Therefore, creating a single currency for the new economic area was a top priority. The reverse depicted the Venetian lion, the Lion of Saint Mark. Following the example of the Venetian lira, several city-states in northern Italy stared to produce silver lire according to various weight standards. We learned already that the lira according to the French weight standard was established in the Kingdom of Sardinia-Piedmont at the time of Napoleon Bonaparte. This is the coin that was adopted by the Kingdom of Italy in Together with the common currency, the decimal system was also introduced in Italy: one lira italiana was worth centesimi.
By the way, the young state of Italy attached great importance to well-minted coins. Not only silver and gold coins but also the smallest fractional copper issues were designed in a sophisticated style and carefully minted. In , Italy made another minor change to the lira: the fineness was slightly reduced. A lira weighed 5 grams, exactly the same as a French franc.
The gold coins of 10 and 20 lira corresponded to the gold 10 and 20 franc pieces, and the issues of the franc countries — France, Belgium and Switzerland — were also legal tender in Italy. As was to be expected, Italy joined the Latin Monetary Union in The Union experienced its first crisis as early as in , when Italy had to introduce a set exchange rate for its paper money due to the costly war against Austria. As a result, Italian silver coinage and even the small copper coins migrated abroad, where they were used as official tender too.
In , all Italian silver coins were confiscated in a large-scale operation in Switzerland and sold to Italy. In a vain attempt to return to the metal currency, they were melted down in Italy and newly minted. In the next episode, we will conquer a new capital: Rome!
And, of course, this also changes the monetary system of the Papal States …. In our archive , we have made all of the content available which has been published since CoinsWeekly was established.
Saturday, Sponsored by. Turkey's currency - the worst performer in emerging markets again this year - also neared a record intraday low versus the euro at The higher-than-expected U. Rising U. Analysts expect more easing despite the already deeply negative real rate. And historically, any level that is so misaligned with the rest of the market doesn't bring good things to Turkey," he said.
Deutsche Bank said the central bank's emphasis on core inflation and the current account suggests it will cut rates by basis points in both November and December, despite the lira depreciation and jump in commodity prices. A trader at one local bank said Turks have grown more sensitive to rising prices and less sensitive to interest rates. Overall consumer price inflation was In a shift in guidance, the bank said last month the current account deficit was the country's main problem, and narrowing the shortfall was key to tackling price stability and supporting the lira.
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