The Euro and Italy
Italy is one of twelve European Union countries who have changed over to a single currency, the euro (E). The transition period, which began on Jan 1, 1999, is however lengthy: euro notes and coins were not issued until Jan 1, 2002, with lira remaining in place for cash transactions, at a fixed rate of 1936.27 lire to 1 euro, until scrapped entirely at the end of February, 2002.Even before euro cash appeared in 2002, you could opt to pay in euros by credit card and you can get travellers’ cheques in euros - you should not be charged commission for changing them in any of the twelve countries in the euro regularize (also known as “Euroland”), nor for changing from any of the old Euroland currencies to any other (French francs to lira, for example).
All prices in this guide are given in lira and the exact equivalent in euros. When the new currency takes over completely, prices are likely to be rounded off - and if decimalization in the UK is anything to go by, rounded up.
Euro notes are issued in denominations of 5, 10, 20, 50, 100, 200 and 500 euros, and coins in denominations of 1, 2, 5, 10, 20 and 50 cents and 1 and 2 euros.
Category: About Italy