Italian Lira - Banknotes

Banknotes

In 1882, the government began issuing small value paper money bearing the title "Biglietto di Stato". To begin with, there were 5 and 10 lire notes, to which 25 lire notes were occasionally added from 1895. The government also issued notes titled "Buono di Cassa" between 1893 and 1922 in denominations of 1 and 2 lire. Production of Biglietti di Stato ceased in 1925 but resumed in 1935 with notes for 1, 2, 5 and 10 lire being introduced by 1939.

The Bank of Italy began producing paper money in 1896. To begin with, 50, 100, 500 and 1,000 lire notes were issued. In 1918-1919, 25 lire notes were also issued but no other denominations were introduced until after the Second World War.

In 1943, the invading Allies introduced notes in denominations of 1, 2, 5, 10, 50, 100, 500 and 1,000 lire. These were followed in 1944 by a series of Biglietti di Stato for 1, 2, 5 and 10 lire, which circulated until replaced by coins in the late 1940s. In 1945, the Bank of Italy introduced 5,000 and 10,000 lire notes.

In 1951, the government again issued notes, this time simply bearing the title "Repubblica Italiana". Denominations were of 50 and 100 lire (replacing the Bank of Italy notes) and they circulated until coins of these denominations were introduced in the mid 1950s. In 1966, 500 lire notes were introduced (again replacing Bank of Italy notes) which were produced until replaced in 1982 by a coin.

50,000 and 100,000 lire notes were introduced by the Bank of Italy in 1967, followed by 2,000 lire in 1973, 20,000 lire in 1975 and 500,000 lire in 1997.

In the mid 1970s, when coinage was in short supply, Italian Banks printed "miniassegni" in 50- and 100-lire amounts. Technically bearer checks, they were printed in the form of banknotes and were generally accepted as substitute legal currency.

Notes in circulation when the euro was introduced were:

• 1,000 lire, Maria Montessori (€ 0.516)
• 2,000 lire, Guglielmo Marconi (€ 1.03)
• 5,000 lire, Vincenzo Bellini (€ 2.58)
• 10,000 lire, Alessandro Volta (€ 5.16)
• 50,000 lire, Gian Lorenzo Bernini (€ 25.82)
• 100,000 lire, Caravaggio (€ 51.65)
• 500,000 lire, Raffaello (€ 258.23)