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The lira (/ ˈ l ɪər ə / LEER-ə, Italian:; pl.: lire, / ˈ l ɪər eɪ / LEER-eh, Italian:) [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.
The lira was the currency of Italy from its unification until it was merged into the euro in 1999. [2] A unit of currency lira had previously been used in some of the states and possessions that became Italy but their values were not necessarily equivalent.
After the Allied invasion of Italy during World War II, an exchange rate was set at US$1 = 120 lire (1 British pound = 480 lire) in June 1943, reduced to 100 lire the following month. In German-occupied areas, the exchange rate was set at 1 Reichsmark = 10 lire.
The ISO 4217 currency code for the lira was ITL. The Italian lira was the official unit of currency in Italy until 1 January 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on 28 February 2002. The conversion rate is 1,936.27 lire to the euro. [40]
The lira (plural lire; abbreviation: VAL) was the currency of the Vatican City between 1929 and 2002. It was not a separate currency but an issue of the Italian lira ; the Banca d'Italia produced coins specifically for Vatican City.
An exchange rate is how much of a given nation’s currency you can buy with a different nation’s currency. If you purchase foreign goods or travel abroad, you may need to convert your currency ...
Currency exchange rates don’t take weekends off. The foreign exchange market operates 24 hours a day, five days a week. This means rates can adjust even when traditional banks are closed. So ...
All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. In Europe, the most commonly used currency is the euro (used by 25 countries); any country entering the European Union (EU) is expected to join the eurozone [ 1 ] when they meet the five convergence criteria. [ 2 ]