View source for Italian lira

{{Short description|Currency of Italy from 1861 to 2002}}
{{Infobox currency
| obsolete = yes
| local_name1 = lira italiana
| local_name_lang1 = it
| image_1 = Italian lira banknotes.JPG
| image_2 = Italia 1000 lire.JPG
| image_title_1 = Italian banknotes ranging from 2,000 to 500,000&nbsp;lire
| image_title_2 = 1,000&nbsp;lire coin (1997)
| iso_code = ITL
| subunit_name_1 = [[Centesimo]]
| plural = Lire
| symbol = ₤
| symbol_comment = None official (see {{slink||Notation and symbols}})
| frequently_used_banknotes = 1,000, 2,000, 5,000, 10,000, 50,000, 100,000&nbsp;lire
| rarely_used_banknotes = 20,000, 500,000&nbsp;lire
| frequently_used_coins = 50, 100, 200, 500, 1,000&nbsp;lire
| rarely_used_coins = [[1 Centesimo (Italian coin)|1 lira]], 2, 5, 10, 20&nbsp;lire
| subunit_ratio_1 = {{frac|1|100}}
| subunit_inline_note_1 = (withdrawn after [[World War II]])
| plural_subunit_1 = Centesimi
| using_countries = None, previously:
{{Collapsible list
| title = {{flag|Italy}}
| ''{{flag|Napoleonic Italy}}'' (1805-1814)
|''{{flag|Kingdom of Italy|civil}}'' (1861-1946) 
|''{{flag|Italian Social Republic}}'' (1943–1945)
|{{flagicon|Trieste}} ''[[Free Territory of Trieste]]'' (1947–1954)
}}
[[File:Flag of Albania (1939–1943).svg|20px]] [[Albanian Kingdom (1939–43)|Kingdom of Albania]] (1939–43)<br />
''{{flag|San Marino|1862}}'' (local issue: [[Sammarinese lira]])<br />
''{{flag|Vatican City}}'' (local issue: [[Vatican lira]])
| issuing_authority = [[Banca d'Italia]]
| issuing_authority_website = {{URL|www.bancaditalia.it}}
| printer = [[Istituto Poligrafico e Zecca dello Stato]]
| printer_website = {{URL|www.ipzs.it}}
| mint = [[Istituto Poligrafico e Zecca dello Stato]]
| mint_website = {{URL|www.ipzs.it}}
| inflation_rate = 2.3% (2001)
| ERM_since = 13 March 1989, 25 November 1996
| inflation_source_date = 
| ERM_withdraw = 17 September 1992
| ERM_fixed_rate_since = 31 December 1998
| euro_replace_non_cash = 1 January 1999
| euro_replace_cash = 1 March 2002
| ERM_fixed_rate = Lit&nbsp;1,936.27
}}

The '''lira''' ({{IPAc-en|ˈ|l|ɪər|ə}} {{respell|LEER|ə}}, {{IPA|it|ˈliːra|lang}}; {{plural form}}: '''lire''', {{IPAc-en|ˈ|l|ɪər|eɪ}} {{respell|LEER|ay}}, {{IPA|it|ˈliːre|lang}})<ref>{{Cite book|title=The Chambers Dictionary|publisher=Chambers|year=2003|isbn=0-550-10105-5|edition=9th|chapter=lira}}</ref> was the currency of [[Italy]] between 1861 and 2002. It was introduced by the [[Kingdom of Italy (Napoleonic)|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'' ({{singular}}: ''centesimo''), which means "hundredths" or "cents". The lira was also the currency of the [[Albanian Kingdom (1939-1943)|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.<ref>The last country to abandon the Carolingian system was [[Nigeria]] in 1973, when the [[Nigerian pound|pound]] was replaced by the [[Nigerian naira|naira]].</ref> The Carolingian system is the origin of the French ''[[livre tournois]]'' (predecessor of the [[franc]]), the Italian lira, and the [[Pound (currency)|pound]] unit of [[Pound sterling|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&nbsp;1,936.27, before being replaced as cash in 2002.

==History==
{{See also|History of coins in Italy}}

===Etymology===
{{See also|French franc#History|£sd}}
The Carolingian monetary system divided the ''libra'' into 20 ''solidi'' ({{singular}}: ''solidus'') or 240 ''denarii'' ({{singular}}: ''denarius''). These units translate in Italian to ''lira'', ''[[soldo]]'' and ''[[French denier|denaro]]''; in French to ''livre'', ''sou'' and ''denier''; and in English to pound, shilling and penny.

In France, the "franc" referred to a coin worth one ''[[livre tournois]]''. This term was also adopted in various Gallo-Italic languages in north-western Italy to refer to the Italian lira.<ref>{{cite web|url=http://www.dialettando.com/poesie/detail_new.lasso?id=5036|title=Poesie e Prose in dialetto|website=www.dialettando.com|access-date=2009-07-30|archive-url=https://web.archive.org/web/20190702221640/https://www.dialettando.com/poesie/detail_new.lasso?id=5036|archive-date=2019-07-02|url-status=live}}</ref>

===Notation and symbols <span class="anchor" id="Lit."></span>===
There was no standard [[currency symbol|sign]] or abbreviation for the Italian lira. The abbreviations '''Lit.''' (standing for ''Lira italiana'') and L. (standing for ''Lira'') and the signs [[Lira#Lira sign|₤]] or [[Pound sign|£]] were all accepted representations of the currency. Banks and financial institutions, including the [[Bank of Italy]],<ref>{{cite web|url=https://www.bancaditalia.it/pubblicazioni/relazione-annuale/1982/en_rel82_abridged_annualreport.pdf?language_id=1|title=Banca d'Italia Annual Report for 1982 - page 187 |website=bancaditalia.it |date=31 May 1983 |access-date=2022-06-20}}</ref> often used ''Lit.''<ref>{{Cite web |url=https://commons.wikimedia.org/wiki/File:Banca_Popolare_di_Milano_50_lire.jpg |title=A ''miniassegni'' issued by the Banca Popolare di Milano using "LIT." as the currency sign |date=20 June 2019 |access-date=2022-06-20 |archive-date=2022-12-06 |archive-url=https://web.archive.org/web/20221206115146/https://commons.wikimedia.org/wiki/File:Banca_Popolare_di_Milano_50_lire.jpg |url-status=live }}</ref><ref>{{Cite web |url=https://commons.wikimedia.org/wiki/File:AssegnoN1BCCGaudianoDiLavello.jpg |title=A cheque issued by the Cassa Rurale ed Artigiana di Gaudiano di Lavello using a script version of "Lit." |date=30 August 2015 |access-date=2022-06-20 |archive-date=2022-12-06 |archive-url=https://web.archive.org/web/20221206115149/https://commons.wikimedia.org/wiki/File:AssegnoN1BCCGaudianoDiLavello.jpg |url-status=live }}</ref> and this was regarded internationally as the abbreviation for the Italian lira.<ref>{{cite book|chapter-url=https://en.wikisource.org/wiki/The_World_Factbook_(1990)/Italy|title=CIA World Factbook 1990 - page 178 |chapter=Italy |website=en.wikisource.org |date=1 April 1990 |access-date=2022-06-21}}</ref> Handwritten documents and signs at market stalls would often use "£" or "₤",<ref>{{Cite web |url=https://commons.wikimedia.org/wiki/File:1933-06-28%20Alfa%206C%201500%2010811406%20ACI%20registration.jpg |title=1933 Registration Form of the Reale Automobile Club d'Italia prominently displaying "£50'000" in handwriting. |access-date=2022-06-20 |archive-date=2022-12-06 |archive-url=https://web.archive.org/web/20221206115150/https://commons.wikimedia.org/wiki/File:1933-06-28_Alfa_6C_1500_10811406_ACI_registration.jpg |url-status=live }}</ref><ref>{{Cite web |url=https://commons.wikimedia.org/wiki/File:451_-_Siracusa_-_Cotognata_-_Foto_Giovanni_Dall%27Orto_-_15-Oct-2008.jpg |title=An old price display sign in use in Sicily marked with both the lira and euro signs |access-date=2022-06-20 |archive-date=2022-12-06 |archive-url=https://web.archive.org/web/20221206115151/https://commons.wikimedia.org/wiki/File:451_-_Siracusa_-_Cotognata_-_Foto_Giovanni_Dall%27Orto_-_15-Oct-2008.jpg |url-status=live }}</ref> while coins used "L."<ref>{{cite web |title=Category:Coins of the Kingdom of Italy by year |url=https://commons.wikimedia.org/wiki/Category:Coins_of_the_Kingdom_of_Italy_by_year}}</ref><ref>{{cite web |title=Category:Coins of the Italian Republic by year |url=https://commons.wikimedia.org/wiki/Category:Coins_of_the_Italian_Republic_by_year }}</ref> [[Postage stamps and postal history of Italy|Italian postage stamps]] mostly used the word {{lang|it|lire}} in full but some (such as the 1975 monuments series) used "L."

The name of the currency could also be written in full as a prefix or a suffix (e.g. Lire&nbsp;100,000 or 100,000&nbsp;lire).

The [[ISO 4217]] [[currency code]] for the lira was '''ITL'''.

The Unicode [[CJK Compatibility]] block includes square versions of currency names in Japanese [[katakana]] for compatibility with earlier character sets which would display them in tables or [[vertical writing]].
Thus, {{unichar|3352}} stands for {{lang|ja|リラ}} {{Transliteration|ja|rira}}.
It is not intended for use in new applications.

===Introduction of the lira===
{{See also|History of coins in Italy}}
[[Image:VE2 lira 1863.jpg|thumb|left|Silver 1&nbsp;lira of King [[Vittorio Emanuele II]], 1863]]

The [[Kingdom of Italy (Napoleonic)|Napoleonic Kingdom of Italy]] introduced the Italian lira in 1807 at par with the [[French franc]], worth 4.5 grams of fine silver or 0.29032 gram of fine gold (gold-silver ratio 15.5). Despite the kingdom's fall in 1814, this new lira eventually replaced the currencies of the different Italian states until [[Unification of Italy|their unification in 1861]], replacing, among others:
* The [[Piedmontese scudo]], [[Sardinian scudo]] and the [[Genoese lira]] after 1800, by the Italian lira;
* The [[Milanese scudo|Milanese lira]], [[Venetian lira]], [[Lombardo-Venetian lira]] and [[Parman lira]] after 1814, at the rate of 270 Milanese lire = 45 Milanese scudi = 405 Venetian lire = 855 Parman lire = 207.23 Italian lire;<ref>{{cite book |title=The Universal Cambist, and Commercial Instructor: Being a Full and Accurate Treatise on the Exchanges, Monies, Weights and Measures of All Trading Nations and Their Colonies; with an Account of Their Banks, Public Funds, and Paper Currencies, Volume 1 |first=Patrick |last=Kelly |date=1821  |publisher=Lackington Allen and Co. |location=London|  chapter=Venice |page=344 |chapter-url=https://books.google.com/books?id=MJnPAAAAMAAJ&pg=PA344}} See also Milan p 254; Parma p 275</ref>
* The [[Tuscan fiorino]] and the [[Tuscan lira]] in 1859, at 1 ''francescone'' = 4 ''fiorini'' = {{frac|6|2|3}} Tuscan lire = 5.6 Italian lire;
* The [[Two Sicilies piastra|piastra]] of [[Neapolitan piastra|Naples]] and [[Sicilian piastra|Sicily]] in 1861, at 1 ''piastra'' = 1.2 ''ducat di regno'' = 5.1 [[Neapolitan lira|Neapolitan lire]], the latter at par with the Italian lira; and
* The [[Papal States scudo|scudo]] of Rome and the [[Papal States]] in 1866, at 1 scudo = 5.375 [[Papal lira|Papal lire]], the latter at par with the Italian lira.

In 1865, Italy formed part of the [[Latin Monetary Union]] in which the lira was set as equal to, among others, the [[French franc|French]], [[Belgian franc|Belgian]] and [[Swiss franc]]s. The [[U.S. dollar]] was worth approximately 5.18 Italian lire until 1914.

===20th century===
[[World War I]] broke the [[Latin Monetary Union]] and resulted in prices rising several fold in Italy. [[Inflation]] was curbed somewhat by [[Benito Mussolini|Mussolini]], who, on 18 August 1926, announced a new exchange rate between the lira and [[Pound Sterling|sterling]] of £1 = Lit&nbsp;92.46 (the so-called [[Quota 90]]) although the free exchange rate had been closer to Lit&nbsp;140{{ndash}}150 to the pound, causing a temporary [[deflation]] and widespread problems in the real economy. In 1927, the lira was pegged to the [[United States dollar|U.S. dollar]] at a rate of $1 = Lit&nbsp;19. This rate lasted until 1934, with a separate "tourist" rate of $1 = Lit&nbsp;24.89 being established in 1936. In 1939, the "official" rate was Lit&nbsp;19.80.

After the Allied invasion of Italy, an exchange rate was set at $1 = Lit&nbsp;120 (£1 = Lit&nbsp;480) in June 1943, reduced to Lit&nbsp;100 the following month. In German-occupied areas, the exchange rate was set at {{Reichsmark|1|link=yes}} = Lit&nbsp;10. After the war, the value of the lira fluctuated, before Italy set a peg of $1 = Lit&nbsp;575 within the [[Bretton Woods System]] in November 1947. Following the devaluation of the pound, Italy devalued to $1 = Lit&nbsp;625 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 introduction of the euro.

===Lira pesante===
Due to the lira's low value after the [[World War II|war]] economic calculations and price displays became unwieldy because of the large number of zeroes. As early as the 1950s suggestions were made to redenominate the lira but no serious efforts were made at that time. In the 1970s a plan known as '''{{interlanguage link|lira pesante|it}}''' ([[English language|English]]: ''[[Hard currency|hard lira]]'') or '''[[Redenomination|lira nuova]]''' (''new lira'') was proposed. The ''lira pesante'' would have redenominated the currency at 1,000:1, removing 3 zeroes. However the project went dormant for several years before being revived in 1984. Ongoing heavy inflation saw the ''lira pesante'' pushed back until it was permanently abandoned in 1991 because of plans for a [[Euro|single European currency]].

===Introduction of the euro===
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). Old lira denominated currency ceased to be legal tender on 28 February 2002. The conversion rate was Lit&nbsp;1,936.27 to the euro.<ref>{{cite web|url=https://www.ecb.europa.eu/press/pr/date/1998/html/pr981231_2.en.html|title=Determination of the euro conversion rates |last=European Central Bank |website=ecb.europa.eu |date=31 December 1998 |access-date=2015-06-26|archive-url=https://web.archive.org/web/20150627110112/https://www.ecb.europa.eu/press/pr/date/1998/html/pr981231_2.en.html|archive-date=2015-06-27|url-status=live}}</ref>

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.

==Coins==
{{Main|Coins of the Italian lira}}

===Napoleonic lira, 1807–1814===
[[File:1 lira napoleonica.jpg|thumb|250px|Silver 1&nbsp;Lira depicting [[Napoleon I]], 1812]]
The Napoleonic Kingdom of Italy issued coins between 1807 and 1813 in denominations of 1 and 3 centesimi and 1 [[soldo]] (5 centesimi) in copper, c.10 in 20% silver alloy, s.5, s.10 and s.15 (or c.25, c.50 and c.75 centesimi), 1&nbsp;lira, 2&nbsp;lire and 5&nbsp;lire in 90% silver and 20&nbsp;lire and 40&nbsp;lire in 90% gold. All except the c.10 bore a portrait of [[Napoleon I]], with the denominations below 1&nbsp;lira also showing a [[radiate crown]] and the higher denominations, a shield representing the various constituent territories of the Kingdom.

===Between the Restoration and the Risorgimento, 1814–1861===
[[File:1liraparma.jpg|thumb|250px|Silver 1&nbsp;Lira depicting [[Marie Louise, Duchess of Parma]], 1815]]
After the end of the Napoleonic Kingdom of Italy in 1814, the lira remained present only in the [[Duchy of Parma]] and the [[Kingdom of Piedmont-Sardinia]]. The lira of Parma was introduced by Duchess [[Marie Louise, Duchess of Parma]], who issued coin denominations of 1, 3, 5, 25, 50 cents and 1, 2, 5, 20 and 40 lire,<ref>{{Cite book | last = Gigante | first = Fabio | title = Catalogo Gigante - Monete italiane dal '700 all'avvento dell'euro|publisher = Gigante|year = 2017|isbn= 978-88-89805-18-3|pages=324–329|language=it}}</ref> while gold coins of 10, 50, 80 and 100 lire were also minted from the Piedmont-Sardinia lira introduced by [[Victor Emmanuel I of Savoy]].<ref>{{Cite book | last = Gigante | first = Fabio | title = Catalogo Gigante - Monete italiane dal '700 all'avvento dell'euro|publisher = Gigante|year = 2017|isbn= 978-88-89805-18-3|pages=52–79|language=it}}</ref>

===Kingdom of Italy, 1861–1946===
[[File:Italy 1864-T BN 100 Lira.jpg|thumb|250px|Gold 100&nbsp;Lire depicting King [[Victor Emmanuel II of Italy]], 1864]]
In 1861, coins were minted in [[Florence]], [[Milan]], [[Naples]] and [[Turin]] in denominations of [[1 Centesimo (Italian coin)|c.1]], c.2, c.5, c.10 and c.50, 1&nbsp;lira, 2, 5, 10 and 20&nbsp;lire, with the lowest four in copper, the highest two in gold and the remainder in silver. In 1863, silver coins below 5&nbsp;lire were debased from 90% to 83.5% and silver c.20 coins were introduced. Minting switched to [[Rome]] in the 1870s.

Apart from the introduction in 1894 of cupro-nickel (later nickel) c.20 coins and of nickel c.25 pieces in 1902, the coinage remained essentially unaltered until the [[World War I|First World War]].

In 1919, with the purchasing power of the lira reduced to one fifth of that of 1914, the production of all earlier coin types except for the nickel c.20 halted, and smaller, copper c.5 and c.10 and nickel c.50 coins were introduced, followed by nickel 1&nbsp;lira and 2&nbsp;lire pieces in 1922 and 1923, respectively. In 1926, silver 5 and 10&nbsp;lire coins were introduced, equal in size and composition to the earlier 1&nbsp;lira and 2&nbsp;lire coins. Silver 20&nbsp;lire 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 production of coinage halted in 1943.

In 1943 the [[AM-lira]] was issued, in circulation in Italy after the landing in Sicily on the night of 9 July 1943. After 1946, the AM-lira ceased to be the currency of employment and was used along with normal notes, until 3 June 1950.

Between 1947 and 1954, zone B of the [[Free Territory of Trieste]] used the [[Triestine lira]].

===Italian Republic, 1946–2002===
[[Image:500 lire, 1960, Italy.jpg|thumb|right|Silver 500 L. featuring the ships of [[Christopher Columbus]], 1960]]

Coin production resumed slowly in 1946, reaching 1 million minted in 1948, with the purchasing power of the lira reduced to 2% of its value in 1939. Initially, 1&nbsp;lira, 2, 5 and 10 L. coins were issued in aluminium. These coins were in circulation together with the [[AM-lira|AM-lire]] and some of the old, devalued coins of the [[Kingdom of Italy|Italian Kingdom]]. In 1951, the government replaced all circulating coins and notes with new smaller-sized aluminium 1&nbsp;lira, 2, 5 and 10 L. (although the 2 L. coin was not minted in 1951 or 1952), and in 1954–1955, [[Acmonital]] (stainless steel) 50 and 100 L. coins were introduced, followed by aluminium-bronze 20 L. in 1957 and silver 500 L. in 1958. Increases in the silver bullion price led to the 500 L. coins being produced only in small numbers for collectors after 1967. The 500 L. (and later the 1,000 L.) 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 L.. These were not issued by "Banca d'Italia", but directly by the government bearing the title "Repubblica Italiana".

[[File:100 Lira (Italy).jpg|thumb|right|100 L. [[Food and Agriculture Organization|FAO]] commemorative coin, 1979]]
[[Image:Italia 200 lire Montessori.JPG|thumb|right|200 L. [[Maria Montessori]] commemorative coin, 1980]]

In 1977, aluminium-bronze 200 L. coins were introduced, followed in 1982 by the bimetallic 500 L.. 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]].<ref>{{numis cite SCWC | date=1991}}</ref>

Production of 1&nbsp;lira and 2 L. coins for circulation ceased in 1959; their mintage was restarted from 1982 to 2001 for collectors' coin sets. Production of the 5 L. coin was greatly reduced in the late 1970s and ceased for circulation in 1998. Similarly, in 1991 the production of 10 and 20 L. coins was limited. The sizes of the 50 and 100 L. coins were reduced in 1990, but then they were completely redesigned in 1993. A bimetallic 1,000 L. coin was introduced in 1997 and stopped in 1998 due to the impending 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:<ref>{{cite web|url=http://digilander.libero.it/maggioref/shortguide+2nd+part.html|title=Libero - Community - I siti personali|website=digilander.libero.it}}</ref>
*1&nbsp;lira (0.05 cents, only for collectors)
*2 L. (0.10 cents, only for collectors)
*5 L. (0.26 cents, only for collectors)
*10 L. (0.52 cents, only for collectors)
*20 L. (1.03 cents, only for collectors)
*50 L. (2.58 cents)
*100 L. (5.16 cents)
*200 L. (10.33 cents)
*500 L. (25.82 cents)
*1,000 L. (51.65 cents)

{|class="wikitable" style="margin:auto; font-size:90%; line-height:1.3"
! colspan=10 | Coins of the Italian lira (1951–1997)
|-
! rowspan=2 | Image
! rowspan=2 | Value
! colspan=4 | Technical parameters
! colspan=3 | Description
! rowspan=2 | Issued<br/>from
|-
! Diameter<br/>(mm)
! Mass<br/>(g)
! colspan=2 | Composition
! Edge
! Obverse
! Reverse
|-
| [[File:1 lira.jpg|100px]]
| 1 L.
| align=center | 17.20
| align=center | 0.62
| rowspan="4" style="background-color:#dcdcdc;" |
| rowspan=4 | [[Aluminium]]
| Smooth
| Weighing scale; lettering:<br/>''REPVBBLICA ITALIANA''
| [[Cornucopia]];<br/>value; year of issue
| 1951–2001
|-
| [[File:2 lire.jpg|100px]]
| 2 L.
| align=center | 18.30
| align=center | 0.80
| Reeded
| Bee; lettering:<br/>''REPVBBLICA ITALIANA''
| Olive branch;<br/>value; year of issue
| 1953–2001
|-
| [[File:5 lire.jpg|100px]]
| 5 L.
| align=center | 20.20
| align=center | 1.00
| rowspan=2 | Smooth
| Rudder; lettering:<br/>''REPVBBLICA ITALIANA''
| Dolphin;<br/>value; year of issue
| rowspan="2" | 1951–2001
|-
| [[File:10 lire.jpg|100px]]
| 10 L.
| align=center | 23.25
| align=center | 1.60
| Plough; year of issue; lettering:<br/>''REPVBBLICA ITALIANA''
| Wheat ears; value
|-
| rowspan=2 | [[File:20 lire.jpg|100px]]
| rowspan=2 | 20 L.
| rowspan=2 align=center | 21.25
| rowspan=2 align=center | 3.60
| rowspan=2 style="background-color:#ffe550;"|
| rowspan=2 | [[Aluminium bronze|Bronzital]]
| Reeded
| rowspan=2 | Female profile with wheat ears;<br/>lettering:<br/>''REPVBBLICA ITALIANA''
| rowspan=2 | Oak branch;<br/>value; year of issue
| 1957–1959
|-
| Smooth
| 1959–2001
|-
| rowspan=2 | [[File:50 lire.jpg|100px]]
| rowspan=3 | 50 L.
| align=center | 24.80
| align=center | 6.25
| rowspan="6" style="background-color:#dcdcdc;" |
| rowspan=2 | [[Acmonital]]
| Reeded
| rowspan=2 | Female profile with laurel crown;<br/>lettering:<br/>''REPVBBLICA ITALIANA''
| rowspan=2 | [[Vulcan (mythology)|Vulcan]];<br/>value; year of issue
| 1954–1989
|-
| align=center | 16.55
| align=center | 2.70
| rowspan=2 | Smooth
| 1990–1995
|-
| [[File:50 lire Italia turrita.jpg|100px]]
| align=center | 19.20
| align=center | 4.50
| [[Cupronickel]]
| ''[[Italia turrita]]''; lettering:<br/>''REPVBBLICA ITALIANA''
| [[Cornucopia]];<br/>value; year of issue
| 1996–2001
|-
| rowspan=2 | [[File:100 lire Repubblica Italiana 1956.jpg|100px]]
| rowspan=3 | 100 L.
| align=center | 27.80
| align=center | 8.00
| rowspan=2 | [[Acmonital]]
| rowspan=2 | Reeded
| rowspan=2 | Female profile with oak branches;<br/>lettering:<br/>''REPVBBLICA ITALIANA''
| rowspan=2 | [[Minerva (mythology)|Minerva]];<br/>value; year of issue
| 1955–1989
|-
| align=center | 18.30
| align=center | 3.30
| 1990–1992
|-
| [[File:100 lire Italia turrita.jpg|100px]]
| align=center | 22.00
| align=center | 4.50
| [[Cupronickel]]
| Interrupted reeding
| ''[[Italia turrita]]''; lettering:<br/>''REPVBBLICA ITALIANA''
| Bird, dolphin;<br/>wheat stalk,<br/>olive branch; value
| 1993–2001
|-
| [[File:200 lire 1983.jpg|100px]]
| 200 L.
| align=center | 24.00
| align=center | 5.00
| style="background-color:#ffe550;"|
| [[Aluminium bronze|Bronzital]]
| Reeded
| Allegorical woman; lettering:<br/>''REPVBBLICA ITALIANA''
| [[Cogwheel]];<br/>value; year of issue
| 1977–2001
|-
| [[File:500 lire, 1960, Italy.jpg|100px]]
| rowspan=3 | 500 L.
| align=center | 29.00
| align=center | 11.00
| rowspan="2" style="background-color:#dcdcdc;" |
| [[Silver]]: 83.5%
| Embossed lettering:<br/>{{small|REPVBBLICA ITALIANA<br/>✩✩✩(year)✩✩✩}}
| [[Christopher Columbus|Columbus']] [[caravel]]s; lettering:<br/>''REPVBBLICA ITALIANA''
| Woman in<br/>Renaissance dress;<br/>19 shields
| 1958–2001
|-
| rowspan=2 | [[File:500 lire.jpg|100px]]
| rowspan=2 align=center | 25.80
| rowspan=2 align=center | 6.80
| Outer: [[Acmonital]]
| rowspan=4 | Interrupted reeding
| rowspan=2 | Effigy of the republic; lettering:<br/>''REPVBBLICA ITALIANA''
| rowspan=2 | [[Piazza del Quirinale]];<br/>value; year of issue
| rowspan=2 | 1982–2001
|-
| rowspan="2" style="background-color:#ffe550;" |
| Inner: [[Aluminium bronze|Bronzital]]
|-
| rowspan=2 | [[File:1000 lire.jpg|100px]]
| rowspan=2 | 1000 L.
| rowspan=2 align=center | 27.00
| rowspan=2 align=center | 8.80
| Outer: [[Aluminium bronze|Bronzital]]
| rowspan=2 | ''[[Italia turrita]]''; lettering:<br/>''REPVBBLICA ITALIANA''
| rowspan=2 | Map of Europe;<br/>value; year of issue
| rowspan=2 | 1997–2001
|-
| style="background-color:#dcdcdc;"|
| Inner: [[Cupronickel]]
|}

==Banknotes==
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&nbsp;lire and 10&nbsp;lire notes, to which 25&nbsp;lire notes were occasionally added from 1895. The government also issued notes titled "Buono di Cassa" between 1893 and 1922 in denominations of 1&nbsp;lira and 2&nbsp;lire. Production of Biglietti di Stato ceased in 1925 but resumed in 1935 with notes for 1&nbsp;lira, 2, 5 and 10&nbsp;lire being introduced by 1939.

The [[Banca d'Italia|Bank of Italy]] began producing paper money in 1896. To begin with, 50, 100, 500 and 1,000&nbsp;lire notes were issued. In 1918–1919, 25&nbsp;lire notes were also issued but no other denominations were introduced until after the [[World War II|Second World War]].

In 1943, the invading Allies introduced [[AM-Lira|notes]] in denominations of 1&nbsp;lira, 2, 5, 10, 50, 100, 500 and 1,000&nbsp;lire. These were followed in 1944 by a series of Biglietti di Stato for 1&nbsp;lira, 2, 5 and 10&nbsp;lire, which circulated until replaced by coins in the late 1940s. The Bank of Italy introduced 5,000 and 10,000&nbsp;lire notes in 1947 and 1948, respectively.

In 1951, the government again issued notes, this time simply bearing the title "Repubblica Italiana". Denominations were of 50 and 100&nbsp;lire (replacing the Bank of Italy notes) and they circulated until coins of these denominations were introduced in the mid-1950s. In 1966, 500&nbsp;lire notes were introduced (again replacing Bank of Italy notes) which were produced until replaced in 1982 by a coin.

50,000 and 100,000&nbsp;lire notes were introduced by the Bank of Italy in 1967, followed by 2,000&nbsp;lire notes in 1973, 20,000&nbsp;lire notes in 1975 and 500,000&nbsp;lire notes in 1997.

In the mid-1970s, when coinage was in short supply, Italian banks issued "[[miniassegni]]" in several low denominations. Technically bearer cheques, 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:

*1,000&nbsp;lire, [[Maria Montessori]] (€0.516)
*2,000&nbsp;lire, [[Guglielmo Marconi]] (€1.03)
*5,000&nbsp;lire, [[Vincenzo Bellini]] (€2.58)
*10,000&nbsp;lire, [[Alessandro Volta]] (€5.16)
*20,000&nbsp;lire, [[Titian|Tiziano Vecellio]] (€10.32) <ref>This note was issued briefly in 1975, with a limited reprinting in 1985, so there were few of them in circulation</ref>
*50,000&nbsp;lire, [[Gian Lorenzo Bernini]] (€25.82)
*100,000&nbsp;lire, [[Caravaggio]] (€51.65)
*500,000&nbsp;lire, [[Raphael|Raffaello]] (€258.23)

===1984–1997 issue===
{|class="wikitable" style="margin:auto; font-size:90%; border-width:1px;"
|-
!colspan=2| Image !!rowspan=2| Value !!rowspan=2| Euro<br/>equivalent !!rowspan=2| Dimensions<br/>(mm) !!rowspan=2 colspan=2| Main<br/>colour !!colspan=2| Description !!colspan=3| Date of
|-
! Obverse !! Reverse !! Obverse !! Reverse !! first printing !! withdrawal !! lapse
|-
| style="background:#000; text-align:center;"| [[File:1000 lire fronte.jpg|67px]]
| style="background:#000; text-align:center;"| [[File:1000 lire retro.jpg|67px]]
| align="center"| 1000&nbsp;L
| align="center"| €0.516
| align="center"| 112 x 62
| style="background:#b50259;"|
| Reddish violet
| [[Maria Montessori]]
| ''Bambino allo studio''<br/>by [[Armando Spadini]]
| 3 October 1990
| rowspan="7"| 28<br/>February<br/>2002
| rowspan="7"| 6<br/>December<br/>2011
|-
| style="background:#000; text-align:center;"| [[File:2000 lire fronte.jpg|72px]]
| style="background:#000; text-align:center;"| [[File:2000 lire retro.jpg|72px]]
| align="center"| 2000&nbsp;L
| align="center"| €1.03
| align="center"| 118 x 62
| style="background:#964100;"| 
| Brown
| [[Guglielmo Marconi]]
| [[Elettra (1904 ship)|''Elettra'']],<br/>antennae and radio set
| 3 October 1990
|-
| style="background:#000; text-align:center;"| [[File:5000 lire fronte.jpg|77px]]
| style="background:#000; text-align:center;"| [[File:5000 lire retro.jpg|77px]]
| align="center"| 5000&nbsp;L
| align="center"| €2.58
| align="center"| 126 x 70
| style="background:#008000;"|
| Green
| [[Vincenzo Bellini]];<br/>[[Teatro Massimo Bellini]]
| Column and [[Norma (opera)|Norma]] in the [[Monument to Vincenzo Bellini, Catania|Monument to Bellini]]
| 4 January 1985
|-
| style="background:#000; text-align:center;"| [[File:10000 lire fronte.jpg|82px]]
| style="background:#000; text-align:center;"| [[File:10000 lire retro.jpg|82px]]
| align="center"| 10000&nbsp;L
| align="center"| €5.16
| align="center"| 133 x 70
| style="background:#015494;"|
| Blue
| [[Alessandro Volta]];<br/>[[Voltaic pile]]
| [[Tempio Voltiano]]
| 3 September 1984
|-
| style="background:#000; text-align:center;"| [[File:50000 lire fronte.jpg|90px]]
| style="background:#000; text-align:center;"| [[File:50000 lire retro.jpg|90px]]
| align="center"| 50000&nbsp;L
| align="center"| €25.82
| align="center"| 150 x 70
| style="background:#b50202;"|
| Red
| [[Gian Lorenzo Bernini]];<br/>[[Fontana del Tritone, Rome|Fontana del Tritone]]
| Equestrian statue;<br/>[[St. Peter's Basilica]]
| 27 May 1992
|-
| style="background:#000; text-align:center;"| [[File:100000 lire fronte.jpg|95px]]
| style="background:#000; text-align:center;"| [[File:100000 lire retro.jpg|95px]]
| align="center"| 100000&nbsp;L
| align="center"| €51.65
| align="center"| 156 x 70
| style="background:#c1d15a;"|
| Light green
| [[Caravaggio]];<br/>''[[The Fortune Teller (Caravaggio)|The Fortune Teller]]''
| ''[[Basket of Fruit (Caravaggio)|Basket of Fruit]]''
| 6 May 1994
|-
| style="background:#000; text-align:center;"| [[File:500000 lire fronte.jpg|100px]]
| style="background:#000; text-align:center;"| [[File:500000 lire retro.jpg|100px]]
| align="center"| 500000&nbsp;L
| align="center"| €258.23
| align="center"| 163 x 78
| style="background:#c377c7;"|
| Pinkish azure
| [[Raphael|Raffaello]];<br/>''[[Triumph of Galatea]]''
| ''[[The School of Athens]]''
| 6 May 1997
|-
|}

===Gallery===
<gallery caption="Banknotes circulating in 1951" class="center">
File:Lire 500 (Corona di grano).JPG|500&nbsp;lire – obverse and reverse – printed in 1947 
File:1000_Lire_Perle.jpg|1,000&nbsp;lire – obverse and reverse – printed in 1947 
File:5000lire.jpg|5,000&nbsp;lire – obverse and reverse – printed in 1947 
File:Lire 10000 (Dante Alighieri).JPG|10,000&nbsp;lire – obverse and reverse – printed in 1948
</gallery>

<gallery caption="Banknotes circulating in 1971" class="center">
File:Lire 500 (Aretusa).JPG|500&nbsp;lire – obverse and reverse – printed in 1966
File:Lire 1000 (Giuseppe Verdi).JPG|1,000&nbsp;lire – obverse and reverse – printed in 1969
File:Lire 5000 (Cristoforo Colombo, 2° tipo).JPG|5,000&nbsp;lire – obverse and reverse – 1971 (1964)
File:Lire 10000 (Michelangelo Buonarroti).JPG|10,000&nbsp;lire – obverse and reverse – printed in 1962 
File:Lire 50000 (Leonardo da Vinci).JPG|50,000&nbsp;lire – obverse and reverse – printed in 1967 
File:Lire 100000 (Alessandro Manzoni).JPG|100,000&nbsp;lire – obverse and reverse – printed in 1967
</gallery>

<gallery caption="Banknotes circulating in 1982" class="center">
File:Lire 500 (Mercurio).JPG|500&nbsp;lire – obverse and reverse – printed in 1974
File:Lire 1000 (Marco Polo).jpg|1,000&nbsp;lire – obverse and reverse – printed in 1982 
File:Lire 2000 Galileo Galilei.JPG|2,000&nbsp;lire – obverse and reverse – printed in 1973 
File:Lire 5000 (Antonello da Messina).JPG|5,000&nbsp;lire – obverse and reverse – printed in 1979 
File:Lire 10000 (cosiddette Machiavelli).JPG|10,000&nbsp;lire – obverse and reverse – printed in 1976 
File:Lire 20000 (Tiziano).JPG|20,000&nbsp;lire – obverse and reverse – printed in 1975
File:Lire 50000 (Volto di donna).JPG|50,000&nbsp;lire – obverse and reverse – printed in 1977 
File:Lire 100000 (Botticelli).JPG|100,000&nbsp;lire – obverse and reverse – printed in 1978
</gallery>

==Currencies formerly related to the Italian lira==

===Vatican City===
The [[Vatican lira]] ({{plural form}}: ''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 [[Vatican euro coins|its own set]] of [[euro coins]].

===San Marino===
The [[Sammarinese lira]] ({{plural form}}: ''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 [[Sammarinese euro coins|its own set]] of [[euro coins]].

===Miniassegni===
[[Miniassegno|Miniassegni]] ({{singular}}: ''miniassegno'') were a type of [[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 substituted with candy, [[Postage stamp|stamps]], [[coin-operated telephone|telephone tokens]], or even public transport tickets. The first miniassegni appeared in December 1975, and they were subsequently issued by many banks; they had nominal values of 50, 100, 150, 200, 250, 300 and 350&nbsp;lire.

==Restoration==
In 2005, the [[Lega Nord]] launched a campaign to reintroduce the lira as a parallel currency.<ref>{{cite web|url=http://euobserver.com/economic/19370|title=Northern League launch campaign to revive lira|website=euobserver.com|date=20 June 2005 |access-date=2014-10-17|archive-url=https://web.archive.org/web/20141021215631/http://euobserver.com/economic/19370|archive-date=2014-10-21|url-status=live}}</ref> In 2014, [[Beppe Grillo]], leader of the [[Five Star Movement]], also raised the same point.<ref>{{Cite news |url=https://www.smh.com.au/world/grillo-warns-of-return-to-the-lira-20130303-2feoz.html |title=Grillo warns of return to the lira |access-date=18 June 2022 |date=4 March 2013 |work=Sydney Morning Herald |first=Nick |last=Squires }}</ref>

==See also==
{{Portal|Italy|Money}}
* [[Economy of Italy]]
* [[Economy of San Marino]]
* [[Economy of Vatican City]]
* [[History of coins in Italy]]
* {{anl|Italian euro coins}}
* {{anl|Sammarinese euro coins}}
* {{anl|Vatican euro coins}}

==References==
{{Reflist}}

==External links==
{{Commons category|Italian lira}}
*[https://news.bbc.co.uk/hi/english/static/in_depth/business/2001/euro_cash/spent_currencies/lira.stm Overview of Italian lira from the BBC]
*[http://www.bis-ans-ende-der-welt.net/Italien-B-En.htm The pre-euro banknotes of Italy] {{in lang|en|de}}

{{Italian Lira currency and coinage}}
{{Euro topics}}
{{Historic Italian currency and coinage}}
{{Lira}}
{{Currencies of Former Yugoslavia}}
{{Portal bar|Europe|Italy|Money|Numismatics}}

{{Authority control}}

[[Category:1861 establishments in Italy|Lira]]
[[Category:Currencies of Italy|Lira]]
[[Category:Currencies replaced by the euro]]
[[Category:Currencies of Europe]]
[[Category:Finance in Italy|Lira]]
[[Category:Franc]]
[[Category:Modern obsolete currencies]]
[[Category:Currencies of San Marino]]
[[Category:Currencies of Vatican City]]
[[Category:Currencies introduced in 1861]]
[[Category:Obsolete Italian currencies|Lira]]
[[Category:2002 disestablishments in Italy]]
[[Category:Pound (currency)]]