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Italy Currency

ISO 4217 code
Central bank
Banca d'Italia
Albania (Albania under
Italy 1941–1943)
San Marino
Vatican City
but not Campione
2.3% (2001)
13 March 1979, 25
November 1996
16 September 1992
(Black Wednesday)
 Fixed rate since
31 December 1998
 Replaced by €, non
1 January 1999
 Replaced by €, cash
1 January 2002
€ =
Subunits were
abolished after WWII

 Freq. used
₤5, ₤10, ₤20, ₤50,
₤100, ₤200, ₤500,
 Rarely used
₤1, ₤2
₤1,000, ₤2,000,
₤5,000, ₤10,000,
₤50,000, ₤100,000,
Istituto Poligrafico e
Zecca dello Stato
Istituto Poligrafico e
Zecca dello Stato
This infobox shows
the latest status
before this currency
was rendered
The lira (plural lire) 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 lire 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
The term originates
from the value of a
pound weight (Latin:
libra) of high purity
silver and as such is a
direct cognate of the
British pound sterling; 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
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
, 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
dialects in north-
western Italy, the lira
was outright called
"franc".[1] This practice
has obviously ended
with the introduction of
the euro in 2002.
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

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