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Concept
Italian lira
Summary
The lira (ˈlɪərə; plural lire) was the currency of Italy between 1861 and 2002. It was first 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. It was subdivided into 100 centesimi (singular: centesimo), which means "hundredths" or "cents". The lira was also the currency of the 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. The Carolingian system is the origin of the French livre tournois (predecessor of the franc), the Italian lira, and the pound unit of 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 1,936.27, before being replaced as cash in 2002.
French franc#History and £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 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.
There was no standard sign or abbreviation for the Italian lira. The abbreviations Lit. (standing for Lira italiana) and L. (standing for Lira) and the signs ₤ or £ were all accepted representations of the currency. Banks and financial institutions, including the Bank of Italy, often used Lit. and this was regarded internationally as the abbreviation for the Italian lira. Handwritten documents and signs at market stalls would often use "£" or "₤", while coins used "L." Italian postage stamps mostly used the word lire in full but some (such as the 1975 monuments series) used "L.
Official source
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