In 1999 the members of the European Union (except the United Kingdom and Denmark), agreed to have common currency in order to make travel and trade more accessible and easier. Since then, Greece, France, Spain, Germany, Estonia, Finland and many other countries, share the same money.
So, what currency does Italy use? The national and official currency of Italy is the euro. The symbol of the Italian money is the € and the international code is the EUR. One euro is divided into 100 cents, and you´ll find eight different types of coins for the Italian currency: 1cts, 2cents, 5 cents, 10cents, 20 cents, 50 cents as well as 1euro and 2-euro coins. When talking about the Italian bank notes, you can find 7 different kinds: 5, 10, 20, 50, 100, 200 and 500 euros.
What currency did Italy use before the euro?
The former Italian currency unit before the euro was the lira. The lira was used in Rome, Milan and every single territory of the Italian country. The value of the lira was very low comparing it with the euro. By the time it was replaced, 1 euro was equivalent to 1,936.27 Italian liras.
The lira begun to be used in Italy in 1861 and it last until 2002, when the euro become the new official currency of Italy. The transition took place from 1999 to 2001, when both currencies were accepted, and the lira stopped being produced.
What was the old currency of Italy? History
The history of Italy as a country is relatively new. Until 1861 Italy didn´t even exist, as it was just a group of individual and different states spread through the Italian peninsula. That year is when the unification took place and when first currency of the Kingdom of Italy appeared. As we have said previously, it was the lira.
Before that, each state had its own type of currency. The Kingdom of Sardinia used Sardinian Lira, The Ducat was the official currency of the Kingdom of the Two Silicies, in the Papal States they had the Roman Scudo, the Grand Duchy of Tuscany used the Tuscan Florin and so on…
What is the Italian currency exchange rate?
The euro is one of the most traded currencies in the world, it ranks in the second position. As of April 2020, this was the Italian currency exchange rate with other countries:
- Italian currency to USD: 1€ = 1.08 US dollars
- Italian currency to Indian rupee: 1€ = 82,25 IRP
- Currency of Italy to British currency: 1€ = 0,87 British pounds
- Italian currency to Canadian dollars: 1€ = 1,53 CAD