Currency Exchange International: History of the Italian currency from the Florentine guilder to the European euro
Fun fact: The euro was introduced as the currency of the European Union in 1999, but banknotes and coins were put into circulation in 2002. The European Union describes it as the “biggest monetary change in history”, replacing 12 national currencies when it was introduced. It is now the currency that is linked to 19 countries and has been around for 22 years. If you are planning to visit Italy, or one of the great cities of Italy, why not learn a little more about the history of their currency?
What currency did Italy use during the Renaissance?
The florin, a name derived from the French Fleur-del-lis, ⚜ was the insignia of the city of Florence that was encrusted on one side of the coin. The Italian guilder was the first coin produced in series in Europe. The guilder provided the standard for currency across Europe and became the trade coin of choice that was worth more than silver. Many European countries began to take inspiration from the guilder when issuing their currencies. The guilder remained the currency of Italy until the 16th century, when the Italian lira replaced it.
What currency did Italy use after the florin?
Italy has been divided into many city-states for centuries, but once the country unified, the Italian lira came into effect in 1861. The term lira comes from the value of a troy pound in high purity silver. . The denominations that were in circulation were 1,000 L, 2,000 L, 5,000 L, 10,000 L, 50,000 L, 100,000 L and 500,000 L. While the coins were 1L, 2L, 5L 20L 50L, 100L , 200L, 500L and 1000L. The lira was the official currency in Italy in 1861 until it was replaced by the euro in 1999, euro coins and banknotes were not introduced until 2002.
What currency is used in Italy today?
Following the adoption of the euro by Italy, the Italian economy flourished and remained stable. Today, according to www.currency-history.infoItaly has the ninth largest economy in the world and the third largest economy in Europe, thanks to its tourism and wine industry. Overall, the euro has had a tremendous impact on Europe by enabling price stability within the euro area, better integration and greater influence in the global economy. As a result, the Euro is highly valued and is the second most traded currency in the world and the most traded with the CXI.
Fun fact: New countries in the European Union are trying to become members of the euro area. Romania (Romanian leu) plans to start using the euro in 2022 and Croatia (Croatia Kuna) in 2024.
If you are going to Italy, you can reserve your currency online with CXI to pick up before you go!
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