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Italy has a long history of differentcoinage types, which spans thousands of years. Italy has been influential at a coinage point of view: the medievalFlorentine florin, one of the most used coinage types in European history and one of the most important coins in Western history,[1] was struck inFlorence in the 13th century, while theVenetian sequin, minted from 1284 to 1797, was the most prestigious gold coin in circulation in the commercial centers of theMediterranean Sea.[2]
Despite the fact that the first Italian coinage systems were used in theMagna Graecia andEtruscan civilization, theRomans introduceda widespread currency throughout Italy. Unlike most modern coins, Roman coins had intrinsic value.[3] The early modern Italian coins were very similar in style to French francs, especially in decimals, since it was ruled by the country in theNapoleonic Kingdom of Italy. They corresponded to a value of 0.29 grams of gold or 4.5 grams of silver.[4]
Since Italy has been for centuries divided into manyhistoric states, they all had different coinage systems, but when the country becameunified in 1861, theItalian lira came into place, and was used until 2002. The term originates fromlibra, the largest unit of theCarolingian monetary system used in Western Europe and elsewhere from the 8th to the 20th century.[5] In 1999, theeuro became Italy'sunit of account and the lira became a national subunit of the euro at a rate of 1 euro = 1,936.27 lire, before being replaced as cash in 2002.
Despite the fact that the first Italian coinage systems were used in theMagna Graecia andEtruscan civilization, theRomans introduced a widespread currency throughout Italy. Unlike most modern coins, Roman coins had intrinsic value.[3]
Greek coinage of Italy and Sicily originated from localItaliotes andSiceliotes who formed numerouscity-states inMagna Graecia. TheseHellenistic communities descended from Greek migrants.Southern Italy was so thoroughly hellenized that it was known as the Magna Graecia. Each of the polities struck their own coinage. Taras (now calledTaranto) was among the most active of all Magna Graecia, which minted mainly in silver but often also in gold.[6] By the second century BC some of these Greek coinages evolved under Roman rule, and can be classified as the firstRoman provincial currencies.
The brief period ofEtruscan coinage, with the predominance of marks of value, seems to be an amalgam that reconciles two very different monetary systems: the 'primitive' bronze-weighing andaes grave economy[7] of central Italy with that of struck silver and gold issues of southern Italian Greek type not familiar inEtruria.
The family ofSocial War coinage includes all the coins issued by theItalic allies of the Marsic confederation,Marsi,Peligni,Piceni,Vestini,Samnites,Frentani,Marrucini, andLucani, during theSocial War (91–88 BC) againstRome. Inspired by the Romandenarius,[8] their circulation (and perhaps their release) continued even after the conflict ended, contemporary and promiscuously with their republican models.
Roman currency for most ofRoman history consisted of gold, silver,bronze,orichalcum and coppercoinage.[9] From its introduction during theRepublic, in the third century BC, throughImperial times, Roman currency saw many changes in form, denomination, and composition. A persistent feature was the inflationary debasement and replacement of coins over the centuries. Notable examples of this followed the reforms ofDiocletian. This trend continued withByzantine currency.
After thefall of the Western Roman Empire, thesolidus continued to circulate for some time among theFranks; his name was kept and transformed into "sol" in French, then "sou". The peoples settled in the Empire,Burgundians,Ostrogoths andVisigoths, also issued coins imitating the Roman system, including thesolidus.[10] Roman currency names survive today in many countries via theCarolingian monetary system, such as the Arabicdinar (from thedenarius coin), the Britishpound, thepeso (both translations of the Romanlibra, a unit of weight), and Portuguesedinheiro (from thedenarius coin).
The manufacture of coins in the Roman culture, dating from about the 4th century BC, significantly influenced later development of coin minting in Europe. The origin of the word "mint" is ascribed to the manufacture of silver coin at Rome in 269 BC near the temple ofJuno Moneta.[11] This goddess became the personification of money, and her name was applied both to money and to its place of manufacture. Roman mints were spread widely across the Empire, and were sometimes used for propaganda purposes. The populace often learned of a new Roman Emperor when coins appeared with the new emperor's portrait.
While they containedprecious metals, the value of a coin was higher than its precious metal content, so they were notbullion. Estimates of their value range from 1.6 to 2.85 times their metal content, thought to equal the purchasing power of 10 modern British Pound Sterling (US$15) at the beginning of the Roman Empire to around 18 Pound Sterling (US$29) by its end (comparing bread, wine and meat prices) and, over the same period, around one to three days' pay for a Legionnaire.[12]
Italy has been influential at a coinage point of view: the medievalFlorentine florin, one of the most used coinage types in European history and one of the most important coins in Western history,[1] was struck inFlorence in the 13th century, while theVenetian sequin, minted from 1284 to 1797, was the most prestigious gold coin in circulation in the commercial centers of theMediterranean Sea.[2]
TheLombard coinage refers to the autonomous productions of coins by theLombards. It constitutes part of the coinage produced byGermanic peoples occupying the former territory of theRoman Empire during theMigration Period. All known Lombard coinage was produced after their settlement of Italy. The coinage originates from two distinct areas, inLangobardia Major between the last decades of the sixth century and 774, and inLangobardia Minor, in the duchy ofBenevento, between approximately 680 and the end of the 9th century.
Only five hoards have been found which contain non-pseudo-imperial coinage of the Lombards. Of these, only two have been published in any detail.
TheFlorentine florin (Italian:Fiorino fiorentino) was struck from 1252 to 1523 with no significant change in its design or metal content standard.[16] It had 54grains (3.499 grams, 0.113troy ounce) of nominally pure or 'fine' gold[17] with a purchasing power difficult to estimate (and variable) but ranging according to social grouping and perspective from approximately 140 to 1,000 modern US dollars. The name of the coin comes from theGiglio bottonato (it), the floral emblem of the city, which is represented at the head of the coin.[18]
Thefiorino d'oro (gold florin) was used in theRepublic of Florence and was the first European gold coin struck in sufficient quantities since the 7th century to play a significant commercial role. The florin was recognised across large parts of Europe. The territorial usage of thelira and the florin often overlapped, where the lira was used for smaller transactions (wages, food purchases), the florin was for larger transactions such as those used in dowries, international trade or for tax-related matters.[19]
The Florentine florin is of the most used coinage types in European history and one of the most important coins in Western history.[1] The first minting of the florin occurred in 1252, at the time the value of the florin was equal to thelira, but by 1500 the florin had appreciated, sevenlire amounted to one florin.[19] The design of the original Florentine florins was the distinctivefleur-de-lis badge of the city on one side and on the other a standing and facing figure ofSt. John the Baptist[20] wearing acilice. TheDutch guilder is symbolized as Fl. orƒ, which means florijn (florin). TheHungarian forint is named after the florin.[21]
Thesequin (Venetian andItalian:zecchino[dzekˈkiːno]) is agold coin minted by theRepublic of Venice from the 13th century onwards. The design of the Venetian sequin remained unchanged for over 500 years, from its introduction in 1284 to thefall of the Republic of Venice in 1797, making it the most prestigious gold coin in circulation in the commercial centers of theMediterranean Sea.[2] No other coin design has ever been produced over such a long historical period.
The reverse bears a motto inLatinhexameter:Sit tibi, Christe, datus // quem tū regis, iste ducātus ("Christ, let this duchy that you rule be given to you").[22] On the obverse there isMark the Evangelist, patron saint of Venice, who is depicted with a beard and halo, is facing to the right and is wrapped in a large cloak while holding the Gospel with his left hand. With his right hand the saint offers a banner to theDoge of Venice who is kneeling to the left and holding the staff with both hands. The Doge wears a rich fur-trimmed cloak and the ducal cap, under the flag facing to the right the vertical writing "dux", around it "s·m·venet" and the name of the Doge.[22]
The quality of the minting is superior to all contemporary coins and this shows that the artists of the Venice Mint had already reached a high level of taste and refinement of design at the time.[23] Initially called "ducat" (ducato), for the rulingDoge of Venice who was prominently depicted on it, it was called thezecchino, after theZecca (mint) of Venice, since 1543 when Venice began minting a silver coin also called a ducat.
TheVenetian grosso (plural grossi) is a silver coin first introduced in theRepublic of Venice in 1193 underdogeEnrico Dandolo. It originally weighed 2.18 grams, was composed of 98.5% pure silver, and was valued at 26denarii. Its name is from the same root asgroschen and the Englishgroat, all deriving ultimately from thedenaro grosso ("large penny"). Its value was allowed to float relative to other Venetian coins until it was pegged to 4 soldini in 1332, incidentally the year the soldino was introduced. In 1332, 1 grosso was the equivalent of 4soldini, or 48denarii.
The earliest surviving account of Enrico Dandolo's introduction of the Venetian grosso associates it with the outfitting of theFourth Crusade in 1202[24] and tradition makes the need to pay for the ships which transported the crusaders the cause of the grosso's introduction. Even though coinage of the grosso might have begun a few years earlier, the influx of silver used to pay for the crusaders' ships led to its first large scale mintage. The coin had 2.2 grams of 98.5% fine silver, the purest medieval metallurgy could make.[25] It was initially called aducatus argenti since Venice was a duchy, but is more widely known as a grosso ormatapano, a Muslim term referring to the seated figure on its reverse.[26]
TheVenetian lira (plural lire) was the distinct currency of theRepublic of Venice until 1848, when it was replaced by theItalian lira. It originated from theCarolingian monetary system used in much of Western Europe since the 8th century CE, with thelira subdivided into 20soldi, each of 12denari.
From its initial value of 305.94 g fine silver, the Venetian lira had depreciated so much in value over its 1,000-year lifetime that this original unit was referred to from 1200 CE as thelira piccola (small lira) in comparison to larger units of the same name.[27] Thedenaro orpiccolo worth1⁄240th alira was the only coin produced between 800–1200 CE. Initially weighing 1.7 g fine silver, it depreciated over the centuries until it contained only 0.08 g fine silver by 1200 CE.
The various currency systems of Italy became of less importance to European trade after theAge of Discovery in the 16th century; nonetheless Venice continued to issue new coins. Thescudo d'argento of 30.1 g fine silver was introduced in 1578 for 7 lire, rising to 12.4 lire by 1739. Thetollero of 23.4 g fine silver was issued in 1797 for 10 lire.
The Venetianlira piccola was supplanted in the 19th century by the Italian lira of theNapoleonic Kingdom of Italy in 1806 and theLombardy-Venetian lira of theAustrian Empire. TheItalian lira was reintroduced by theRepublic of San Marco in 1848 at par with theFrench franc, which finally replaced all previous currencies as well as thelira piccola, with the latter valued at 0.5116 Italian lira.
TheGenoese lira (Italian:Lira genovese) was the currency of theRepublic of Genoa until 1797. The mint in the Republic of Genoa began its production around 1138,[28] with coins introduced in line with similar versions issued in the rest of Europe, as follows:
Genoese currency became important in the 16th century during theGolden age of Genoese banking, with theSpanish Empire funnelling its massive wealth fromSpanish America through theBank of Saint George. With the decline in the fortunes of the Genoese banks and theSpanish Empire in the 17th century, however, the Genoese lira also depreciated substantially. The silver scudo's value increased to 6.5 lire in 1646, 7.4 lire in 1671, and 8.74 lire just before theAustrian occupation of Genoa in 1746.[30]
TheByzantine monetary system is followed in the papal coinage until the reign ofPope Leo III, after which the system of theFrankish Empire obtains.[31]Pope John XXII adopted the Florentine system, and coined gold florins, but the weight of this coin varied from 22 to 30 carats (4.4 to 6 g), untilPope Gregory XI reduced it to the original 24 carats (4.8 g); but deterioration came again, and then there were two kinds of florins, the papalflorin, which maintained the old weight, and the florin di Camera, the two being in the ratio of 69 papal florins = 100 florins di Camera = 1 gold pound = 10 carlini.[31] The ducat was coined in the papal mint from the year 1432; it was a coin of Venetian origin that circulated with the florin, which in 1531 was succeeded by thescudo, a piece of French origin (écu) that remained the monetary unit of the Pontifical States.[31]
TheGiulio was apapal coin with a value of 2grossi. The name came fromPope Julius II (r. 1503–13) who had increased it in weight and intrinsic in 1504. By order of 20 July 1504 the Pope established: "Reformetur stampae monetariae pro ducatis, carlenis, bononiensis etc. Cogitetur de cunio monetae si posset reduci Urbs ad monetam papalem exclusa forensi etc.".[32] Thecarleni (orcarlini) were then reformed and changed their name togiuli, so as to distinguish them from the previous ones. They contained an abundant 4 grams of silver.[32] Their value thus became one third higher than the pontificalcarlino.[32] A few years later, in 1508, the silver content had already fallen below 4 grams.[32] In 1535 there was a further reduction to 3.65 grams.[32] The first minting of Julius II bore thepapal arms on the obverse and the saintsPeter andPaul on the reverse.
In 1540Paul III coined the coins with 3.85 grams of fine which took the name ofpaoli. The name ofgiulio was also used by other papalmints and some Italian ones. The papalgiulio ofBologna was forged inMasserano by aFieschi before 1597. This coin weighed only 3.4 grams.[32]
The last coin minted with this name was the silvergiulio struck byPius VII in 1817; it weighed 2,642 g and had a title of 917/1000. It was still worth 2grossi or 10baiocchi. The names ofpaolo andgiulio were in use in Rome, even when these coins were no longer in circulation, to indicate the 20baiocchi coin.
ThePaolo or Paulo was apontifical coin; this name was given to thegiulio by 2grossi when in 1540Pope Paul III (hence its name) made it increase its silver content to 3.85 g. The first minting of Paul III bore thepapal arms on the obverse andSt. Paul on the reverse.
At the time of the arrival of theFrench Revolutionaries, apaolo was valued on theMilanese market with the value of 14soldi. In Rome in the nineteenth century it was the popular name of the 10baiocchi coin. The names ofpaolo andgiulio remained in use in Rome until the pontificate ofPius IX, even when these coins were no longer in circulation, to indicate the 10 baiocchi coin. The same name took coins from other Italian states. In theGrand Duchy of Tuscany circulated thepaolo of 8crazie.[33]
Thebaiocco is an ancient Italian currency denomination largely used inCentral Italy, especially inLatium. The origin of the name is uncertain. Its value was originally equivalent to ashilling, slowly changing through centuries into fivequattrini, or consequently twentypennies. The size, weight and value of the coin itself changed over time. At a certain point, towards the middle of the 16th Century, it became so thin that it deserved the nickname "Baiocchino" or "Baiocchétto" because it actually weighed less than 0.25g.
It underwent numerous other variations of material losing more and more silver and becoming more and more low alloy, so much so that it was indicated with the derogatory "Baiocchella" during the period ofSixtus V from 1585 to 1590.[34] It disappeared after the unification of Italy between 1861 and 1870, when theItalian lira was introduced
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Thecavallo was a copper coin of southern Italy in the Renaissance. It was minted for the first time by KingFerdinand I of Naples in 1472.[35] It gained its name from the figure of a horse on the reverse.
The name later was used for coins of the same values but with different types such as that minted byCharles VIII of France at Naples in 1494. As its value decreased, the cavallo was abolished in 1498 and replaced with the doppio cavallo ("Double Cavallo"), also known as sestino, byFrederick I of Naples.
The cavallo was minted again shortly underPhilip IV of Spain (theKingdom of Naples at the time was ruled by Spain) in 1626. Multiples (2, 3, 4, 6 and 9cavalli) were minted untilFerdinand IV. The last coin of threecavalli was minted in 1804, being replaced by thetornese, equal to 6cavalli.
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Theagontano was the currency used by the Italian MaritimeRepublic of Ancona from the 12th to the 16th centuries during its golden age. It was a large silver coin of 18-22mm in diameter and a weight of 2.04–2.42 grams, of roughly equivalent value to the MilaneseSoldo. The first reports of Ancona's medieval coinage begin in the 12th century when the independence of the city grew and it began to mint coinage without Imperial or papal oversight.[36]
The coin, also called "Grosso Agontano", was a great success and its type was imitated in other cities ofMarche and also inEmilia-Romagna, Tuscany,Lazio andAbruzzo. For example, coins of Massa Marittima,[37] Ravenna, Rimini, Volterra,[38] Pesaro and Ferrara.[39] show a marked influence from Ancona.
Thesoldo was an Italian medieval silver coin, issued for the first time in the late 12th century atMilan by EmperorHenry VI.[40] The name derives from the late Roman coinsolidus.[41]
It quickly became widespread in Italy, where it was coined inGenoa,Bologna, and numerous other cities. InVenice, the soldo was minted from the reign ofFrancesco Dandolo onward, remaining in use also after the republic's dissolution in 1797 and during the Austrian occupation, until 1862. In the 14th centuryFlorence, asoldo equaled1⁄20 of alira and 12denari.[42]
Thegigliato, also gillat or carlino, was a coin of pure silver established in 1303 byCharles II of Anjou inNaples, and then also inProvence from 1330. Its name derives from theLilies ("giglio") depicted on the reverse entwined around a cross.The coin weighed 4 grams. This type of coin was widely copied in the Eastern Mediterranean, especially by theTurks, such as the Emir ofSaruhan.[43][44]
Charles II of Anjou's silver gigliato was the same diameter as the dominant silver coin of its time, the French gros tournois, or as the grosso rinforzato being struck by the Roman Senate, i.e. 24 m.m.. It contained 4.01 grams of .929 fine silver, or 3.73 grams of pure silver. Its types were more typical of French gold coins, especially Philip the Fair's petit royal d’or, than Italian silver coins.[45]
TheBolognino was a coin minted inBologna and other cities of medieval Italy from the late 12th century to the 17th century.
The coin originated in 1191, when emperorHenry VI granted Bologna the right to mint a silverdenaro. In 1236 this unit was rechristenedBolognino piccolo (Small Bolognino) when theBolognino grosso (Big Bolognino) was introduced, with the value of a 12soldi. It weighed 9carats.[46]
Thegrosso was adopted in other Italian communes and cities, such asRavenna andRimini and copied by other mints, such as those ofLucca, Rome and other cities inAbruzzo andMarche. The value changed depending from the current political and economic situation.
Thebolognino was no longer struck starting from the 18th century. Multiples up to 100bolognini continued to exist, however.
A goldenbolognino, introduced in 1380, had the value of 30 silverbolognini (same title and weight of the Papalducato.
Thepierreale (plural pierreali, i.e. "reale of Peter") was a silver coin minted by theKingdom of Sicily between the reigns ofPeter I (1282–1285) andFerdinand II (1479–1516). It was equivalent in weight and fineness to theNeapolitancarlino and was sometimes called acarlino.
It carried on the obverse theimperial eagle, the favoured emblem of theStaufer dynasty of Peter I's queen,Constance II, and on the reverse thearms of Aragon, representing Peter's native kingdom. The design deliberately contrasted with that of thecarlino. AfterAlfonso I's conquest of Naples in 1442, he replaced the arms with an image of the seated ruler (in imitation of thecarlino) and replaced the eagle with the quartered arms of Aragon and Naples.[47]
Gold pierreali equivalent to ten silver ones were minted under Peter I, but only rarely thereafter. Half-pierreali and quarter-pierreali were minted between 1377 and 1410 and again during the reign ofJohn (1458–1479).[47]
Anaugustalis or augustale, also agostaro, was agold coin minted in theKingdom of Sicily beginning in 1231.[48] It was issued byFrederick II, Holy Roman Emperor (from 1220) andKing of Sicily (from 1198), and was minted until his death in 1250.[49][50] In addition, a half augustalis was issued. It was identical in design, but smaller and half the weight.[51] The nameaugustalis means literally "of the august one", referring to the coin's provenance from the emperor himself, but also linking it with theRoman Emperor, who was commonly styledAugustus.
The augustalis bore aLatin inscription and was widely circulated in Italy. It was patterned after theRomanaureus.[52] It wasstruck atBrindisi andMessina with accompanyingbillondeniers.[52] The style of the augustalis has been described as splendid and proto-Renaissance; the quality of its execution and itsfineness was high.[52] The augustalis had a nominal weight of 5.31 grams and was 201⁄2carats (854/1000) fine.[51] The legal value was a quarter of a Sicilian goldounce.[51]
The early modern Italian coins were very similar in style to French francs, especially in decimals, since it was ruled by the country in theNapoleonic Kingdom of Italy. They corresponded to a value of 0.29 grams of gold or 4.5 grams of silver.[4]
ThePapal States scudo (plural:scudi) was the coinage system used in thePapal States until 1866. It was subdivided into 100baiocchi (singular:baiocco), each of 5quattrini (singular:quattrino). Other denominations included thegrosso of 5 baiocchi, thecarlino of7+1⁄2 baiocchi, thegiulio andpaoli both of 10 baiocchi, thetestone of 30 baiocchi and thedoppia of 3 scudi.
Between 1798 and 1799, therevolutionary French forces established theRoman Republic, which issued coins denominated in baiocco and scudo. In addition, the states of Ancona, Civitavecchia, Clitunno, Foligno, Gubbio, Pergola and Perugia changed their coinage system to that of the Roman Republic. The popes entrusted the production of thecoining to the best artists of the time.[32]
In 1808, the Papal States were annexed by France, andFrench francs circulated as the official coins. When the Pope's authority was restored in 1814, the scudo was restored as the currency. However, the coinage of the individual states was not resumed. In 1849, anotherRoman Republic was established which issued coins centrally and in Ancona.
In 1866, the scudo was replaced by thelira, equivalent to theItalian lira. The exchange rate used was 5.375 lire = 1 scudo.[53]
TheParman lira wasParma's official currency before 1802, and later revived from 1815 to 1859. TheDuchy of Parma had its own coinage system until it was made a part of France in 1802. This lira was subdivided into 20soldi (singular:soldo), each of 12denari (singular:denaro), with thesesino worth 6 denari and theducato was worth 7 lire. The currency was replaced by theFrench franc.
After the re-establishment of Parman independence, the Parman currency system was introduced in 1815.[54] Also called the lira, it was subdivided into 20soldi or 100centesimi. However, this lira was equal to the French franc and theSardinian lira, and it circulated alongside the latter. It weighed 5 grams, and had a purity of 9/10 of silver. Since 1861, Parma has used the equivalentItalian lira.
TheSardinian scudo (plural:scudi) was the currency of theKingdom of Sardinia from 1720 to 1816. It was subdivided into 2½lire (singular:lira), each of 4reales, 20soldi, 120cagliarese or 240denari. Thedoppietta was worth 2 scudi. It was replaced by theSardinian lira.
In the late 18th century, coins circulated in denominations of 1 and 3 cagliarese, 1 soldo, ½ and 1 reale, ¼, ½ and 1 scudo, 1, 2½ and 5 doppietta. The cagliarese denominations were struck in copper, the soldo and reale inbillon, the scudo in silver and the doppietta in gold.[55]
In southern Italy, theoncia (plural oncie or once) or onza (pl. onze) was aunit of account during theMiddle Ages and later agold coin minted between 1732 and 1860. It was also minted in the southern Italian territories of theSpanish Empire, and a silver coin of the same value was minted by theKnights of Malta. The name is derived from the ancient Romanuncia. It may sometimes be translated ounce.
In the medieval kingdoms ofNaples andSicily, one oncia was equivalent to 30tarì, 600grani and 3600denari (pennies). Conventionally, a sum of money is indicated by numbers ofoncie,tarì,grani anddenari separated by full stops, thus 2.2.15.1 indicates 2oncie, twotarì, 15grani and 1denaro. Although theoncia was never minted in the Middle Ages, it was the basic unit of account. The lesser denominations were minted, as was theducat (six of which equalled anoncia) and thecarlino (60 to theoncia).[56][57]Frederick II introduced theaugustalis, which was a quarter of anoncia.[58]
Thetornesel, tornesol, ortornese was a silver coin of Europe in theLate Middle Ages and theearly modern era. It took its name from thedenier tournois, thedenier ofTours.
Marco Polo referred to the tornesel in recounts of his travels to East Asia when describing the currencies of theYuan Empire.[59]
His descriptions were based on the conversion of 1bezant = 20groats =133+1/3 tornesel.[59] Thetornese was a subunit of theNeapolitan,Sicilian, andTwo Sicilies ducats.
TheLuccan lira (plural:lire) was the currency of theRepublic of Lucca until 1800 and again of theDuchy of Lucca between 1826 and 1847. It was subdivided into 20soldi, each of 3quattrini or 12denari. The lira circulated until 1800, when theFrench franc was introduced, accompanied by theLuccan franc from 1805. AfterNapoleon's fall, the Luccan State remained without an official currency, using both old francs andTuscan lira andTuscan fiorino. The Luccan lira reappeared in 1826 by order ofDuke Charles Louis, replacing all circulating currencies.[60]
The Luccan lira contained less silver than theTuscan lira had.Lucca was absorbed byTuscany in 1847 and the Luccan lira was replaced by theTuscan fiorino at a rate of 1 fiorino =1+2⁄3 Tuscan lire = 2 Luccan lire. In 1826, coins were introduced in denominations of q.1, q.2 and q.5, 1, 2, 3, 5 and 10 soldi, and 1 and 2 lire. The quattrini denominations and the s.1 were struck in copper, with the higher denominations in silver.
ThePiedmontese scudo (plural: scudi) was the currency of thePiedmont and the other mainland parts of theSavoyardKingdom of Sardinia from 1755 to 1816. It was subdivided into 6lire (singular:lira), each of 20soldi or 240denari. Thedoppia was worth 2 scudi. During theSubalpine Republic and French occupation (1800–1814), theFrench franc circulated, supplemented by a small number of locally produced coins. The scudo was replaced by theSardinian lira.
In the late 18th century, copper 2 denari,billon ½, 1, 2½ and 7½ soldi, silver ¼, ½ and 1 scudo, and gold ¼, ½, 1, and 2½ doppia coins circulated. In the 1790s, copper 1 and 5 soldi, and billon 10, 15 and 20 soldi were added.[61] The Piedmont Republic issued silver ¼ and ½ scudo in 1799. This was followed in 1800 by bronze 2 soldi struck in the name of the "Piedmont Nation" (Nazione Piemontese).
TheTuscan lira (plural: lire) was the currency of theGrand Duchy of Tuscany until its annexation byNapoleonic France in 1807. After that year, it unofficially remained in circulation thanks to its silver value until the restoration of Tuscan independence in 1814. It was finally abolished in 1826. It was subdivided into 20soldi, each of 3quattrini or 12denari (singular:soldo,quattrino,denaro). Other denominations included thecrazia worth q.5; thegrosso worth q.20; thepaolo worth q.40 or2⁄3 lira; thetestone worth 3 paoli; and the crown-sizedfrancescone worth 10 paoli or6+2⁄3 lire.
In 1803 the Tuscan lira was equivalent to 0.84French francs, 0.84Italian lira, or 3.78 grams of fine silver. In 1826 it was replaced by theTuscan fiorino worth 100 quattrini or1+2⁄3 lira. In the late 18th century, copper coins circulated in denominations of q.1, q.2, and s.1, together withbillon q.10 and silver1⁄2, 1, 2, 5 and 10 paoli. In the early 19th century, copper s.1⁄2 and s.2 were added, together with silver 1 lira and 10 lire. The 10-lira coin was known as dena and the 5-lira coin was known as meza-dena ("half-dena").[62]
TheSicilian piastra was the distinct currency of theKingdom of Sicily until 1815. To distinguish it from the piastra issued on the mainland Kingdom of Sicily (also known as theKingdom of Naples), it is referred to as the "Sicilian piastra" as opposed to the "Neapolitan piastra". These two piastra were equal, but were subdivided differently. The Sicilian piastra was subdivided into 12tarì, each of 20grana or 120piccoli. Theoncia was worth 30 tarì (2½ piastra).
In 1815, a single piastra currency was introduced for theKingdom of the Two Sicilies, theTwo Sicilies piastra. From a Riveli in 1607Catania, also a Riveli in 1811Avola, the Sicilian money system can be readily extracted. It was:-
On both of these historic documents, the denomination piastra was not used.A Sicilian coin commonly available for sale today is the 120 grana silver piece, weighing an ounce. It is called, in the supplementary description of this silver piece, one piastre.However, in 1823George Crabb, in hisUniversal Technological Dictionary Volume 2, in addition to supporting the above relative values of onze, tari and grani in accounting, lists 120 grani as equivalent to one florino. Crabb also lists the ponto, the carlino, theducat and the scudo or crown and their equivalence to the grano, however no mention of the piastre.[63]
TheNeapolitan piastra was the most common silver coin of theKingdom of Naples. To distinguish it from the piastra issued on the island of Sicily, it is referred to as the "Neapolitan piastra" as opposed to the "Sicilian piastra".
These two piastra were equal but were subdivided differently. The Neapolitan piastra was divided into 120grana (singular:grano), each of 2tornesi (singular:tornese) or 12cavalli (singular:cavallo). There were also thecarlino worth 10 grana and theducato worth 100 grana.[64]
In 1812, theNeapolitan lira was introduced by the occupying French in an attempt to decimalize the Neapolitan currency units. However, the attempt failed, and the decimalization was limited to changing the value of thecavallo to one tenth of agrano. After the restoration ofBourbon control, a single currency was issued for the whole of theTwo Sicilies, theTwo Sicilies piastra. This new piastra was subdivided in the same way as the Neapolitan piastra.
TheTwo Sicilies piastra was the coinage system or currency of theKingdom of the Two Sicilies between 1815 and 1860. It was subdivided into 120grana (singular:grano), each of 2tornesi (singular:tornese). Accounts were kept inducato, worth 100 grana.[65] The subdivision and the coinage of the currency were simplified with respect to the pre-Napoleonic era: only three denominations survived. Theducat proper was the name of the gold coins, and curiously it did not exist as a single unit; thegrana (singular:grano) was the name of the silver coins, itself also not existing as a single unit; thetornesel (Italian:tornese) was the name of the copper coins, which were worth half agrana. Accounts were kept in ducats, each of 100 grana or 200 tornesels.[66]
Thepiastra was the unofficial name of the biggest silver coin, which had a value of 120 grana. When theItalian lira replaced the coinage of the House of Bourbon in 1861, a rate of 1 piastra = 5.1 lire was established.
TheNeapolitan lira was the currency of the mainland part of theKingdom of the Two Sicilies, known as theKingdom of Naples, between 1812 and 1815.[67] The currency was issued byJoachim Murat, who claimed the title of "King of the Two Sicilies" but only controlled the mainland part of the kingdom. Consequently, the currency is referred to as the "Neapolitan lira". It was subdivided into 100centesimi (singular:centesimo) and was equal to theItalian lira andFrench franc. It replaced thepiastra, which circulated again following the restoration ofBourbon rule.
Coins were issued in denominations of 3, 5 and 10 centesimi, ½, 1, 2, 5, 20 and 40 lire. The centesimi denominations were struck in bronze, the lire coins up to 5 lire were in silver and the higher denominations were in gold. All the coins bore the head of nameJoachim Murat and his adopted Italian name, "Gioacchino Napoleone".
TheSardinian lira was the currency of theKingdom of Sardinia between August 6, 1816, and March 17, 1861. It was subdivided into 100centesimi (singularcentesimo) and was equal in value to theFrench franc (4.5 grams of silver), which had previously been used as the currency of the Kingdom of Sardinia, having replaced thePiedmontese scudo by 1801.
Since the Sardinian lira was little more than another version of the French franc, it could circulate also in France, and the French coins could circulate inPiedmont (the mainland part of the Kingdom of Sardinia). The Sardinian lira was replaced at par by theItalian lira in 1861, as a consequence of the process ofItalian unification.[68] Similar to the majority of 19th century currencies, the Sardinian lira was not affected by significant episodes of inflation during all its existence.
On each coin, the ruling monarch was styled inLatin asKing of Sardinia, Cyprus and Jerusalem by the Grace of God on the front side, andDuke of Savoy, Genoa and Montferrat, Prince of Piedmont et cetera on the back side.
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TheRoman scudo (plural: scudi romani) was the currency of thePapal States until from 1835 to 1866. It was subdivided into 100 baiocchi (singular: baiocco), each of 5 quattrini (singular: quattrino). Other denominations included the grosso of 5 baiocchi, the carlino of7+1⁄2 baiocchi, the giulio and paoli both of 10 baiocchi, the testone of 30 baiocchi and the doppia of 3 scudi. In 1866, the scudo was replaced by thePapal lira, equivalent to theItalian lira, when the Papal States joined theLatin Monetary Union. The exchange rate used was 5.375 lire = 1 scudo.[69]
In addition to issues for the Papal States as a whole, the currency was also issued by many of the individual municipalities. In the late 18th century, this included issues fromAncona,Ascoli,Bologna,Civitavecchia,Fano,Fermo,Foligno,Gubbio,Macerata,Matelica,Montalto,Pergola,Perugia,Ronciglione,San Severino,Spoleto,Terni,Tivoli andViterbo. Uniquely inBologna the baiocco, also known as thebolognino, was subdivided into 6 quattrini. In 1808, the Papal States were annexed by France, and theFrench franc circulated officially. When the Pope's authority was restored in 1814, the scudo was restored as the currency. However, outside Rome solely the coinage of Bologna was resumed. In 1849, anotherRoman Republic was established which issued coins centrally and in Ancona.
TheTuscan florin was the currency ofTuscany between 1826 and 1859. It was subdivided into 100quattrini (singular:quattrino), with an additional denomination called thepaolo, worth 40 quattrini, in circulation.
During theNapoleonic Wars, Tuscany was annexed by France and theFrench franc was introduced, together with its satelliteItalian lira. The previous lira did not disappear, creating a big confusion between the old Tuscan lira and the new Italian lira. So, whenDukeLeopold II rose to power in 1824, he decided to introduce a new basic currency. The Tuscan florin replaced theTuscan lira at a rate of1+2⁄3 lire = 1 Tuscan florin.[70]
In 1847, Tuscany absorbedLucca and the Tuscan florin replaced theLuccan lira at a rate of 1 Tuscan florin = 2 lire. After a brief revolutionary coinage, the Tuscan florin was replaced in 1859 by a provisional currency denominated in "Italian lira", equal to theSardinian lira, with 1 Tuscan florin = 1.4 Italian lire.
TheLombardo-Venetian lira (or lira; plural: lire) was the currency of theKingdom of Lombardy–Venetia between 1822 and 1861. The lira was made of 4.33 grams of silver (with 9/10 of purity). Six lire were equal to the scudo which was equivalent to the AustrianConventionsthaler, hence they had no relation to the former currencies theVenetian lira and theMilanese scudo. The lira was divided into 100 centesimi (cents). Coins were minted in Milan and Venice.[71]
During the revolutions of 1848, the Lombard Provisional Government briefly suspended the production of the lira and minted instead a special 5 Italian lire coin. After the revolutions and the restoration of the Austrian monetary standard, copper coins were reduced in weight. For political purposes the name on these coins (the most popular in circulation) was changed fromKingdom of Lombardy–Venetia to theAustrian Empire.
TheLombardy-Venetia florin was the currency ofLombardy-Venetia (reduced to the sole Venetia three years before) between 1862 and 1866. It replaced theLombardo-Venetian lira at a rate of 1 florin = 3 lire.[72] The florin was equivalent to theAustro-Hungarian florin. Although it was subdivided into 100soldi rather than 100kreutzers, Austrian coins circulated in Venetia.
The only coins issued specifically for Venetia were copper1⁄2 and 1 soldo pieces. The name soldo was chosen due to the equivalence of the predecimal kreutzer and soldo, both worth1⁄120 of aConventionsthaler.
The florin was replaced by theItalian lira at the rate of 1 lira =40+1⁄2 soldi (1 florin = 2.469 lire). This rate corresponded to the comparative silver contents of the lira and florin coins.
ThePapal lira was the currency of thePapal States between 1866 and 1870. It was subdivided into 20soldi, each of 5centesimi. In 1866Pope Pius IX, whose temporal domain had been reduced to only the province ofLatium, decided to join theLatin Monetary Union.[73] A new currency, the lira, was introduced with the same value of theFrench franc and theItalian lira.
It replaced thescudo at a rate of 5.375 lire = 1 scudo. The lira was subdivided into 100centesimi and, differently from the other currencies of the union, into 20soldi. However, all denomination in soldo had an equivalence in cents. However, after joining the Union, the Pope's treasurer,Giacomo Antonelli, devalued the purity of the Papal silver coins from 900/1000 to 835/1000.[74] With the annexation of thePapal States to Italy in 1870, the Papal lira was replaced by theItalian lira at par.
TheNapoleonic Kingdom of Italy introduced theItalian lira in 1807 at par with theFrench franc, worth 4.5 grams of fine silver or 0.29032 gram of fine gold (gold-silver ratio 15.5). Despite the kingdom's fall in 1814, this new lira eventually replaced the currencies of the different Italian states untiltheir unification in 1861, replacing, among others:
The Napoleonic Kingdom of Italy issued coins between 1807 and 1813 in denominations of 1 and 3 centesimi and 1soldo (5 centesimi) in copper, c.10 in 20% silver alloy, s.5, s.10 and s.15 (or c.25, c.50 and c.75 centesimi), 1 lira, 2 lire and 5 lire in 90% silver and 20 lire and 40 lire in 90% gold. All except the c.10 bore a portrait ofNapoleon I, with the denominations below 1 lira also showing aradiate crown and the higher denominations, a shield representing the various constituent territories of the Kingdom.
After the end of the Napoleonic Kingdom of Italy in 1814, the lira remained present only in theDuchy of Parma and theKingdom of Piedmont-Sardinia. The lira of Parma was introduced by DuchessMarie Louise, Duchess of Parma, who issued coin denominations of 1, 3, 5, 25, 50 cents and 1, 2, 5, 20 and 40 lire,[76] while gold coins of 10, 50, 80 and 100 lire were also minted from the Piedmont-Sardinia lira introduced byVictor Emmanuel I of Savoy.[77]
Since Italy has been for centuries divided into manyhistoric states, they all had different coinage systems, but when the country becameunified in 1861, theItalian lira came into place, and was used until 2002. In 1999, theeuro became Italy'sunit of account and the lira became a national subunit of the euro at a rate of 1 euro = 1,936.27 lire, before being replaced as cash in 2002.
TheItalian lira (Plural: lire) was the currency of Italy between 1861 and 2002. It was introduced by theNapoleonic Kingdom of Italy in 1807 at par with theFrench franc, and was subsequently adopted by the different states that would eventually form theKingdom of Italy in 1861. It was subdivided into 100centesimi (singular:centesimo), which means "hundredths" or "cents". The lira was also the currency of theAlbanian Kingdom from 1941 to 1943.[78]
The term originates fromlibra, the largest unit of theCarolingian monetary system used in Western Europe and elsewhere from the 8th to the 20th century.[5] The Carolingian system is the origin of the Frenchlivre tournois (predecessor of thefranc), the Italian lira, and thepound unit ofsterling and related currencies.
There was no standardsign or abbreviation for the Italian lira. The abbreviationsLit. (standing forLira italiana) and L. (standing forLira) and the signs₤ or£ were all accepted representations of the currency. Banks and financial institutions, including theBank of Italy,[79] often usedLit.[80][81] and this was regarded internationally as the abbreviation for the Italian lira.[82] Handwritten documents and signs at market stalls would often use "£" or "₤",[83][84] while coins used "L."[85][86]Italian postage stamps mostly used the wordlire in full but some (such as the 1975 monuments series) used "L." The name of the currency could also be written in full as a prefix or a suffix (e.g. Lire 100,000 or 100,000 lire). TheISO 4217currency code for the lira wasITL.
Italian unification also highlighted the confusion of the pre-unification Italian monetary system which was mostly based on silver monometallism and therefore in contrast with the gold monometallism in force in theKingdom of Sardinia and in the major European nations.[87] To reconcile the various monetary systems it was decided to opt forbimetallism, taking inspiration from theFrench franc model, from which the dimensions of the coins and the exchange rate of 1 to 15.50 between gold and silver were taken. The Italian monetary system, however, differed from the French one in two aspects: silver coins could be exchanged in unlimited quantities with the State, but limited quantities between private individuals and it was decided to mint coins that nominally had 900‰ fine silver, but which in fact they contained 835‰ so as to approach the real exchange rate between gold and silver which was approximately 1 to 14.38.[88] Exactly four months after theproclamation of the Kingdom of Italy, the government introduced the new national currency, theItalian lira. The legal tender of the new currency was established by the Royal Decree of 17 July 1861 which specified the exchange of pre-unification coins into lire and the fact that local coins continued to be legal tender in their respective provinces of origin.[89]
On 24 August 1862 the decree was issued which established the decommissioning of all other coins circulating in the various pre-unification states by the end of the year.[90]Italian lira was a direct continuation of theSardinian lira. Other currencies replaced by the Italian lira included theLombardo-Venetian lira, theTwo Sicilies piastra, theTuscan fiorino, thePapal States scudo and theParman lira. In 1865, Italy formed part of theLatin Monetary Union in which the lira was set as equal to, among others, theFrench,Belgian andSwiss francs: in fact, until the introduction of the euro in 2002, people speaking theGallo-Italicdialects in north-western Italy usually called"franc" the lira.[91]
In 1866, due to the growth of public spending, partly due to the costs of theThird Italian War of Independence, the inconvertible paper money system was established, which lasted until 1881 (with effect from 1883). However, already at the end of 1887 the convertibility of the notes had to be effectively suspended, even without openly declaring it. In 1893, theBanca Romana was put into liquidation, hit by a seriousscandal, and theBank of Italy was created, with a gold backing of at least 40% of the lire in circulation.
KingVictor Emmanuel III, who succeeded his fatherUmberto I on the throne of Italy in 1900, was a scholar of numismatics and a great collector of coins; he published theCorpus Nummorum Italicorum (1909–1943), a work in 20 volumes in which Italian coins are described and classified.[92] During his reign, a rich and varied circulating coinage was minted. Upon his abdication, he donated his coin collection to the Italian state: this collection is partially exhibited in theRoman national museum of Palazzo Massimo in Rome.[93]
World War I broke the Latin Monetary Union and resulted in prices rising severalfold in Italy. Inflation was curbed somewhat byMussolini, who, on 18 August 1926, declared that the exchange rate between lira and pound would be £1 = 90 lire—the so-calledQuota 90, although the free exchange rate had been closer to 140–150 lire per pound. In 1927, the lira was pegged to the U.S. dollar at a rate of 1 dollar = 19 lire.[94] This rate lasted until 1934, with a separate "tourist" rate of US$1 = 24.89 lire being established in 1936. In 1939, the "official" rate was 19.8 lire. After the Allied invasion of Italy during World War II, an exchange rate was set at US$1 = 120 lire (1British pound = 480 lire) in June 1943, reduced to 100 lire the following month. In German-occupied areas, the exchange rate was set at 1Reichsmark = 10 lire.
After the war, the Roman mint first issued the first 1, 2, 5 and 10 lira coins (6 September 1946). They were officially set up on 21 December of the same year and were used up to 1953–4.[95] Italy joined theInternational Monetary Fund on 27 March 1947.[96] The value of the lira fluctuated, before Italy set a peg of US$1 = 575 lire within theBretton Woods System in November 1947. Following the devaluation of the pound, Italy devalued to US$1 = 625 lire on 21 September 1949. This rate was maintained until the end of the Bretton Woods System in the early 1970s.
In December 1973 some of the majorOPEC countries decided to sharply increase the price of crude oil, thus triggering anoil crisis that hit theItalian economy hard. The increase in oil prices caused a sudden increase in the cost of money which in the spring of 1974 brought the Bank of Italy'sdiscount rate to 9%; furthermore, to combat the crisis a lot ofGovernment debt was issued which in 1975 exposed the lira to intensespeculative phenomena.[97] The increase in debt triggered by the oil crisis caused a strong devaluation compared to other European currencies and for its recovery the Bank of Italy raised the discount rate up to 15% in the autumn of 1976.[98]
The 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.[99]All lira banknotes in use immediately before the introduction of the euro, as all post WW2 coins, were still exchangeable for euros in all branches of the Bank of Italy until 29 February 2012.
The euro officially began circulating in Italy on 1 January 2002 (even though the creation of Italian lira coins was suspended in 1999).[95]Italian euro coins have a design unique to each denomination, though there are many themes of works by one of the most renowned and famous Italian artists and painters. In particular, on the reverse of Italian euro coins are depicted:[100]
Each coin is designed by a different designer, from the 1 cent to the 2 euro coin they are: Eugenio Driutti, Luciana De Simoni, Ettore Lorenzo Frapiccini, Claudia Momoni, Maria Angela Cassol, Roberto Mauri, Laura Cretara and Maria Carmela Colaneri. All designs feature the12 stars of the EU, the year of imprint, the overlapping letters "RI" forRepubblica Italiana (Italian Republic) and the letter R for Rome.[101] There are no Italian euro coins dated earlier than2002, even though they were certainly minted earlier, as they were first distributed to the public in December 2001.
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The choice of the design of the coins was left to the Italian public by means of a television broadcast where alternative designs were presented, letting the people vote by calling a certain telephone number.[102] However, the 1 euro coin was missing in this election, becauseCarlo Azeglio Ciampi, the then economy minister, had already decided it would sport theVitruvian Man ofLeonardo da Vinci.[103] Leonardo's work is highly symbolic as it represents theRenaissance focus on man as the measure of all things, and has simultaneously a round shape that fits the coin perfectly. As Ciampi observed, this represents the "coin to the service of Man", instead of Man to the service of money.
As inFinland and theNetherlands, the minting of 1 and 2-cent coins was suspended in Italy from 1 January 2018. However, coins in circulation have legal value.[104] The cost of creating a one-cent euro coin exceeded its face value, resulting in negativeseigniorage. This amounted, in fact, to 4.5 cents. Even for the production of the two-cent coin, a sum greater than its value was spent: 5.2 cents.[105]
In 1999, following a technical error, 1,179,335 pieces of 20 cents were minted with the 1999 millage, instead of the 2002 millage foreseen by the issuing decree. Theminting error was discovered shortly afterwards and the then director of the Italian mint ordered the immediate deformation of the entire lot; unknown persons nevertheless managed to steal and put into circulation an unspecified number of coins, subject to seizure by theGuardia di Finanza as they were the exclusive property of the State.[106] In 2002 the Italian mint mistakenly minted the reverse side of a hundred 1 cent coins with theMole Antonelliana (which instead correctly went on the 2-cent coins), instead of the monument ofCastel del Monte, inApulia. Each of these coins has been valued by numismatists at more than 2,500 euros.[107]
{{cite book}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
This article incorporates text from a publication now in thepublic domain: Herbermann, Charles, ed. (1913). "Papal Mint".Catholic Encyclopedia. New York: Robert Appleton Company.Theaugustalis continued to be struck in theregno throughout the rest of the reign, and was even continued by later kings.
Sambon and others have supposed that augustales in Frederick's name continued to be issued [by his successors] down to 1266, which is possible but unsupported by positive evidence.
{{cite book}}: CS1 maint: location missing publisher (link) (cited inRossi, Marinella (2013).La borsa di Roma dal 1847 al 1860 [The Rome Stock Exchange from 1847 to 1860](PDF) (Thesis) (in Italian). Tesionline. p. 1.Archived(PDF) from the original on 27 September 2007. Retrieved4 February 2010. (first degree thesis)){{cite book}}: CS1 maint: location missing publisher (link) (cited inRossi, Marinella (2013).La borsa di Roma dal 1847 al 1860 [The Rome Stock Exchange from 1847 to 1860](PDF) (Thesis) (in Italian). Tesionline. p. 1. (first degree thesis)){{cite book}}:ISBN / Date incompatibility (help) Historic currency and coinage of Italy | ||
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