National currency of Italy

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

What is the currency in Italy? The answer to this question is quite simple, because the country belongs to the European Union, respectively, the Italians use the euro. But it was not always so. What is the national currency of Italy? Let's talk about this in more detail.

The official currency of Italy

The official currency of the country is the euro. However, this is not surprising, because Italy belongs to the European Union. The changes took place in January 2002. Italy, like all other countries in the Eurozone, prints its own currency. It differs from the others only by the serial number. Italian euros must bear the letter S. Thus, the Italian currency has its own characteristics compared to other EU countries.

Features of "Italian" euros

What does the Italian currency look like? Paper banknotes differ from euros in other countries only by their serial number. In all other respects, they look the same as in the entire European Union. Banknotes have denominations from 5 to 500 euros, and coins - from 5 to 50 euro cents, as well as 1 and 2 euros.

If we talk about coins, then their front side is no different from those thatused in other Eurozone countries. However, the reverse side has an original design that only the Italian currency can boast of. On the reverse side there are images of the Colosseum, a fragment of the famous painting by the Italian artist Botticelli "The Birth of Venus", "The Harmonious Man" by Leonardo da Vinci.

The emergence of the Italian lira

Before the time when a new currency, the euro, appeared in the country, there was another Italian currency. The lyre first appeared back in 780 as a result of the reform of Charlemagne. Then the country's currency was Roman coins - gold solidi, which were replaced by Caroline denarii, for the manufacture of which silver was used. But what does the lyre have to do with it? It was introduced as a counting unit along with the solid and was equal to 240 denarii, 20 solids. It is important to clarify that the lira was only a concept and not an actual coin. The word itself comes from the Latin word pound (410 grams).

United Italy Lira

The history of the lira as a real currency began already in the 19th century (1861), when Italy was united. The country's currency has gone through bad times many times. It depreciated several times, most often during the turbulent times of the world wars.

One lira was equal to 100 centazimo, but money of such denominations was practically not produced. World War II caused another fall of the lira. Due to hyperinflation, they stopped using banknotes, the denomination of which was less than 1000 lire. Very soonThe minimum denomination was a banknote with a face value of 2000 lira. In addition, a currency was produced, the maximum denomination of which was 100,000 lire. But they were not the only reason for the fall in the exchange rate or the cessation of the exchange of this currency for gold. In 1986, the country's authorities held a denomination. At that time, the exchange rate was 1000 old liras for 1 new one.

As already mentioned, the euro came to the country in 2002. But even for a whole year, both currencies were used simultaneously. But even after the lira completely ceased to exist as the national currency of the country, it could be exchanged at any state bank. This situation continued for the next ten years (until 2013). All this time, the rate was fixed and amounted to 1936, 27 lira per 1 euro.

Features of the Italian Lira

What did the old currency of Italy look like? In 1861, the country's authorities decided to recognize the lira as a single national currency. Then it began to be minted from such metals as gold (10 and 20 liras) and silver (1, 2, 5 liras). At the same time, change coins began to be minted - centizimo. For this, metals such as copper and silver were used. But a year later, the authorities changed their original decision. The lyre was supposed to be made exclusively from gold. At the same time, the production of centizimo continued, but base metals were used for this - alloys of copper and nickel.

After the First World War, the situation changed again. Lira of small denominations, it was decided to mint from nickel, and alsotwenty years later, stainless steel was used for this. After 1945, coins were minted in denominations from 1 to 1000 lire. Centizimos were no longer in use at this time, as they had no value due to high inflation. However, they were practically not used in trade. Such coins were of value only to numismatists and collectors.

As for banknotes, their appearance was typical for Italy. One of the heroes of Italy was depicted on the reverse side of each of them.

What tourists need to know

When going to travel to the country, it is best to take euros or bank checks with you. You can also use credit cards in most establishments. It will be very problematic to exchange Russian rubles in Italy. By the way, to some extent this can be said about American dollars. Naturally, there are much more exchange offices that accept dollars than those where you can exchange rubles, but American money is accepted here with great reluctance.

You can exchange money at any of the banks in the country, the only drawback is that they only work until 16:00. There are a large number of exchange offices in the country, including at the airport and in hotels, but the exchange rate here is often unfavorable. In addition, you will have to pay for the exchange service itself. Most often, it is a certain percentage of the amount you are going to exchange.

It should be remembered that in exchange offices located at railway stations or airports, this percentage can reach 10. Some exchangers offer to pay a fixed amount. If you have to exchange a fairly large amount, it may be more profitable. It is also important to know that in Italy there are limits on the amount you wish to exchange. The maximum value is $500.

It is very common to pay by credit cards in Italy. You can find out with the help of special announcements that are posted by the owners at their establishments. In addition, there are ATMs that work with foreign currency. But you need to know that the commission percentage in this case will be quite high. Italians prefer to work with credit cards for several reasons.

Firstly, residents find this payment method easier and more practical. And secondly, in the country it is forbidden to pay in cash if the purchase amount exceeds 12,000 euros. This can lead to criminal liability. Therefore, any amount that exceeds the above must be carried out by check or directly through the bank.

Instead of a conclusion

Now you know the answer to the question of what is the national currency in Italy. If you still doubt what has the greatest value, then this is undoubtedly the euro. Therefore, in order to avoid unnecessary problems, it is better to bring this particular currency into the country.