Adoption of the Sardinian monetary standard during the unification period: - 28.06.1859: Emilia-Romagna Province (former Papal) - 20.11.1859: Tuscany - 17.08.1860: Island of Sicily - 25.09.1860: Mainland territories of Naples-Sicily - 24.10.1860: Marches Province (former Papal) - 10.11.1860: Umbria Province (former Papal) - 17.07.1861: Lombardy (former Austrian).
17.07.1861
Royal decree [No. 123] on the creation of the Italian currency; effective 03.08.1861
08.12.1861
Start of issuance of the unified coinage - 02.05.1861: Ordinance [No. 16] on the specifications of the gold and silver coins; effective immediately - 02.05.1861: Ordinance [No. 17] on the specifications of the subsidiary coins; effective immediately - 08.12.1861: Ordinance [No. 368] on the issuance of gold and silver coins; effective immediately - 31.12.1867: Demonetization of the Austrian coinage in Venice - 31.12.1885: Demonetization of the coinage of the Italian States.
24.08.1862
Currency act [No. 788] on the issuance of Italian coins; effective immediately: - 03.09.1868: Proclamation by Royal decree [No. 4573] in the provinces of Venice and Mantova (former Austrian) - 13.10.1870: Proclamation by Royal decree [No. 5920] in the province of Rome (former Papal).
10.04.1919
Currency exchange in the former Austrian territories annexed after World War I: - 31.03.1919: Royal Decree [No. 2227], established the exchange rate at 6 Italian Lire = 10 Austrian Crowns - The banknotes of the Austro-Hungarian Bank were counterstamped (according to the treaty of St. Germain) - 10.04.1919: Start of exchange period - 30.04.1919: End of exchange period (extended in Dalmatia).
21.12.1927
Royal Decree [No. 2325] on the stabilization of the currency and re-establishment of the gold standard (subsequently converted into the law [No. 1453] of 07.06.1928); effective immediately
05.10.1936
Royal Decree [No. 1745] on the stabilization of the currency and re-establishment of the gold standard; effective immediately
1943-1945
Occupation during World War II: - July 1943: Start of issuance of Allied military paper money in the occupied territories at the rate of 1 US Dollar = 100 "Military" Lire (this rate was later adopted for general use) - September 1943: Start of issuance of German occupation paper money (Reichskreditkassen) in the occupied territories at a rate of 1 German Reichsmark = 10 Italian Lire.
Valuation Regimes
1861-1914
Metallic currency based on circulating gold and silver coins
1914-1927
Variable rate, gold parity suspended on ??.08.1914
1927-1943
Fixed rate against US Dollar, gold parity suspended on 26.05.1934, restored on 05.10.1936
1943-1946
Fixed "military" rate against US Dollar, no regular rates
1946-1973
Fixed rate against US Dollar
1973-1998
Variable rate
Rate Arrangements
17.07.1861
Metallic
Lira: 290.32mg AU fine & 4'500.00mg AG fine
3'100 Lire to the kilogram gold 0.900 and 200 Lire to the kilogram silver 0.900 => AU : AG = 15.500
??.08.1914
Variable
initially: US Dollar at 1 : 3.86 (?)
±0.0%
21.12.1927
Fixed
US Dollar at 1 : 19 - [Gold parity] 79.19mg AU fine
-
26.05.1934
Fixed
US Dollar at 1 : 19
±0.0%
05.10.1936
Fixed
US Dollar at 1 : 19 - [Gold parity] 46.77mg AU fine
±0.0%
18.11.1943
Fixed
US Dollar at 1 : 100.00 - "Military" rate
-81.0%
07.02.1946
Fixed
US Dollar at 1 : 225.00 - Commercial rate
-55.6%
07.07.1947
Fixed
US Dollar at 1 : 350.00 - Official rate
-35.7%
28.11.1947
Fixed
US Dollar at 1 : 575.00
-39.1%
21.09.1949
Fixed
US Dollar at 1 : 625.00
-8.0%
18.12.1971
Fixed
US Dollar at 1 : 581.50
+7.5%
14.02.1973
Variable
initially: US Dollar at 1 : 523.35
+11.1%
Time Period: 1999-
Timeline
03.05.1998
Decision of the European Council [CELEX 31998D0317] to admit 11 member states to the European Monetary Union; effective 01.01.1999
31.12.1998
Ordinance of the European Council
[CELEX 31998R2866], determines the irrevocable conversion rates for the 11 member countries; effective 01.01.1999
01.01.1999
Start of currency exchange: - 01.01.1999: Introduction of the European Euro as a unit of account (while retaining the national banknotes and coins) at a rate to the Italian Lira of 1 : 1'936.27 - 01.01.2002: Start of issuance of banknotes and coins denominated in Euro - 28.02.2002: Demonetization of the banknotes and coins in Italian Lira.