The lira (plural lire) was the distinct currency of Venice until 1848, when it was replaced by the Italian lira. It originated from the Carolingian monetary system used in much of Western Europe since the 8th century CE, with the lira subdivided into 20 soldi , each of 12 denari .
From its initial value of 305.94 g fine silver, the Venetian lira had depreciated so much in value over its 1,000-year lifetime that this original unit was referred to from 1200 CE as the lira piccola (small lira) in comparison to larger units of the same name. [1] The denaro or piccolo worth 1⁄240th a lira was the only coin produced between 800-1200 CE. Initially weighing 1.7 g fine silver, it was gradually debased over the centuries until it contained only 0.08 g fine silver by 1200 CE.
The Venetian grosso then became Venice's most important silver coin from the 13th to 15th centuries. It contained 2.1 g fine silver and was valued in 1200 CE at 26 denari piccoli, increasing to 48 piccoli by 1350. The lira di grossi was then invented as a monetary unit equal to 240 grossi and increasing in value from 26 to 48 lire piccoli.
The gold ducat then became an even more popular Venetian coin from the 13th to 19th centuries. Issued in 1284 in imitation of the Florentine florin and containing around 3.5 g fine gold, it was initially valued at 2.4 lire piccoli or 18 silver grossi (each grosso then worth 32 piccoli). By 1472 its value has increased to 6.2 lire piccoli.
By 1472 the lira di grossi gave way to the ducat accounting unit, equal to 1⁄10 the lira di grossi or 24 grossi, and fixed at 6.2 lire or 124 soldi piccoli. Confusion then set in the 16th century when the accounting ducat became worth less than the gold ducat, leading to the gold coin being called the zecchino (English: sequin) and understood to be worth more than the accounting ducat of 6.2 lire.
The various currency systems of Italy became of less importance to European trade after the Age of Discovery in the 16th century; nonetheless Venice continued to issue new coins. The scudo d'argento of 30.1 g fine silver was introduced in 1578 for 7 lire, rising to 12.4 lire by 1739. The tollero of 23.4 g fine silver was issued in 1797 for 10 lire.
The Venetian lira piccola was supplanted in the 19th century by the Italian lira of the Napoleonic Kingdom of Italy in 1806 and the Lombardy-Venetian lira of the Austrian Empire. The Italian lira was reintroduced by the Republic of San Marco in 1848 at par with the French franc, which finally replaced all previous currencies as well as the lira piccola, with the latter valued at 0.5116 Italian lira.
A huge variety of coins were minted under their post-1750 currency system when the lira piccola contained 2.4 grams fine silver, with many coins having unique names as follows: [2] [3]
The provisional government issued silver tolleros worth 10 lire piccoli in 1797. These were followed during the Austrian occupation by silver 1⁄2, 1, 1+1⁄2 and 2 lire provinciale worth much less than the lira piccola. Rejection of these coins led to the later issuance of the lira austriaca from 1815 to 1848.
The ducat coin was used as a trade coin in Europe from the later Middle Ages to the 19th century. Its most familiar version, the gold ducat or sequin containing around 3.5 grams of 98.6% fine gold, originated in Venice in 1284 and gained wide international acceptance over the centuries. Similarly named silver ducatons also existed. The gold ducat circulated along with the Florentine florin and preceded the modern British pound sterling.
The lira was the currency of Italy between 1861 and 2002. It was introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually form the Kingdom of Italy in 1861. It was subdivided into 100 centesimi, which means "hundredths" or "cents". The lira was also the currency of the Albanian Kingdom from 1941 to 1943.
The rijksdaalder was a Dutch coin first issued by the Republic of the Seven United Netherlands in the late 16th century during the Dutch Revolt which featured an armored half bust of William the Silent. It was the Dutch counterpart of the Reichsthaler of the Holy Roman Empire but weighed slightly less, at 29.03 g of 0.885 fine silver, reduced to 0.875 fine by the 17th century. Friesland, Gelderland, Holland, Kampen, Overijssel, Utrecht, West Friesland, Zeeland, and Zwolle minted armored half bust rijksdaalders until the end of the 17th century.
The scudo was the name for a number of coins used in various states in the Italian peninsula until the 19th century. The name, like that of the French écu and the Spanish and Portuguese escudo, was derived from the Latin scutum ("shield"). From the 16th century, the name was used in Italy for large silver coins. Sizes varied depending on the issuing country.
The scudo is the official currency of the Sovereign Military Order of Malta and was the currency of Malta during the rule of the Order over Malta, which ended in 1798. It is subdivided into 12 tarì, each of 20 grani with 6 piccioli to the grano. It is pegged to the euro.
The lira austriaca was the currency of the Kingdom of Lombardy–Venetia.
The ducat was the main currency of the Kingdom of the Two Sicilies between 1816 and 1860. When the Congress of Vienna created the kingdom merging the Kingdom of Naples and the Kingdom of Sicily, the ducat became at par a continuation of the Neapolitan ducat and the Sicilian piastra issued prior to 1816, although the Sicilian piastra had been subdivided into 240 grana. In the mainland part of the kingdom, the ducat also replaced the Napoleonic lira.
The lira was the currency of the Grand Duchy of Tuscany until its annexation by Napoleonic France in 1807. After that year, it unofficially remained in circulation thanks to its silver value until the restoration of Tuscan independence in 1814. It was finally abolished in 1826.
The Roman scudo was the currency of the Papal States until 1866. It was subdivided into 100 baiocchi, each of 5 quattrini. Other denominations included the grosso of 5 baiocchi, the carlino of 7+1⁄2 baiocchi, the giulio and paoli; both of 10 baiocchi, the testone of 30 baiocchi and the doppia of 3 scudi.
The lira was the currency of the Papal States between 1866 and 1870. It was subdivided into 20 soldi, each of 5 centesimi.
The scudo was the currency of Milan until 1806. It was subdivided into 6 lire, each of 20 soldi or 240 denari.
The lira was the currency of the Republic of Lucca until 1800 and again of the Duchy of Lucca between 1826 and 1847. It was subdivided into 20 soldi, each of 3 quattrini or 12 denari.
The lira was the distinct currency of Parma before 1802 and again from 1815 to 1859.
The Papal Mint is the pope's institute for the production of hard cash. Papal Mint also refers to the buildings in Avignon, Rome, and elsewhere that used to house the mint.
The Venetian grosso is a silver coin first introduced in Venice in 1193 under doge Enrico Dandolo. It originally weighed 2.18 grams, was composed of 98.5% pure silver, and was valued at 26 denarii. Its name is from the same root as groschen and the English groat, all deriving ultimately from the denaro grosso.
The scudo was the currency of the island Kingdom of Sardinia until 1816.
The scudo was the currency of the Piedmont and the other mainland parts of the Savoyard Kingdom of Sardinia until 1816.
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 medieval Florentine florin, one of the most used coinage types in European history and one of the most important coins in Western history, was struck in Florence in the 13th century, while the Venetian sequin, minted from 1284 to 1797, was the most prestigious gold coin in circulation in the commercial centers of the Mediterranean Sea.
The Coinage of the Republic of Venice include the coins produced by the Republic of Venice from the late 12th century to 1866. After this date, coins were still produced in Venice.
The Genoese lira was the currency of the Republic of Genoa until 1797.