 The basic Italian monetary unit is the "Lira" (plural "lire", abbreviation ITL) , but, starting from January 1st , 2002, there will be the "Euro" (plural euro), which will replace it completely by July 1st of the same year.
The Italian bank-notes (bills) are issued in 7 different denominations: 1000 ITL, 2000 ITL, 5000 ITL, 10000 ITL, 50000 ITL, 100000 ITL and 500000 ITL (see picture on the left). Apart the latter all the others are very common.
The coins exist in denominations of 50, 100, 200, 500 and 1000 lire. Those of 50 and 100 lire exist in three sizes, the most recent ones having a diameter of approx. 1,5 cm.
With the introduction of the Euro, which will happen simultaneously in all 11 countries taking today part of the European Monetary Union, it will be possible to move from one country to another using one single money.
The Euro will be issued in bank-notes (bills) of 5, 10, 20, 50, 100, 200 and 500 euro (see picture on the right). These bank-notes will bear one side identical in all countries and the other changing depending on the issuing country, without prejudice to the free circulation in the other countries.
The same system applies to the coins minted, being of 0.01, 0.02, 0.05, 0.10, 0.50, 1, 2 and 5 euro (see picture below right).
Actually, there is no restriction as to foreign money to be brought into Italy, although it is better to declare it at the custom's office at your arrival in order to prevent difficulties at your departure.
The best exchange rates will be found in banks, better than in shops or hotels. Current money and traveler's checks may be changed as well in airports and in some travel agencies.
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