Lira: Meaning (information, definition, explanation, facts)

This article is about the currencies, for the Ugandan city see Lira, Uganda. For the Lira communication system, see Lira (ISS).

Lira
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; in some countries the words lira and pound are used as equivalents. L, sometimes in a crossed script form (£), is usually used as the symbol.

former Currencies

Italy

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.

The Turkish currency (TRL or TL - Türk Lirası), also called the lira, is often referred to as the Turkish lira outside Turkey, to avoid confusion with the better-known (former) Italian money. It was originally divided into 100 Kurus, each of which were in turn divided into 40 Para.

Before the lira, the monetary unit used by the Ottoman Empire was first the Akçe, later to be replaced by the Kurus (Piastre), with the Para as a subunit. Having begun as a large silver coin, by the late 1800s the Kurus had shrunk to a small silver coin which equated to 1/100th of one gold lira.

The Banque Imperiale Ottomane (Imperial Ottoman Bank) first issued paper currency denominated in Kurus, with values ranging from 5 to 5000 Kurus. The denomination switched from Kurus to Lira in the mid 1870s. Denominations ranged from 5 Kurus to 1000 Lira, with the 50,000 Lira banknote specially prepared to fund the issue of small change (1 and 2.5 Kurus) notes.

World War One saw Turkey effectively depart from the gold standard with the gold lira being worth about 9 Lira in paper money by the early 1920s.

The new Turkish Republic replaced the older imperial Ottoman paper Liras with the Turkish Lira being reissued as a mid size silver coin. Turkish Lira notes were also introduced in denominations of 1, 5, 10, 50, 100, 500 and 1000 Lira. Each note carried the portrait of Mustafa Kemal Ataturk

After Ataturk's death in 1938, new notes were prepared with the portrait of President Ismet Inonu. Ataturk reappeared on a subsequent series of notes in the early 1950s.

Chronic inflation from the late 1970s saw the Turkish Lira gradually depreciate against other major currencies.

• 1933 - 1 US Dollar = 2 Turkish Lira.

• 1966 - 1 US Dollar = 9 Turkish Lira.

• 1980 - 1 US Dollar = 90 Turkish Lira.

• 1988 - 1 US Dollar = 1,300 Turkish Lira.

• 1995 - 1 US Dollar = 45,000 Turkish Lira.

• 2001 - 1 US Dollar = 1,650,000 Turkish Lira.

The Turkish Lira has since slid in value to such an extent that one original gold lira coin can be sold for approximately 120,000,000 Turkish Lira today.

In the last few years the Turkish Lira has stabilised and even risen against the US Dollar and the Euro. As of June 2004, it trades at about 1,500,000 lira to 1 US dollar, and at about 1,800,000 lira per 1 euro.

A portrait of Mustafa Kemal Ataturk appears on all Turkish banknotes and coins. Reverse designs of banknotes vary. Present denominations include:

Banknotes:

500,000 Lira - purple - Canakkale Dardanelles (Anzac) Campaign Memorial

1,000,000 Lira - pink and blue - GAP Project Dam in Southeastern Turkey

5,000,000 Lira - brown - Ataturk Mausoleum in Ankara.

10,000,000 Lira - red - Cartographer Piri Reis' map and ship.

20,000,000 Lira - green - Ruins of Ephesus.

Coins:

50,000 Lira

100,000 Lira

250,000 Lira

As from 1 January 2005 the Turkish unit will be revalued at a rate of 1,000,000 Lira for 1 New Turkish Lira (YTL - "Yeni Turk Lirasi"). The New Lira will be divided into 100 New Kurus, and issued in denominations of 1, 5, 10, 20, 50 and 100 YTL notes, and 1, 5, 10, 25, 50 kurus and 1 YTL coins.

• [1] - Turkish Central Bank (Banknote Museum page)

The Maltese Lira, known in the Maltese language as the Lira Malti, is the currency of Malta. It was previously known as the Maltese Pound, which was on a par with the British pound sterling until the late 1960s, since when the Maltese Lira has traditionally been worth around £1.60 sterling.

Divided into 100 cents, the Lira (plural Liri) is abbreviated as LM, although the traditional £ sign may still be seen locally.

(likewise...)