What Kind of Money Does Italy Use?

Since 2002, Italy has used the euro as its currency, replacing the old currency known as the lira. The changeover was part of the European Union's effort to adopt a single currency and monetary policy for its member nations. The euro comes in various denominations and is available as banknotes and coins.

History

The government of newly unified Italy chose the lira as the national currency in 1860. in 1999, Italy joined 10 other nations in the European Union in changing over to the euro. The switch to euro banknotes and coins became official on January 1, 2002.

Types

The euro (symbol €) is based on 100 cents per one euro. The seven banknotes come in €500, €200, €100, €50, €20, €10 and €5 denominations. There are eight euro coins: €2 and €1 and 50, 20, 10, 5, 2 and 1 cents.

Identification

Each country has its own designs for its euro notes and coins that reflect the country's history and heritage. The Italian €1 coin depicts da Vinci's Vitruvian man. The 5-cent coin shows the Colosseum.

Considerations

You can convert your currency to euros at banks or money changing offices (cambio) in Italy.You can check current exchange rates at online sites such as www.xe.com or www.bloomberg.com.

Time Frame

The European Union gave nations two months to convert to the euro. Italians were able to use the lira until the end of February 2002.

References

• Lira to euro transition
• Euro denominations
• EU fiscal policy

Resources

• Italian currency