Science Fair Project Encyclopedia
Lira
| Lira | |
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| Vittorio Emanuele II: 1 Italian lira 1863 | |
Lira is the name of the monetary unit of a number of countries, as well as the former currency of Italy, San Marino and the Vatican City.
The term originates from the value of a Troy pound weight (Latin libra) of high purity silver, and as such is a direct cognate of the British pound sterling; in some countries, such as Cyprus, the words lira and pound are used as equivalents. L, sometimes in a crossed script form (₤), is usually used as the symbol.
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Former currencies
Italy
Perhaps the best known "lira", the Italian lira (plural lire) was the official unit of currency in Italy until January 1, 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on February 28 2002. The conversion rate was 1936.27 lire to the euro.
Vatican City
The Vatican lira (plural lire) was the official unit of the Vatican City State. Vatican City. It was on par to the Italian lira on the terms on the concordat with Italy. Italian lira notes and coins were legal tender throughout the Vatican City State. Specific Vatican coins were minted in Rome, being legal tender also in Italy and San Marino.
The Vatican City state has switched to the euro like Italy. As with old vatican lira coins, the Vatican City has its own set of euro coins.
San Marino
The San Marino lira (plural lire) was the official unit of San Marino. It was on par to the Italian lira.
Italian lira notes and coins were legal tender in San Marino, but specific San Marinese coins were minted in Rome, being legal tender in all Italy, as well as the Vatican City.
San Marino has switched to the euro like Italy. As with old San Marino lira coins, this country has its own set of euro coins.
Lebanon
Lebanon once used the lira but now uses the Lebanese Pound.
Current uses
Turkey
The Turkish Lira was introduced in the mid 1870s. The New Turkish Lira which is equivalent to 1,000,000 old lira, is the current currency of Turkey, issued on January 1 2005.
Malta
The Maltese Lira, known in the Maltese language as the Lira Maltija, is the currency of Malta.
Cyprus
The Cyprus pound qualifies also, since it is called "lira" in the local languages.
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