The centavo is a fractional monetary unit that represents one hundredth of a basic monetary unit in many countries around the world. The term comes from Latin centum, with the added suffix -avo. Places that use the centavo include: Argentine peso Bolivian boliviano Brazilian real Cape Verdean escudo Chilean peso Colombian peso Cuban peso Dominican peso East Timor centavo coins Ecuadorian centavo coins Guatemalan quetzal Honduran lempira Mexican peso Mozambican metical Nicaraguan córdoba Philippine peso Former forms of the centavo that are no longer in use include: Brazilian cruzeiro Brazilian cruzado Brazilian cruzado novo Costa Rican colón Ecuadorian sucre Salvadoran colón Guinea Bissau peso Mozambican escudo Portuguese escudo Portuguese Guinean escudo Portuguese Indian escudo Puerto Rican peso São Tomé and Príncipe escudo Venezuelan venezolano Venezuelan peso Cent Coin
Centime is French for "cent", is used in English as the name of the fraction currency in several Francophone countries. In France the usage of centime goes back to the introduction of the decimal monetary system under Napoleon; this system aimed at replacing non-decimal fractions of older coins. A five-centime coin was known as a sou, shilling. In Francophone Canada 1⁄100 of a Canadian dollar is known as a cent in both English and French. However, in practice, the form of cenne has replaced the official cent. Spoken and written use of the official form cent in Francophone Canada is exceptionally uncommon. In the Canadian French vernacular sou, sou noir and cenne noire are all known and accepted monikers when referring to either 1⁄100 of a Canadian dollar or the 1¢ coin. In the European community cent is the official name for one hundredth of a euro. However, in French-speaking countries the word centime is the preferred term. Indeed, the Superior Council of the French language of Belgium recommended in 2001 the use of centime, since cent is the French word for "hundred".
An analogous decision was published in the Journal officiel in France. In Morocco, dirhams are divided into 100 centimes and one may find prices in the country quoted in centimes rather than in dirhams. Sometimes centimes are known in former Spanish areas, pesetas. A centime is one-hundredth of the following basic monetary units: Algerian dinar Burundian franc CFP franc CFA franc Comorian franc Congolese franc Djiboutian franc Ethiopian birr Guinean franc Haitian gourde Moroccan dirham Rwandan franc Swiss franc Algerian franc Belgian franc Cambodian franc French Camerounian franc French Guianan franc French franc Guadeloupe franc Katangese franc Latvian lats Luxembourgish franc Malagasy franc Malian franc Martinique franc Monegasque franc Moroccan franc New Hebrides franc Réunion franc Spanish Peseta Tunisian franc Westphalian frank
The lira was the currency of the Vatican City between 1929 and 2002. The Papal States, by reduced to a smaller area close to Rome, used its own lira between 1866 and 1870, after which it ceased to exist. In 1929, the Lateran Treaty established the State of the Vatican City and, according with the terms of the Treaty, a distinct coinage was introduced, denominated in centesimi and lire, on par with the Italian lira. Italian coins and banknotes were legal tender in the Vatican City; the Vatican coins were minted in Rome and were legal tender in Italy and San Marino. In 2002, the Vatican City switched to the euro at an exchange rate of 1 euro, it has its own set of euro coins. The development of Vatican coins mirrored the development of the Italian lire coins. In 1929, copper 5 and 10 centesimi, nickel 20 and 50 centesimi, 1 and 2 lire, silver 5 and 10 lire coins were introduced. In 1939, aluminium bronze replaced copper and, in 1940, stainless steel replaced nickel. Between 1941 and 1943, production of the various denominations was reduced to only a few thousand per year.
In 1947, a new coinage was introduced consisting of aluminium 2, 5 and 10 lire. The sizes of these coins were reduced in 1951. In 1955, stainless steel 50 and 100 lire were introduced, followed by aluminium bronze 20 lire in 1957 and silver 500 lire in 1958; the 1 and 2 lire ceased production in 1977, followed by the 5 lire in 1978. Aluminium-bronze 200 lire were introduced in 1978, followed by bi-metallic 500 and 1000 lire in 1985 and 1997, respectively; the 50 and 100 lire were reduced in size in 1992. Beginning in 1967, the Vatican began issuing coins using Roman numerals for the year of issue, as opposed to the more common Arabic numerals. Vatican lire coins were discontinued with the advent of the euro. Vatican City has issued its coins in yearly changing commemorative series, featuring a wide variety of themes. While most of these were sold in the form of uncirculated mint sets, a portion of Vatican coins were released into general circulation. Vatican euro coins Philatelic and Numismatic Office of the Vatican City State Economy of the Vatican City Index of Vatican City-related articles
Revaluation of the Turkish Lira
The new Turkish lira was the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus between 1 January 2005 and 31 December 2008, a transition period for the removal of six zeroes from the currency. The new lira was subdivided into 100 new kurush; the symbol was YTL and the ISO 4217 code was TRY. Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the old lira experienced severe depreciation. Turkey suffered hyperinflation. From an average of 9 lira per U. S. dollar in the late 1960s, the currency came to trade at 1.65 new lira per U. S. dollar in late 2001. This represented an average inflation of about 38% per year. Prime Minister Recep Tayyip Erdoğan had called this problem a "national shame". With the revaluation of the Turkish old lira, the Romanian leu became the world's least valued currency unit. 1966 — 1 U. S. dollar = 9 lira 1980 — 1 U. S. dollar = 0.0001 lira 1988 — 1 U. S. dollar = 0.0018 lira 1995 — 1 U. S. dollar = 0.0611 lira 1996 — 1 U.
S. dollar = 0.1075 lira 2001 — 1 U. S. dollar = 1.4396 lira 2004 — 1 U. S. dollar = 1.3421 lira 25 July 2008 — 1 U. S. dollar = 1.21 lira 6 November 2008 — 1 U. S. dollar = 1.6 lira 18 July 2012 — 1 U. S. dollar = 1.81 lira 15 April 2016 — 1 U. S. dollar = 2.94 lira 13 May 2018 — 1 U. S. dollar = 4.31 lira 06 Sept 2018 — 1 U. S. dollar = 6.58 lira In late December 2003, the Grand National Assembly of Turkey passed a law that allowed for the removal of six zeroes from the currency, the creation of the new lira. It was introduced on 1 January 2005, replacing the previous lira at a rate of 1 new lira = 1,000,000 old lira; the official name of the currency is "New Turkish Lira". According to the Central Bank, the word "new" is only a "temporary" measure. A news agency reported that "new" will be removed on January 1, 2009; the same source indicated that the banknotes will have "different shapes and sizes to prevent forgery". The issuance of a new highest denomination, 200 lira, is contemplated at the same time.
Coins were introduced in 2005 in 1 new lira. The 1 new kuruş was minted in brass and the 5, 10 and 25 new kuruş in cupro-nickel, whilst the 50 new kuruş and 1 new lira are bimetallic. All coins show portraits of Mustafa Kemal Atatürk. To the dismay of the European Central Bank, the sizes and compositions of the 50 new kuruş and 1 new lira coins resemble those of the €1 and €2 coins respectively; this could cause confusion in the eurozone. It caused trouble to businesses using vending machines in the eurozone since a number of vending machines at the time accepted the 1 new lira coin as a €2 coin. Since €2 is worth four times more, vending machines affected had to be upgraded at the expense of their owners. Banknotes, referred to by the Central Bank as the "E-8 Emission Group", were introduced in 2005 in denominations of 1, 5, 10, 20, 50, 100 new lira. Whilst the lower four denominations replaced older notes and used similar designs, the 50 and 100 new lira notes did not have equivalents in the old currency.
All notes show portraits of Mustafa Kemal Atatürk from different points of his life and images of various historical and otherwise important buildings and places in Turkey. A new series of banknotes, the "E-9 Emission Group" will enter circulation on 1 January 2009, with the E-8 group ceasing to be valid after 31 December 2009; the E-9 banknotes will refer to the currency as "lira" rather than "new lira", will include a 200 lira denomination. Economy of Northern Cyprus Images of the new banknotes and coins Coins from Turkey with pictures Turkish new lira official changeover Campaign YTL information site Ottoman Empire coins Turkish Republic banknotes Turkish Republic coins and banknotes
The lira was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was a national subunit of the euro. However, cash payments could be made in lira only, as euro notes were not yet available; the lira was the currency of the Napoleonic Kingdom of Italy between 1807 and 1814. The term originates from the value of a pound weight of high purity silver and as such is a direct cognate of the British pound sterling. "L", sometimes in a double-crossed script form, was the symbol most used. Until the Second World War, it was subdivided into 100 centesimi, which translates to "hundredths" or "cents"; the lira was established at 290.322 milligrams of gold. This was a direct continuation of the Sardinian lira. Other currencies replaced by the Italian lira included the Lombardy-Venetia pound, the Two Sicilies piastra, the Tuscan fiorino, the Papal States scudo and the Parman lira. In 1865, Italy formed part of the Latin Monetary Union in which the lira was set as equal to, among others, the French and Swiss francs: in fact, in various Gallo-Italic languages in north-western Italy, the lira was outright called "franc".
This practice has ended with the introduction of the euro in 2002. World War I resulted in prices rising severalfold in Italy. Inflation was curbed somewhat by Mussolini, who, on August 18, 1926, declared that the exchange rate between lira and pound would be £1 = 90 lire—the so-called Quota 90, although the free exchange rate had been closer to 140–150 lire per pound, causing a temporary deflation and widespread problems in the real economy. In 1927, the lira was pegged to the U. S. dollar at a rate of 1 dollar = 19 lire. This rate lasted until 1934, with a separate "tourist" rate of US$1 = 24.89 lire being established in 1936. In 1939, the "official" rate was 19.8 lire. After the Allied invasion of Italy, an exchange rate was set at US$1 = 120 lire in June 1943, reduced to 100 lire the following month. In German occupied areas, the exchange rate was set at 1 Reichsmark = 10 lire. After the war, the value of the lira fluctuated, before Italy set a peg of US$1 = 575 lire within the Bretton Woods System in November 1947.
Following the devaluation of the pound, Italy devalued to US$1 = 625 lire on 21 September 1949. This rate was maintained until the end of the Bretton Woods System in the early 1970s. Several episodes of high inflation followed; the lira was the official unit of currency in Italy until January 1, 1999, when it was replaced by the euro. Old lira denominated currency ceased to be legal tender on February 28, 2002; the conversion rate is 1,936.27 lire to the euro. All lira banknotes in use before the introduction of the euro, all post-World War II coins, were exchanged by the Bank of Italy up to 6 December 2011. Italy's central bank pledged to redeem Italian coins and banknotes until 29 February 2012, but this was brought forward to 6 December 2011. Although Italian price displays and calculations became unwieldy because of the large number of zeros, efforts were unsuccessful for political reasons until the introduction of the euro which had the effect of lopping off excessive zeros; the Napoleonic Kingdom of Italy issued coins between 1807 and 1813 in denominations of 1 and 3 centesimi and 1 soldo in copper, 10 centesimi in 20% silver alloy, 5, 10 and 15 soldi, 1, 2 and 5 lire in 90% silver and 20 and 40 lire in 90% gold.
All except the 10 centesimi bore a portrait of Napoleon, with the denominations below 1 lira showing a radiate crown and the higher denominations, a shield representing the various constituent territories of the Kingdom. In 1861, coins were minted in Florence, Milan and Turin in denominations of 1, 2, 5, 10 and 50 centesimi, 1 lira, 2, 5, 10 and 20 lire, with the lowest four in copper, the highest two in gold and the remainder in silver. In 1863, silver coins below 5 lire were debased from 90% to 83.5% and silver 20-centesimi coins were introduced. Minting switched to Rome in the 1870s. Apart from the introduction in 1894 of cupro-nickel 20-centesimi coins and of nickel 25-centesimi pieces in 1902, the coinage remained unaltered until the First World War. In 1919, with a purchase power of the lira reduced to one fifth of that of 1914, the production of all earlier coin types except for the nickel 20 centesimi halted, smaller, copper 5- and 10-centesimi and nickel 50-centesimi coins were introduced, followed by nickel 1- and 2-lira pieces in 1922 and 1923, respectively.
In 1926, silver 5- and 10-lira coins were introduced, equal in size and composition to the earlier 1- and 2-lira coins. Silver 20-lira coins were added in 1927. In 1936, the last substantial issue of silver coins was made, whilst, in 1939, moves to reduce the cost of the coinage led to copper being replaced by aluminium bronze and nickel by stainless steel. All issuance of coinage came to a halt in 1943. In 1943 the AM-lira was issued, in circulation in Italy after the landing in Sicily on the night between 9 and 10 July 1943. After 1946, the AM-lira ceased to be the currency of employment and was used along with normal notes, until June 3, 1950. Between 1947 and 1954, zone B of the Free Territory of Trieste used the Triestine lira. In 1946 coin production was resumed, although only in 1948, with the purchasing power of the lira reduced to 2% of that of 1939, did nu
The lira was the distinct currency of Parma before 1802 and again from 1815 to 1859. The Duchy of Parma issued its own currency until it was annexed to France in 1802; this lira was subdivided into 20 soldi, each of 12 denari, with the sesino worth 6 denari and the ducato was worth 7 lire. The currency was replaced by the French franc. After the re-establishment of Parman independence, a national currency was introduced in 1815. Called the lira, it was subdivided into 20 soldi or 100 centesimi. However, this lira was equal to the French franc and the Sardinian lira, it circulated alongside the latter, it weighed 5 grams, had a purity of 9/10 of silver. Since 1860, Parma has used the equivalent Italian lira. In the late 18th century, circulation coins included copper 1 sesino, billon 5, 10 and 20 soldi, silver ½, 1, 3 and 6 lire, 1/14, 1/7, ½, 1 ducato. Gold coins were issued in denominations of 1 zecchino and 1, 3, 4, 6 and 8 doppia. In 1815, silver coins were introduced in denominations of 5 and 10 soldi, 1, 2 and 5 lire, together with gold 20 and 40 lire.
Copper 1, 3 and 5 centesimi were added in 1830. All coins until the death of Marie Louise were minted by the Austrian State in Milan; when the House of Bourbon rose to the throne in 1847, the Parman mint was re-opened but the intended issue of copper 1, 2 and 5 centisimi was abandoned after the duke Charles III, whose effigy was presented on the coins, was assassinated in 1854. The only issued coin, 5 lira of 1858, was struck in 1000 copies
The lira was the currency of the Kingdom of Sardinia between August 6, 1816 and March 17, 1861. It was subdivided into 100 centesimi and was equal in value to the French franc, which had replaced the Piedmontese shield by 1801. Being no more than the Savoyard version of the franc, it could circulate in France, as the French coins could circulate in Piedmont, it was replaced at par by the Italian lira. As the great part of the 19th century currencies, it was not affected by significant episodes of inflation during all its existence. In 1816, King Victor Emmanuel I issued gold 20 lire coins. Before his abdication in 1821, he produced a new golden 80 lire coin. King Charles Felix followed in 1822 minting gold 40 and 80 lire, respectively, he expanded the new currency in Sardinia which, not having been conquered by Napoleon, had retained its Sardinian shields. Silver 50 centesimi, 1 and 2 lire were added in 1823, followed by copper 1, 3 and 5 centesimi in 1826, silver 25 centesimi in 1829. King Charles Albert added new gold 10, 50 and 100 lire in 1832, while King Victor Emmanuel II continued his father's coinage.
On each coin, the ruling monarch was styled in Latin as King of Sardinia and Jerusalem by the Grace of God on the front side, Duke of Savoy and Montferrat, Prince of Piedmont et cetera on the back side. Latin Monetary Union