L 500 is the symbol for 500 lire. The lira (singular for lire) was Italy’s official currency until February 2002, and the L 500 coin was minted from 1958 to 2001. What’s the Repvbblica Italiana L 500 Coin Value if you still have one lying around? We’re about to find out! Let’s look into the history of this coin and verify its resale price. These stats are from June 2023.
Repvbblica Italiana L 500 Price Chart
| Coin | Metal | Face Value in Euros | Face Value in USD | Grade | Price in USD |
|---|---|---|---|---|---|
| Repvbblica Italiana L 500 Silver Prova | Silver | €0.2582 | $0.28 | Pattern Coin FDC | $10,700 (€10,000) |
| Repvbblica Italiana L 500 Silver | Silver | €0.2582 | $0.28 | Brilliant Uncirculated (BU/FDC) | $8 to $55 |
| Repvbblica Italiana L 500 Silver Proof | Silver | €0.2582 | $0.28 | Proof | $35 to $215 |
| Repvbblica Italiana L 500 Bimetallic | Bronzital and Acmonital | €0.2582 | $0.28 | Uncirculated | $0.6 to $7 |
History of the Repvbblica Italiana L 500 Coin
Italy joined the EU in 1958 as one of its six founding members. At the time, the lira was its national currency. In January 1999, they started using the euro alongside the lira, and in February 2002, the last lira was phased out, leaving the euro as Italy’s only official legal tender. Interestingly, the lira had its origins in France under Napoleon. Yes, that Napoleon.
The Napoleonic Kingdom of Italy was under French rule, and in 1807, they introduced a valid currency equivalent to the French Franc. When Italy eventually individuated in 1861, they took on the lira and kept using it until 2001. One lira is 100 centesimi (that’s the plural of centesimo). And Italy had multiple currency units including notes and coins. These were:
| Type of Currency | Denomination |
|---|---|
| Coin |
|
| Note |
|
The smaller coins (1 lira to 20 lire) were collector’s coins that weren’t used in everyday transactions, but they were still minted until 2001. As for the L 500 coin, it had two versions. The Silver L 500 coin was used from 1858 to 2001 and later, a Bimetallic L 500 coin was used from 1982 to 2001. One had a woman on the front while the other had her on the back.
Features of the Repvbblica Italiana L 500 Coin
The symbol for Italian currency was L for Lira or Lit for Lira Italiana. Other options include ITL, £, or ₤. (The latter two are also used for UK’s Sterling Pound.) As for descriptive terms, a coin’s front or heads side is technically called its obverse while the tails side is the reverse. Any images, portraits, or pictures are known as devices while words are legends or mottos.
The backdrop of a coin is its field, and the thin sides are edges. The edge sometimes has writing on it, and it might have ridges called reeds. If it has no ridges, it’s described as plain or smooth. Some coins have a raised rim called a collar. The coin might also have raised dots or lines next to the rim on the front and back surfaces. These are called denticles or beading.
Obverse of the Silver Repvbblica Italiana L 500 Coin
The obverse (heads side) of the Silver Repvbblica Italiana L 500 Coin shows the three ships in Christopher Columbus’s fleet – Pinta, Nina, and Santa Maria. Three lines represent the sea waves, and the two lower waves have the surname of the obverse designer, Guido Veroi.
Under the waves is the denomination, L. 500. And under that is R for Rome, the branch of the Italian Mint where the coin was made. The legend Repvbblica Italiana runs along the upper rim of the coin, completely curling around the ships and the waves and framing them.
Reverse of the Silver Repvbblica Italiana L 500 Coin
The reverse (tails side) of the Silver Repvbblica Italiana L 500 Coin shows a woman wearing fancy clothes from the Renaissance Era. The portrait is a bust with her head and shoulders, and she’s framed by 21 shields. The last two shields are partially hidden by the coin device.
The bottom of the coin has a banner that bears the surname of the coin’s reverse designer, Pietro Giampaoli. Notably, this coin can be confusing because the portrait aka the device is on the tails side (reverse) instead of the obverse (heads side). It was an interesting choice.
Other Features of the Silver Repvbblica Italiana L 500 Coin
The Silver L 500 was 83.5% silver and 16.5% copper. It was 29.3mm in diameter (1.15”), 2mm thick, and weighed 11g (0.4oz or 0.02lb). The L 500 coin had its mint date plus six stars embossed on the edge. Embossed designs are raised higher than their background but engraved symbols sink slightly below the surface of the object. The pattern coin says Prova.
Obverse of the Bimetallic Repvbblica Italiana L 500 Coin
The obverse (heads side) of the Bimetallic Repvbblica Italiana L 500 Coin shows a woman with wings in her hair for freedom and intelligence. She’s the personification of Italy, and she faces left. Under her neck is the surname of the coin’s designer, Laura Cretara. The outer ring bears the legend Repvbblica Italiana all around the rim with a five-pointed star at the bottom.
Reverse of the Bimetallic Repvbblica Italiana L 500 Coin
The reverse (tails side) of the Repvbblica Italiana shows the Quirinal Palace in Rome, aka Piazza del Quirinale. The date and mint mark, R for Rome, are on the lower Bronzital part of the coin. The Acmonital outer ring has the denomination L. 500 on the bottom with a wheat stalk and corn stalk on the sides, and the denomination L 500 in braille at the top of the ring.
Other Features of the Repvbblica Italiana L 500 Coin
We’ve mentioned two strange metals above, so let’s take a closer look. The outer ring is Acmonital, an acronym for Acciaio Monetale Italiano, which means Italian Monetary Steel. This stainless steel alloy is iron, chromium, carbon, sulfur, magnesium, silicium, and phosphorous. Conversely, the center or plug of the coin is Bronzital aka Italian Bronze.
This is an alloy of 5% to 11% aluminum plus copper, silicon, iron, manganese, and nickel. The alloy was introduced to counter the rising prices of silver in the early eighties. Mixed metals aside, the L 500 coin as a whole is 25.8mm in diameter (1.02″), 1.8mm thick, and weighs 6.8g. The rings are permanently fused. The edge alternates smooth and reeded bits.
Italian Coin Grading System
William Herbert Sheldon Jr. was a respected expert in psychology and numismatics. Among other things, he created the Sheldon Coin Grading Scale, and you can learn more at Coin Value Checker. Europe uses a similar system, though the words and letters differ. The table below has the versions used in Italy, France, and the UK compared to grades in USA.
| English (USA) | English (UK) | French (France) | Italian (Italy) |
|---|---|---|---|
| Good (G) | Good (G) | Assez Beau (AB) | Molto (M) |
| Very Good (VG) | Very Good (VG) | Beau (B) | Bello (B) |
| Fine (F) | Fine (F) | Très Beau (TB) | Molto Bello (MB) |
| Very Fine (VF) | Very Fine (VF) | Très Très Beau (TTB) | Bellissimo (BB) |
| Extra/Extremely Fine (EF/XF) | Extra/Extremely Fine (EF/XF) | Superbe (SUP) | Molto Splendido (MSPL) |
| About/Almost Uncirculated (AU) | Uncirculated (AU) | Splendide (SPL) | Splendido (SPL) |
| Mint State (MS) | Brilliant Uncirculated (BU) | SPL/FDC | Fior di Conio (FDC) |
| Proof (PR/PF) | Proof (PR/PF) | Flan Bruni / Belle Epreuve (FB/BE) | Fondo Specchio (FS) |
Value of the Repvbblica Italiana L 500 Coin
Silver Prova Repvbblica Italiana L 500 Coin Value
The 1957 Repvbblica Italiana L. 500 coin is different from the others. It was a pattern coin so it was a prototype. It didn’t have the date or the six stars on the edges, but the obverse had the word Prova on the lower left, before Repvbblica Italiana. Also, the flags on the ship face left, which is the opposite of later coin flags that faced right. The coin is worth 10,000 Euros.
Silver Repvbblica Italiana L 500 Coin Value
Early on, Silver Repvbblica Italiana L 500s were purely for circulation. From 1968, they only made BU or SPL/FDC pieces for collectors with no business strikes. Then from 1985 to 2001, they made BUs and proof coins but no circulating coins. Years with lower mintage have high resale values. Regular strikes are $5 to $110, BUs are $8 to $55, and proofs are $30 to $215.
Bimetallic Repvbblica Italiana L 500 Coin Value
For the first ten years, Bimetallic Repvbblica Italiana L 500s from 1982 to 1992 aren’t that valuable because they had high mintage figures so they’re not rare. Their volumes range from 140M to 200M annually so you can easily find them. Starting in 1985, they also coined 9,000 to 20,000 proof coins every year. But no Bimetallic L 500 coins were made in 1993 or 1994.
The Rome Mint produced 110M regular strikes (for circulation), 7,960 proofs in 1995, and a commemorative batch in 1996. They resumed minting in 2000 and 2001 with proofs and brilliant uncirculated coins. This means a 2000 Repvbblica Italiana L 500 BU is worth $7 while a 2001 Repvbblica Italiana L 500 BU is worth $6. The rest are worth less than a dollar.
1996 Bimetallic Repvbblica Italiana L 500 Commerative Coin Value
1996 was the 70th Anniversary of ISTAT – the Italian National Institute of Statistics. 110M commemorative business strikes and 8,000 proofs were made to mark this date. The obverse of the coin was the same, but the reverse showed an angular view of the building. Under that were the dates 1926 to 1996 and 70 ISTAT, followed by the R for Rome next to C. Momoni.
That was for Claudia Momoni, the coin’s designer. The outer rim had the legend Istituto Nazionale di Statistica, and the denomination, L. 500. The lower tip of the 7 in 70 bled over from the Bronzital central plug into the Acmonital outer ring. The coin isn’t especially rare so its price range is the same as other bimetallic L 500, $0.4 for VG/B and $1 for BU/SPL/FDC.
