The former Italian coin that circulated before the adoption of the euro was the lira (plural: lire).
- Origin: The term “lira” originates from the Latin word “libra,” representing a unit of weight of high-purity silver, similar to the British Pound Sterling.
- Early Uses: Although first mentioned in Europe in the 8th century, it wasn’t until the 16th century that various Italian states began minting lire, each with its own variations in weight and value.
- Unification and National Currency: The Kingdom of Italy, formed in 1861, adopted the lira as its official national currency to replace the disparate regional currencies.
- Decimalization: In 1862, the decimal system was introduced, subdividing the lira into 100 centesimi.
- 20th Century and Inflation: The lira experienced periods of high inflation, especially after World War I, and there were efforts to redenominate the currency in the 1970s and 80s, but these were ultimately abandoned.
- Euro Adoption: Italy officially adopted the euro on January 1, 1999, initially for electronic transactions, with the lira becoming a subunit of the euro.
- Cash Transition: Euro banknotes and coins entered circulation on January 1, 2002, and the dual circulation period with the lira ended on February 28, 2002. The fixed conversion rate was 1 euro = 1,936.27 lire.
- Redemption: The Banca d’Italia (Bank of Italy) exchanged Italian lira banknotes and coins until December 6, 2011.
Before the euro, commonly used lira coins included denominations of 50, 100, 200, 500, and 1,000 lire. Notes included 1,000, 2,000, 5,000, 10,000, 50,000, and 100,000 lire, with higher denominations being less common. The 500 lire coin was notably the first circulating bimetallic coin and the first to feature its value in Braille. Some earlier lira coins also contained gold and silver.
While the lira no longer has monetary value, collectors may find historical lira coins on platforms like [eBay] . Some older lira coins, particularly those from the 1950s, can be quite valuable to collectors.
What was a former Italian coin called?
The lira was the official unit of currency in Italy until 1 January 1999, when it was replaced by the euro (the lira was officially a national subunit of the euro until the rollout of euro coins and notes in 2002).
What are Italy coins called?
I can help with that. The unit of currency in Italy (and the rest of Europe) is the euro and centessimo, similar to the US dollar and cent. The coins are as follows: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 euro, and 2 euro. The bills are as follows: 5 euro, 10 euro, 20 euro, 50 euro, 100 euro, 200 euro and 500 euro.
What coin did Italy use before the euro?
The Italian lira, sometimes referred to in plural form as lire, was the pre-euro currency of Italy from 1861 until 2002.
What is the former basic unit of money in Italy?
The former monetary unit of Italy and Malta and the currency of modern Turkey. The lira was introduced in Europe by Charlemagne (c. 742–814), who based it on the pound…