Italian lira

Italian lira
Lira italiana (Italian)
Italian banknotes ranging from 2,000 to 500,000 lire1,000 lire coin (1997)
ISO 4217
CodeITL
Unit
PluralLire
Symbol‎ None official (see § Notation and symbols)
Denominations
Subunit
1100Centesimo
(withdrawn after World War II)
Plural
CentesimoCentesimi
Banknotes
 Freq. used1,000, 2,000, 5,000, 10,000, 50,000, 100,000 lire
 Rarely used20,000, 500,000 lire
Coins
 Freq. used50, 100, 200, 500, 1,000 lire
 Rarely used1 lira, 2, 5, 10, 20 lire
Demographics
User(s)None, previously:

Kingdom of Albania (1939–43)
 San Marino (local issue: Sammarinese lira)

 Vatican City (local issue: Vatican lira)
Issuance
Central bankBanca d'Italia
 Websitewww.bancaditalia.it
PrinterIstituto Poligrafico e Zecca dello Stato
 Websitewww.ipzs.it
MintIstituto Poligrafico e Zecca dello Stato
 Websitewww.ipzs.it
Valuation
Inflation2.3% (2001)
EU Exchange Rate Mechanism (ERM)
Since13 March 1989, 25 November 1996
Withdrawn17 September 1992
Fixed rate since31 December 1998
Replaced by euro, non cash1 January 1999
Replaced by euro, cash1 March 2002
1 € =Lit 1,936.27
This infobox shows the latest status before this currency was rendered obsolete.

The lira (/ˈlɪərə/ LEER, Italian: [ˈliːra]; pl.: lire, /ˈlɪər/ LEER-eh, Italian: [ˈliːre])[1] 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 (sg.: centesimo), which means "hundredths" or "cents". The lira was also the currency of the Albanian Kingdom from 1941 to 1943.

The term originates from libra, the largest unit of the Carolingian monetary system used in Western Europe and elsewhere from the 8th to the 20th century.[2] The Carolingian system is the origin of the French livre tournois (predecessor of the franc), the Italian lira, and the pound unit of sterling and related currencies.

In 1999, the euro became Italy's unit of account and the lira became a national subunit of the euro at a rate of €1 = Lit 1,936.27, before being replaced as cash in 2002.

  1. ^ "lira". The Chambers Dictionary (9th ed.). Chambers. 2003. ISBN 0-550-10105-5.
  2. ^ The last country to abandon the Carolingian system was Nigeria in 1973, when the pound was replaced by the naira.