Pre-euro lira italian

The Italian lira was the official currency of Italy for 139 years, replaced by the euro in 2002.

About this subject

The Italian lira (symbol: ₤, code: ITL) was the official currency of Italy from the country's unification in 1861 until the adoption of the euro in 2002. Over its 139-year history, it underwent numerous reforms and devaluations, especially after the two world wars. Banknotes and coins featured historical figures such as Giuseppe Verdi, Michelangelo, and Christopher Columbus, along with national symbols like the goddess Roma and the Capitoline Wolf. The lira also circulated in San Marino and Vatican City, which issued their own designs. High inflation during the 1970s and 1980s led to banknotes as large as 500,000 lire. In 1999, Italy adopted the euro as book money, and physical lire were withdrawn in February 2002 at a fixed rate of 1,936.27 lire per euro. Today, old lira banknotes and coins can only be exchanged at some Bank of Italy branches and are no longer legal tender. Collectors and numismatists prize rare specimens such as the 5 lire coin from 1896 or the 1,000 lire "Mille" note featuring Marco Polo.

Frequently Asked Questions

When did the Italian lira stop being used?

The physical lira ceased circulation on 28 February 2002, when the euro became the sole legal tender in Italy. The final conversion rate was 1,936.27 lire per euro.

Do lira banknotes and coins still have value?

Yes, but only for exchange at the Bank of Italy for up to 10 years after withdrawal (deadline has expired). Today, they hold value only as collectibles or numismatic items.

What was the largest denomination of the lira?

The largest banknote issued was the 500,000 lire, featuring Gian Lorenzo Bernini. There was also a 100,000 lire note with Alessandro Manzoni.