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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.
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 26 countries); any country entering the European Union (EU) is expected to join the eurozone [ 1 ] when they meet the five convergence criteria. [ 2 ]
No coins were issued for this currency, with old Italian coins still circulating, although heavily devalued. The 50 centesimo piece for example was worth just a quarter of a penny . Notes were issued in denominations of 1 lira and 2, 5, 10, 50, 100, 500 and 1,000 lire.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2]; Exchange rate arrangement (Number of countries) Exchange rate anchor
Lira. Israeli lira (לירה, pound) – Israel; Italian lira – Italy; Italian East African lira – Italian East Africa; Italian Somaliland lira – Italian Somaliland; Lebanese lira (ليرة) – Lebanon; Luccan lira – Lucca; Maltese lira – Malta; Neapolitan lira – Naples (Kingdom of Joachim Murat) Ottoman Turkish lira – Ottoman Empire
Ajuran currency; Aksumite currency; Mogadishu currency; Dollar. Rhodesian dollar; Sierra Leonean dollar; Zimbabwean dollar; Zimbabwean dollar (2019–2024) Dinar – Sudan; Ekwele (Ekuele) – Equatorial Guinea
The Venetian lira was one of the currencies in use in Italy and due to the economic power of the Venetian Republic a popular currency in the Eastern Mediterranean trade. During the 19th century, the Ottoman Empire and the Eyalet of Egypt adopted the lira as their national currency, equivalent to 100 piasters or kuruş .
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency.