; Triumph of Galatea||The School of Athens||Raphael|
The Vatican lira (plural lire) was the official unit of the Vatican City State. It was at par with the Italian lira under the terms on the concordat with Italy. Italian lira notes and coins were legal tender in the Vatican City, and vice versa. Specific Vatican coins were minted in Rome, and were legal tender also in Italy and San Marino.
The Vatican City switched to the euro along with Italy and San Marino. As with old Vatican lira coins, the Vatican City has its own set of euro coins.
The Sammarinese lira (plural lire) was the official unit of San Marino. Like the Vatican lira, the Sammarinese lira was at par with the Italian lira.
Italian lira notes and coins were legal tender in San Marino (and vice versa). Specific Sammarinese coins were minted in Rome, and were legal tender in Italy, as well as the Vatican City.
San Marino switched to the euro along with Italy and the Vatican City. As with old Sammarinese lira coins, the country has its own set of euro coins.
Miniassegni (singular: miniassegno) were a special kind of money called notgeld that circulated in Italy in the late 1970s in place of change, as in that period small-denomination coins were scarce and were often replaced by candy, stamps, telephone tokens, and in some cities public transport tickets. The first miniassegni made their appearance in December 1975, and were subsequently issued by many banks; they had nominal values of 50, 100, 150, 200, 250, 300 and 350 lire.
In 2005, the Lega Nord launched a campaign to reintroduce the lira as a parallel currency.In 2014, Beppe Grillo, the Five Star Movement leader spearheaded a referendum bid, to restore the lira in Italy.
The lek is the official currency of Albania. It was formerly subdivided into 100 qindarka, but qindarka are no longer issued.
The franc, also commonly distinguished as the French franc (FF), was a currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It was reintroduced in 1795. After two centuries of inflation, it was revalued in 1960, with each new franc (NF) being worth 100 old francs. The NF designation was continued for a few years before the currency returned to being simply the franc; some mostly older French continued to reference and value items in terms of the old franc until the introduction of the euro in 1999 and 2002. The French franc was a commonly held international reserve currency of reference in the 19th and 20th centuries.
The rupee is the currency of Sri Lanka, divided into 100 cents. It is issued by the Central Bank of Sri Lanka. The abbreviation is generally Rs., but "LKR" is occasionally used to distinguish it from other currencies also called rupee.
The rupee is the currency of Mauritius. One rupee is subdivided into 100 cents. Several other currencies are also called rupee.
The lira was the currency of Malta from 1972 until 31 December 2007. The lira was abbreviated as Lm, although the traditional ₤ sign was often used locally. In English, the currency was still frequently called the pound because of the past usage of British currency on the islands.
The birr is the unit of currency in Ethiopia. Before 1976, dollar was the official English translation of birr. Today, it is officially birr in English as well.
The Jamaican dollar has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
The Belgian franc was the currency of the Kingdom of Belgium from 1832 until 2002 when the Euro was introduced. It was subdivided into 100 subunits, known as centiemen (Dutch), centimes (French) or Centime (German).
The Dutch guilder or fl. was the currency of the Netherlands from the 17th century until 2002, when it was replaced by the euro. Between 1999 and 2002, the guilder was officially a "national subunit" of the euro. However, physical payments could only be made in guilder, as no euro coins or banknotes were available. The Netherlands Antillean guilder is still in use in Curaçao and Sint Maarten, but this currency is distinct from the Dutch guilder. In 2004, the Surinamese guilder was replaced by the Surinamese dollar.
The lira was the currency of the Vatican City between 1929 and 2002.
The lira was the currency of San Marino from the 1860s until it was replaced by the Euro in January 1, 2002. It was equivalent and pegged to the Italian lira. Italian coins and banknotes and Vatican City coins were legal tender in San Marino, while Sammarinese coins, minted in Rome, were legal tender throughout Italy, as well as in the Vatican City.
The Somalo was the currency of the Trust Territory of Somaliland administered by Italy between 1950 and 1960. The "Somalo" remained officially in use in the newly created Republic of Somalia until 1962. It was subdivided In 100 Centesimi.
The Papal lira was the currency of the Papal States between 1866 and 1870.
The Somali rupia was the currency in Italian Somaliland from 1909 to 1925. It was subdivided into 100 bese.
The Italian Somaliland lira also called the Somali lira, was a special version of the Italian lira minted in Italian Somaliland between 1925 and 1926.
The tallero was the currency of Eritrea between 1890 and 1921. It was subdivided into 5 lire, each of 100 centesimi. The lira was equivalent to the Italian lira.
Italy has a long history of different coinage types, which spans thousands of years. Italy has been influential at a coinage point of view: the florin, one of the most used coinage types in European history, was struck in Florence in the 13th century. Since Italy has been for centuries divided into many city-states, they all had different coinage systems, but when the country became unified in 1861, the Italian lira came into place, and was used until 2002. Today, Italy uses the Euro.
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