lire

Lire is the plural form of lira, the former currency of Italy from 1861 until its replacement by the euro in 2002. The lira was also used in the Vatican City and in San Marino under separate arrangements before the euro’s introduction. It was subdivided into 100 centesimi. The banknote and coin issuing authority in Italy was the Bank of Italy, with coins and notes circulating in a range of denominations over the years.

The name lira derives from the Latin libra, meaning balance or pound, and the plural lire reflects the Italian language convention for plural currencies. The lira was commonly denoted by the letter L or, in some contexts, by the symbol ₤.

During its existence, the lira went through numerous design changes in both coins and banknotes, reflecting Italy’s political and cultural history. Coins commonly featured Italian landmarks and cultural symbols, while banknotes depicted notable figures and elements of Italian heritage and art.

Euro introduction and exchange. In 1999, the euro was introduced as the common European accounting currency, and in 2002 euro banknotes and coins entered circulation, ending the legal tender status of the lire. The fixed exchange rate was set at 1 euro = 1,936.27 lire.

Legacy. The lire is remembered as a key part of Italy’s modern monetary history, associated with the country’s unification, economic events, and cultural representations of the late 19th and 20th centuries. It remains a reference in historical accounting and numismatics.