ITALY 50 lire 1.2.1944


ITALY, 50 lire, 1.2.1944, Face: blue-violent and yellow-brown, watermark area in wreath on left, Back: blue-green and brown on olive, wolf and twins, signatures: Azzolini-Urbini, P66, aVF

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An interesting aspect of the Italian banknote scene in the 20th century was having several types of the same denomination in circulation side by side over many years.

Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.

Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.