The official site of Italy's central bank

1962-71

At the start of the 1960s the banknotes in circulation, all created immediately after the Second World War, were beginning to show their age, especially in terms of security. Once again, the range of denominations available no longer met the changed needs of the country, making higher-value notes necessary. Because of price increases between 1938 and 1964, the lira was worth one hundredth of its initial value.

The Bank of Italy commissioned Fiorenzo Masino Bessi to create a new series of banknotes which, according to a report of 8 April 1960, would honour Italian inventiveness in its many forms. In principle, portraits of Verdi, Raphael (later replaced by Christopher Columbus) and Michelangelo were proposed for the 1,000, 5,000 and 10,000-lira notes. Leonardo da Vinci was chosen for a higher value note, 10,000 lire, since he was the precursor of scientific research and the triumphs of modern technology.

To harmonize the whole series, Bessi also reworked the designs for the 5,000 and 10,000-lira notes which had already been prepared by the Bank's artist, Lazzaro Lazzarini. The size of the notes was also studied to take account of the need to keep them in a normal wallet without having to fold them and to standardize them with the notes circulating in the other European Community member states.

For the first time since the end of the Second World War, there was a change in the symbol of the Italian State. The previous Medusa's head which had been printed typographically was substituted by a new intaglio print depicting the winged lion of St. Mark, taken from the high relief on the façade of the Doge's Palace in Venice and the coats of arms of the other three Maritime Republics: Pisa, Genoa and Amalfi (Ministerial Decree of 23 February 1971).

The numbering also took account of the banknotes' new size. The previous larger-sized notes carried the series number on the two opposing corners of the note and the progressive number on the other two whereas the new banknotes had only one alphanumeric code incorporating both the series and the number.

To combat counterfeiting more effectively, at the end of the 1960s the Bank of Italy decided to introduce some new features in the production of 1,000 and 5,000-lira notes, such as a metal security thread incorporated into the watermarked paper.