Italy was a fundamental pillar of the Latin Monetary Union (LMU). Starting in 1861, the newly unified Kingdom of Italy struck silver coins that were interchangeable with the currency of France, Belgium, and Switzerland. This standardization allowed Italian Lire to circulate freely across most of Europe for over half a century.
Following the world wars, Italy was one of the few European nations to reintroduce high-purity silver into general circulation. The 500 Lire "Caravels" series (starting in 1958) became an iconic piece of Italian numismatic history. While most nations moved toward base metals, these 83.5% silver coins remained a staple of Italian pockets until inflation eventually necessitated their removal.
| Coin Type | Purity | Years | ASW (oz) |
|---|---|---|---|
| 500 Lire (Caravels) | 83.5% | 1958-1967 | 0.2953 |
| 500 Lire (Commem) | 83.5% | 1961-1965 | 0.2953 |
| 20 Lire (Littore) | 80.0% | 1927-1934 | 0.3858 |
| 10 Lire (Biga) | 83.5% | 1926-1934 | 0.2685 |
| 5 Lire (Aquilino) | 83.5% | 1926-1930 | 0.1342 |
| 5 Lire (LMU) | 90.0% | 1861-1879 | 0.7234 |
| 2 Lire (LMU) | 83.5% | 1861-1917 | 0.2685 |
| 1 Lira (LMU) | 83.5% | 1861-1917 | 0.1342 |
| 50 Centesimi | 83.5% | 1861-1919 | 0.0671 |
